Ron, It's difficult for people to understand China, its markets and economy, especially when they've made no genuine attempt to do so.
I read an article a couple of days ago that delved more deeply into the ITICs. Mr. Zhu sent a task force to Guangdong for the express purpose of discovering the extent of their indebtedness. That it was Guangdong was also intentional.
As we have discussed before, plans and their implementations are moving along w/ lightning speed. Though, as we also know, Zhu has backed-off on a couple of issues. Seems corruption, however, will remain one of their focuses. Corruption anywhere, and in anything.
By the way, the Guangdong task force was after more than just GITIC of course. Too, an interesting new figure has emerged from that episode. Heading the task force, one might suppose, was a trusted staff member of Zhu's...a sort of hit man. But in this case the investigators were headed by a hit woman. One Wu Yi.
(Why do I want to think that Wu Yi is a real babe?)
Speaking of personalities, I finally came across just who it was I was referring to a good while back...in my #1620. His name is Deng Pufang. Pufang is the eldest son of the late paramount leader who, after being badly beaten by Red Guards, was then thrown from a four-story building. The fall broke Deng Pufang's legs and spine, paralyzing him from the waist down. But after his father made his third comeback, Pufang, now a paraplegic, used his connections to create the Chinese Federation for the Disabled, which is now a multimillion-dollar charity. It is Pufang who I saw in the photo I mentioned, conversing with the American, both laughing, and apparently enjoying a charity dinner.
Another photo...
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