A version of this column is scheduled for publication Monday, Jan. 7, 2013, in The Washington Times
Follow the money No. 150
China – the odds are long
Perhaps more than Westerners, Chinese have a gambling streak.
Even during the darkest hours of Maoist oppression and pretended Puritanism, Beijing tolerated gambling on its southern flank in the Portuguese colony of Macau. Now reincorporated into China, in 2012 the world’s largest casino, holding the country’s only legal gambling monopoly, raked in $38 billion. December record receipts showed the tide was up with 19.6% growth.
Next door, even old Mentor Minister Lee Kwan Yu has had to abandon Singaporean self-righteouness to welcome casinos to compete for Chinese tourists pouring into neighboring Thailand at a million a year.
But the biggest gamble in Chinese history is now on in Beijing as the regime heads toward a new generation of Communist Party [CCP] rulers. After months of soul-searching for “reforms”, in the tightly controlled media and with the help of China watchers overseas, it’s pretty clear there are going to be only cosmetic tweaks.
Basically, Communist leadership is gambling. Despite enormous growing problems, in no small measure arising out of its two decades of economic transformation, the CCP is hoping its two-decades old development formula will continue working.