The United States has long enjoyed lecturing the communist government of China over the conduct of that nation’s economy. How times have changed. Chinese officials have recently criticized the United States’ “warped conception” of regulation, among other economic blunders.
With the American economy stumbling while China’s boom continues, Beijing has taken the opportunity to gloat.
New York Times:
The Americans scolded the Chinese on mismanaging their economy, from state subsidies to foreign investment regulations to the valuation of their currency. Your economic system, the Americans strongly implied, should look a lot more like ours.
But in recent weeks, the fingers have been wagging in the other direction. Senior Chinese officials are publicly and loudly rebuking the Americans on their handling of the economy and defending their own more assertive style of regulation.
Chinese officials seem to be galled by the apparent hypocrisy of Americans telling them what to do while the American economy is at best stagnant. China, on the other hand, has maintained its feverish growth.