IDEOLOGICAL flexibility has long been critical to success in China. The office of a state-owned company in Wuhan, a big central city, testifies to its enduring importance. On the bookshelf behind a senior manager’s desk are a few red-bound Communist Party tracts, including a collection of speeches from a recent meeting where “Xi Jinping Thought” was written into the constitution. Stacked alongside these is literature of a different breed: two analyses of blockchains, a primer on the “industrial revolution 4.0” and a recently published guide to life and business by Ray Dalio, an American hedge-fund billionaire.
The manager sees no contradiction. Like many of his peers, he is as fluent talking about the business models of semiconductor-makers as he is reciting Mr Xi’s contributions to socialism with Chinese characteristics. Yet the latter has, over the past few years, taken up more and more time. One staff member says they must regularly gather in study groups to pore over Mr Xi’s words and write essays of self-criticism, identifying...Continue reading
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