On the morning of June 24, 2016, China woke up to witness an unexpected drama unfolding half a world away. The previous day, millions of UK citizens had voted on whether the UK should remain in the European Union, and all opinion polls, betting and market expectations pointed firmly towards ‘Remain.’ But as the early results came in, the startling prospect of Brexit became a reality. Some people think “Brexit has indeed diminished Beijing’s hopes of treating the UK as a strong advocate for China in the EU”, and there are another voices like “The Chinese… have other ways to penetrate the EU market, for example [through] Greece,” and in a sense they are both right. How will China and the UK’s “Golden Relationship” play out in the Post-Brexit era?
Bill Bishop, co-founder of the stock market news website MarketWatch and author of Sinocism, talks about how China’s relationship with the world has changed. In this interview, he shares insights on China’s ascendance to second-largest economy in the world, as well as some of the serious economic challenges it faces today, such as an aging society and rising debt, and the current backlash against globalization. But along with that, he also discusses the many bright spots–the emerging internet economy, for example–and the hazards of getting caught up in what can be a biased and negative news cycle mentality.