Obama's jobs council chairman on China: State run communism might not be your cup of tea, but their government works
**Written by Doug Powers
Jeffrey Immelt, CEO of General Electric and head of the President’s Council on Jobs & Competitiveness, had a “made the trains run on time” moment on Monday while addressing the efficiency of China’s form of government — specifically economic policy.
Transcript via RCP:
CHARLIE ROSE, HOST: China is changing. It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?
JEFF IMMELT, CEO OF GE: It is good for China. To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a mis-allocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism may not be your cup of tea, but their government works.
Sometimes the perception that a certain political system “works” depends greatly on if you’re the one driving the tank, or the one standing in front of it. The ChiCom government might be “working” for select people in the country at the top of that system or even for General Electric (not to mention those who would like to use China’s vastly superior infrastructure as a model for the US), but there’s little doubt Immelt would have faced tough follow-up questions if his interviewer had, say, ever spent any time as a political prisoner in Beijing No. 2.
In 2009, Chinese economist Wu Jinglian indicated who he thinks the Chinese government works best for:
He complains that business tycoons and corrupt officials have hijacked the economy and manipulated it for their own ends, a system he calls crony capitalism.
That sounds kind of familiar. Maybe that’s why Immelt is a little more comfortable with it than others are:
**Written by Doug Powers
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