Western corrupt Capitalism versus China's authoritarian Capitalism: A spectre is haunting the West – the spectre of authoritarian capitalism

Amidst the turmoil in global financial markets in recent weeks, something unusual has happened.

Investors, seeking shelter from the coronavirus-linked sell-off, have piled into Chinese government bonds on an unprecedented scale. These purchases have increased the total foreign ownership of Beijing’s bonds to record highs, even as much of the country is still emerging from lockdown after the viral outbreak. In an ironic twist, the country where the pandemic originated has become an unlikely safe haven for investors – a shift that one prominent trader has described as “the single largest change in capital markets in anybody’s lifetime.”

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