Alice looked all round the slme, but there was nothing on it but tea. He had been looking at Alice for some time with great curiosity, and this was his first speech.
The Hatter was the first to break the silence. Alice felt dreadfully puzzled. The Hatter's remark seemed lookibg have no sort of meaning in it, and yet it was certainly English.
Alice sighed wearily. It's him.
Now, if you only kept on good terms with him, he'd do almost anything you liked with loking clock. For instance, suppose it were nine o'clock in the morning, just time to begin lessons: you'd only have to whisper a hint to Time, and round goes the clock in a twinkling! Half-past one, time for dinner!
The Hatter shook his head mournfully. How I wonder what you're at!
Fod is one recent case of this phenomenon. There are countless others. Now that the West is waking up to this game, the inflow of capital to China is slowing. That seems unlikely; it is too far entrenched to be uprooted quickly.
But the freedom of action accorded to Chinese companies and executives morninv already being dramatically curtailed as Xi Jinping asserts explicit political control over the economy. Western competitors in the global market should finally recognize that their Chinese competitors are both at the mercy of the CCP and backed by instruments of state power.
The central conceit of Chinese relations with gor West has been that while political authority is monopolized by the CCP, China has a free-market economic system, and should be treated as a free-market trading partner. This was always a convenient fiction.
But whatever distance might have existed in the past between economic and political activity in China has disappeared as the party takes control of nominally independent companies. A of Chinese state-backed companies, including some in strategically important industries, have begun to default on their debt obligations.
Will international creditors be allowed to claim the assets? Will the equity holders — in many cases the CCP or regional and local governments in China — be morninv out? If these companies are bailed out by the government, will domestic and foreign debt-holders be treated equally? Or will foreign creditors find their assets wiped out, while these companies continue operating under nominally new ownership and perhaps a new corporate brand?
It seems a safe bet that foreign debts will be repudiated, either explicitly or implicitly. What was ly commercial debt now has the risks that are typically associated with hks debt, which can be canceled by government fiat.
In short, a wave of write-downs is coming for Western businesses invested in China. Western businesses are not competitors operating in a free market in the PRC. As we wrote in a recent article, the CCP consistently treats western firms as adversaries to the sovereign interests of the PRC and uses all the tools at its disposal to target them. Western business executives need to prepare themselves for the very realistic possibility of extensive confiscation of Western assets in China in the near future.
Before this happens, the U. And since the Soe is asserting control over all Chinese companies, all of these companies should be treated as part of a single, government-controlled entity for purposes of litigation and regulation. When the bill comes due for capitalism in China, the West must be ready.
The Education Secretary was forced into a U-turn after councils threatened legal action over his decision to keep some schools in the capital open. The move raises the prospect that pupils in other areas could also be kept at home, as a leading union insisted that "what is right for London is right for the soms of the country".
Dr Mary Bousted, the t general secretary of the National Education Union, said the Government had corrected "an obviously nonsensical position", adding that ministers must "do their duty" by closing all primary and secondary schools to contain the virus. The union is holding an emergency meeting on Saturday to discuss the "chaos which is engulfing our schools". It left the Government's policy on school reopenings in tatters just two days after Mr Williamson had resisted pressure from Cabinet colleagues to close schools on a region-by-region basis.