President Joe Biden’s latest appointment to an economic advisory council appeared to claim there “is nothing better than” China’s authoritarian economic system in terms of managing market chaos, lamenting “we can’t do anything since the United States is such a free country,”
President Biden tapped Dominic Ng, the chairman of East West Bank, to represent the United States on the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), comprised of a group of business leaders that advises governments on issues in the region.
While speaking at the Future of Asia Conference in 2018, Ng appeared to praise the Chinese Communist Party’s authoritarian economic system, remarking “there is nothing better than that.” Ng made the admission while answering a question about the future of China’s economy and a potential crash.
He admitted that “China’s banks have [had] problems for many many years. In fact, they’ve never once not had problems,” before pointing to the country’s “controlled economy” and “one-party system” as factors mitigating a potential crash. He then expanded upon China’s supposed advantages, drawing a distinction between how the U.S. and China respond to market chaos.
“Once they spread these bad rumors, market crash,” he explained referring to China. “It happened [in] 2015. You saw that in 2015 suddenly the Shanghai stock exchange dropped like 50 60 percent.”
“The U.S. would be in a position,” he began, claiming “the [Department of Justice] would say that well we may start an investigation which will take three years. Securities and Exchange Commission may take two years, but in China, they start visiting whoever spread the rumors and start knocking on doors.”