The emerging world’s weaker economies are flexing their military muscles. They'll be better off if no one calls their bluff
If you thought economic wobbles would make China humbler on the international scene, take a look at the military parade the country staged last week in Beijing.
A commemoration of the 70th anniversary of the end of World War II, the event saw tanks, missile launchers and more than 12,000 troops cross Tiananmen Square under the eye of international TV channels. But the star of the show was the DF-21 ballistic missile, whose alleged ability to destroy US aircraft carrier, some say, promises to disrupt the balance of power in Asia-Pacific in a not-so-distant future.
“This great triumph … put an end to China’s national humiliation [and] re-established China as a major country in the world,” said Xi Jinping, the country’s president, as he addressed thousands of guests that included Sudanese president Omar al-Bashir and Russian counterpart Vladimir Putin.
Looking at what happened on the markets that week, it seems investors in Chinese shares were less confident than Mr Xi. Read More