faction rarely was rarely work except maybe a week, maybe a month. but the world always figures a way to get around the same. whether it's like whatever it is that was anxious, don't work, the college auditions, you get the city. and they say, see, i am saving the world, saving themselves, and they're making friends. which me the news the, [000:00:00;00] the

was i'm action or we're going understanding of the narratives, the so called mainstream media will give you coming up in the show. was boris johnson's g 7 conference, the nail in the coffin of neo liberalism, with no china russia present in cold? well ahead and wednesdays putin by the summit in geneva, we investigate out china if he's the future of mankind and where the western democracy is amid all the more coming up in today's edition of going underground over the weekend, the circle g 7 countries including the u s u k. as in cornwall for its annual summit that some of accused of repelling and anti russia and china agenda. western relations are one of the world's largest economies. china of argument, we shall know point, particularly in the wake of accusations over a lot of bleak and we get genocide. nevertheless, communist china is the only major economy that hit record economic growth in the 1st quarter of this year. amidst the current pandemic. joining me now for

a special show from shanghai venture capitalists and political scientist. eric lee, thanks so much eric for coming on. the g stands for a group, but i don't know whether you think it could stand for globalization. you said before that globalized door globalism, injected globalization is dead, has been dead for a while. was the g 7 basically another funeral? well, thank you for having the i wouldn't call the funeral. it's a small party. listen, i grew up my high school. i went to big high school this kid just in my class below. if you want to have a party with just famine people, you can do that. okay. but i tell you these, these guys, i didn't go very far in life. maybe go to a fire live because they wanted to nationalist enough. well no,

they were too expensive to too much into themselves. and they thought they were hot . they were bullies and they could run the world for the was much larger than that . and you've said that you can trace current society as, as configured in western europe to, to new liberal reforms after the fall of the berlin wall. you see, one of us wades of the world, has basically failed. they failed western europe is failed. the 28th crash. i think you said that china failed to understand quite how cataclysmic, the so called western economic crisis was that we're still living with today despite the impact of the panoramic. well, i think it all transpired at the end of the cold war and as we all know,

america and west one, the cold war are somewhat a lot cold war. since then, i think western society has gone on and a larger cope, who, se, wedding, their own country. they thought they got the magic formula, which is global, or liberalism, taking around the world liberal market economics. electoral democracy, all these things they think is what made them succeed and they're going to universalize and push it to the extreme in their own countries. and that left to the new liberal doctrine, both economically and politically and socially, if you will. and i think that has run the ground in the past 10 years. they've gone too far and left too great unraveling of their own societies and

a large number of bathrooms. the countries that adopted those values and those systems are not succeeding. developing countries among developing countries, post cold war china is the only major country that had really prospered and delivered for a large number of people. delivered to them a better life in the world. and the analysis that you'll see in the west for that is because it abandon socialism. i understand you've said actually the years between 949 and 979 of state socialism were the fundamentals upon which the chinese 21st century was built. this is being evolution from the time of the creation of the people's republic. well, yeah, i had said that and i think you know,

people miss and miss. since through the history of modern china, they tend to divide it into the 1st 30 years and their mouth to about live in a big shopping market reform, which china to what it is today. but i've always said that without the 1st year, the 2nd that the market with mom would not have been in the 1st 30 years. obviously we had a lot of problems and a lot of mistake. but it was in the 1st 30 years, we go like expectancy in 1949 valley about 40 or i think what, what do you one you when i live i'll live life expectancy in 1949. when people to publish mounted to already in the late sixty's in the late 1967, i think literacy rate went from negligible to over 80 percent among young people. in emily,

970 industrial base was built in the 1st 30 years. and more importantly, national independence, china, 5 years on the 8th invaded. and that allowed us to pursue it. after the 1st 30 years that the people, the public. so thanks shopping the warms were successful in many ways because the foundation was late in the 1st 30 years and profound you've argued has been the relationship between political power and capital. you claim that will these g 7 leaders capital exerts disproportionate influence over politics here in britain, in nature of countries. whereas in china, capitalists just don't have that power. well, i'm a capitalist. i got no power in the medical power anyway. so be, i think,

what has gone astray in the where in america and maybe in europe and who is after the cold war, they've gone on the new liberal path where capital has the interest and risen above the interest of the nation state. so capital began to pay politics and they looked after their interest. so that's how you see the wealth capital in society and solidified authentication in america and western side. and indeed, equality has exploded their food banks down the street for me here, remind us what is the precise difference between capitalism in nato, the liberal country and capitalism. in china, we don't have capitalism. we have a marketing economy, we do have

a capital and we have people like me will manage and capitalism to me, means a market economy that you manage in a way that it generate efficient times your allocate resources efficiently. capitalism to meaning somehow capital, the interest of capital rise above the interest of friday of the whole and they capture the cost for the benefit and that you don't want in the country. you've often extol the virtues of marriage, socratic, communist party, congress. the definition. philosophically of meritocracy, easy and equality. do you don't see the dangers of the increase in the inequality in china? not just because of how successfully the in terms of market the economic exchangers become because of the system itself based on meritocracy. well, i've always said that china,

india has america craddick governance. but i never caught meritocracy. i think there's an important distinction there. kind of governance me able people can raise, can rise through the ranks and become decision makers. and that's what merrick govern me. so you want capable people or test it through the years and just like a good company, you will have people that are capable, your hire them at the bottom and they move, they food, their track record, and you give them our responsibility. and how i, that's what you know, what, how it government should work and you see the future enjoying that in terms of combating inequality. a returned to some of the more socialist marxist principles that have arguably been last well, yes i in the past we've seen a great transformation of china last 9 to 10 years.

the, i think the paradigm shift occurred in 2012 with the 18 party congress. and china had shifted from 30 or 40 years prior to that, which was the headlong pursuit of economic growth at whatever the cost actually and that were shifting away from that and towards what's called more balance wealth balance development, which really mean a common prosperity and more equitable society, so there are a lot of side effects of market nomics that we had pursued for decades. any qualities, one of them, environmental degradation is another, an odd and corruption was another. so all these issues needs to be addressed. and i think there's been a, a great transformation where the chinese society in china self perception and the national aspiration of the chinese people in my generation,

especially among young people in my generation. we were primarily concerned about china being poor and lacking about if you ask younger generation most of on post 992000 there are 34 in your minimum by the way there of course they want economic opportunities, but their primary concerns are about any quality and sustain but sustainability for the future. so if you're a viewer in a nato country watching this interview, you're going to be thinking, hang on a minute. china is responsible for genocide every other day we hear about this alleged genocide in june. jang, and arguably, arguably a connected to china's lack of interventionism given it's afghan, has done the chinese officials now talk about and you have no free press

and you're not allowed to. the chinese people is 400000000 young people. they're not allowed to understand the history of civilizations from all different points of view. what sort of society is that? well, if that's what they want to believe, they can believe. if that's true, china going nowhere. if that's true, china would never have achieved already. if he you know, the young chinese view, extraordinary knowledgeable about the world and that's the back we have the post 92000 generations, extremely lifelong about. i mean i'm not saying wikipedia, is that great but we compete is banned in china. yeah. but, well, basically you'll get cnn. let me, let me give you one exam. ok. i'm so sorry. sorry. yeah, that's, yeah. but listen,

i think that the year 2019 alone about a 120 a 130000000 chinese people went abroad and came back. okay, well it's the largest carbon outbound part of the country in the world by far so. so to say that somehow chinese people don't know about what's going on in the world. i think they're battling mistaken goal. still be there more from the leading chinese venture capitalist. political scientists often this brake shoes with

join me every 1st day on the alex salmon show and i'll be speaking to guess in the world, the politics sport business. i'm show business, i'll see you then in the welcome back. i'm still with venture capitalism, political side, as eric lee, you said that europe, europe, ian project is basically finished. obviously, a lot of people in britain agree with you because they voted for breakfast and the largest democratic vote in history in this country. do you see the response to china's rise in terms of sanctions, in terms of what many suddenly chinese officials believe is propaganda in the western media. these are the only responses left for brussels and stroudsburg. well, i wouldn't be so kind to mistake about europe and about china. i mean, i don't think your project ben is certainly in some trouble. i think it's in

trouble because probably because it's taken on a overly logical interaction for some time. and i think the corrections are needed and i'm, i'm optimistic about the future of europe and for it to correct itself. and we know that, but in terms the relationship between europe and china and the western china, we're talk about the meeting that took place in the u. i was just looking at the numbers of the countries that the largest, 3 largest economy of through us, japan in germany get, who is their largest trading, finer, all 3 china in the u. k. china, your biggest income market. there's 200000 chinese students studying

u. k u n. of our cities right now. paying $1700000000.00 pounds a year and tuition. it's probably the largest source of foreign revenue and your universe days. so they're extraordinary interconnectivity between china and all the european countries. very, there is the indic electricity in china, just replaced, as you say, germany as britain's big, simple market. but you know about the sanctions. what does a businessman think? watching this program, knowing the 3rd party sanctions of china now saying they're going to retaliate against us. trump era sanctions that have been continued through to biden. what is the business one supposed to think, despite all the big figures of huge india connectivity about the future is this is, this is unstable. how can i be sure that the governments here in europe and are going to sanction me for some element in the supply chain? well, it's unfortunate, and i think, i don't feel like i said, you know,

china is the largest rating power in the world today. and it's the largest trading nation in the history of the world. so if, if the country is one of a and they, i fully china, they're going to be isolating. but i mean, china is built in to the economic world cannot exist. and i know that it's been reducing the amount of bonds us bond between buying us debt piley's increasing. it's now $9000000.00 up $1.00 trillion dollars of us debt. and why, why is china so interested in, in optimism for the american dream. as we've seen, the recent instability in the united states, i'm not sure optimism is the right way to describe the national relationship. china, obviously there's a lot of matter why, why in the dead? because the economic way to chime and of the trading relationships equation has to

balance well, mentally. i mean, i'm not a economist, economist, i believe they will tell you that the us is consuming too much and making a saving. and that's why it's involved, you know, one way out of the reliance on the federal reserve, which obviously that is into linked to and lots of talk even in nature, countries about the mass printing of money here in britain bag of england and the federal reserve is crypto currency was china clamping down so hard on crypto currency. mine is that would make countries all over the world in the developing world, independent of a federal reserve, which arguably operates for u. s. interests. i'm not an expert currency, but they're what i'm read is there are 2 issues. one is extraordinary energy come

to mind calling us. so i think that's one of the reasons they are trying to control that. and the 2nd reason, obviously it's a currency that poly regulated at the moment. so they're probably out of potential for financial. i mean the us federal reserve, it's awful. i thing are cracking down to currency in the future. i think clinical currently does have a role. i think countries the cooperative work work together to, to, to, to develop the rules of the road. but i think very early stage. yeah, i mean, those who are full of their current c, solar energy, or any development actually is that they should be which is different from the other current. that means i just,

i think china is at the bottom of that. and already the united states is looking into that too, but i mean, when you talk about regulation, that would be the united states, regulate, regulating the door, trying to prefer that no, i think china would be regulating its own r m b. i mean, fundamentally what is, what, what are the big differences and perhaps reforms that nato countries fulfilled suffering. the legacy of the 20 way crisis could learn from china or the history is just to, to different. i mean, britain, have the civil service. people say vaccination program here in britain benefited from the creation of the national health service in the, in the post war period. are there other lessons that western european countries can learn from china recovering from the impacts of neo liberal policies? i think western country so really instead of trying to develop a way to keep china town,

they need to reform what the west america and europe need reform badly. they need to reform their systems to make them work better, less politics, less ology, and more. delivering practical cause and practical benefits for their people. that's what governments tell people all the time in the nato countries. that's exactly what they were trying to to. and in fact, you know what, what the big issue, i think with western country is that somehow they have commenced themselves that there's only one form of democracy as call liberal miles. and they've made this length of liberalism and democracy. only liberal society can give them a crack. and i think that's false. there could be other forms of democratic governance . i, for one thing,

china is very democratic and it's not liberal. democratic. western countries tend to believe that somehow you have to be liberal democratic. and in fact, i think liberalism has left to a lack of democracy in western countries as maybe the west left democrats. so i think that's something that we ought to consider in western countries as philosophically and yet the peoples of europe, the vast majority of them, are sure they are the ones living in the democratic societies. and you are not i, i think, you know, the west tends to measure of democracy by procedure. and what that for liberalism is it's about procedures. so if you follow these procedures correctly or follow the thing to sion correctly, you have that condition nation democratic. even if you're stopping the bat, you're democratic. i think, well, the chinese at least for me,

i think democracy ought to be measured by outcome by resolve. so if you're delivering a better life for a large number of people and go to the own people, of course your democratic, if you're not delivering how, how democratic are you? i mean, some may be asking, as we hear the rules based international order being recited, here by up all additions all the time. that nature is losing patience with china. morris johnson sent the biggest warship in the royal navy towards china's maritime borders. china is allowed 400 bases in circle your country. and obviously companies, big companies who are way obviously banned from the 5 g infrastructure of this country. it is if it's,

if the torque is being ratcheted up or multiply and the communist party of china is trying its best talking a bit more the wolf diplomacy. i don't know whether she brings against him now. the wolf was busy, but it's as if it doesn't realize how in circles and how isolated it is in the world despite all the interconnectivity isolated militarily under siege. i think that's an unfortunate development. i think it's contrary to what we know are the facts on the ground and what we know from history. so i've always said that china, you know, 2030 years ago, china, chad, the chinese before this idea called people rise. they wanted to rise people. and at the time, a lot of people thought that you know that i was not credible and nobody believed it. but looking back,

i think people rise has already happened. we went from a for a growing country to the great industrial power house that china is today in merely 2 generations, 2nd largest economy and the largest economy by purchasing power parity. yet, china has invaded a single country, not a single shot, fired. and i'm present it in human history. if you reveal survey history, the rise of every great power on the higher the roman empire from the british empire to america manifest destiny to the rise of modern japan, modern germany. almost all of them actually, all of them were accompanied by great flush at colonization of entire continents killing off and lay months of entire population invaders

wars and china's rise had been faster and bigger than them all. so far and not a shop had been inspired and that's a great accomplishment. and instead of celebrating this accomplishment encouraging further development, we have these hostilities that developing among western powers. and i think that's a process. an unfortunate and disappointed. maybe even in the global south, recognize the chinese achievements. i know the, the programs in latin america and in africa inside these to asia. here in britain, you probably know about media censorship. we have julian assigned you being tortured up the road here in bel much prison. according to the un, china's network c, g, g end, defective band here by regulate just how can china get this message out to the

world that it comes in peace. if every time any official, medium tries to speak it's suppressed, and journalism, arguably in nato countries as well. some people accused of being captured by the military industrial complex. well, i tell you, i don't have any idea how to get the message across. but if western media and western media don't want to portray of china that's truthful to their own people, that's their loss. and they're doing so their own people. and they're losing credibility. i'm on 1400000000 chinese people as well. and i think, you know, it's on now. eric lee. thank you. and that's it for the show. what we'd like a wednesday when i remember jan needs with joe by mid geneva until then keep in touch my social media and tell us of using major nation media reporting on china,

which was sanction, rarely, rarely working, maybe a week, maybe a month. but the world always figures a way to get around the same. what is, whatever it is that was anxious, don't work. politicians get the city and they say see, i am saving the world are saving themselves and they're making friends which ah,

the ah, the mean netanyahu is long range israeli leader comes to an end as parliament votes in a new fix, freely fragile coalition, restoring contacts and organizing direct dialogues vladimir putin shares his expectations for the upcoming summit with joe biden and haven't got one in our review of the week. the french president gibson swapped in the face while getting up close and personal with