"The West was sure the Chinese approach would not work. It just had to wait. It’s still waiting."
-'The Land That Failed to Fail' by Philip Pan for the NY Times
Excerpt below from this recent NY Times piece provides a perspective on how China thinks about information censorship, social stability, and its approach to blockchain and potentially digital fiat strategy going forward. It leads nicely to this second part of my interview series with Lily Liu on China's Blockchain Strategy.
"The internet is an example of how it [China] has benefited by striking a balance. The party let the nation go online with barely an inkling of what that might mean, then reaped the economic benefits while controlling the spread of information that could hurt it.
In 2011, it confronted a crisis. After a high-speed train crash in eastern China, more than 30 million messages criticizing the party’s handling of the fatal accident flooded social media — faster than censors could screen them.
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