Less than a quarter of an hour after opening, the Chinese stock market was closed by an automatic shutdown. This was triggered twice last week by rapid falls of more than 7%. This "circuit-breaker" mechanism was imposed by the government only 5 months ago after equally dramatic losses. The government has now suspended this measure, not from new-found confidence, but as a further turn of panic.

From 1937-45, China became one of the main theatres of the Second World War. This entangling of China in World War II raised the country out of its subjugation on the world stage, such that at the War’s conclusion China was given a permanent seat on the UN Security Council. Only 4 years later the immense Chinese revolution was finally completed, freeing China from imperialist domination. The war's violent dragging of China onto the world stage had effected a thoroughgoing internal transformation of China. In this article we examine the war and its effect on China, the role of the Chinese ruling class in the war, and the strategy and tactics of the Chinese Communist Party that led the revolution of 1949.

The world economy is tottering. This week it has been buffeted by two extremely turbulent financial storms - Greece and, suddenly, China, the world’s second largest economy. Globally, the system is extremely unbalanced, with massive wealth accumulating in tiny handfuls whilst the billioned masses must keep borrowing from these billionaires to make ends meet. This top heavy, blind and irrational system cannot stand on its own feet and the nation states are buckling under the weight. The sudden stock market collapse in China has been so vast that even the mighty Chinese government is incapable of controlling it.

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