Shanghai Stock Exchange Featurechina/Ropi/ZumaPress

Les contradictions du capitalisme chinois à la sauce communiste

BERKELEY – Le récent plongeon étourdissant de la Bourse de Shanghai et de Shenzhen constitue un test sans précédent pour les responsables du parti communiste chinois (PCC). Aussi longtemps que la Bourse chinoise était à la hausse, le paradoxe du développement capitaliste à tous crins dans un pays sous la houlette du parti communiste le plus fort et le plus important de la planète n'a surpris que les universitaires et les marxistes orthodoxes. Quand les dirigeants du PCC et leurs proches, des institutions financières étrangères et quelques petits investisseurs chinois (grâce à des prêts avec appel de marge) gagnaient en Bourse, personne ne se préoccupait de comprendre de quelle étrange créature mutante ils tiraient leurs bénéfices.

Mais aujourd'hui, alors que l'on réalise que la Bourse chinoise ne va pas monter indéfiniment, le PCC prend des mesures désespérées, si ce n'est maladroites, pour amortir le choc. Il a suspendu les introductions en Bourse, ainsi qu'une grande partie des opérations boursières. Il a également  demandé à la Banque centrale d'être aux cotés de la China Securities Finance Corporation, l'un des principaux fonds souverains chinois, pourencourager les investisseurs à acheter des actions (dans le but de stabiliser la Bourse), et il a incité les autres fonds souverains à faire de même.

Mais contrairement à ce qui se passe dans les autres pays capitalistes, l'argent n'est pas le seul outil dont disposent les autorités. En Chine si votre courtier en Bourse vous conseille de vendre, il doit faire attention à ne pas donner l'impression de répandre une rumeur, au risque d'être sanctionné par les autorités. Il se dit que les ventes réalisées par de grosses sociétés peuvent donner lieu à des enquêtes. Susciter le désordre ou une instabilité financière peut constituer une infraction grave en Chine où abondent les théories conspirationnistes sur les étrangers qui chercheraient à affaiblir l'économie.

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