Only when the tide goes out do you discover who has been swimming naked
- China has been the tide, driving the commodity bull market, and all its interdependencies
- Global growth battling has led to China resorting to an inward, consumer focused investment policy, which pulled the rug from under ‘commodity rich’ & ‘cheap-labour poor’ nations
- All the global suppliers coming in her slipstream had to reinvent themselves
As to South Africa, mainly still a diversified commodity producer with today a very high cost base, a too small-scale industrial capability, and poor policy paradigms unable to effect necessary structural reform (education, labour market, public sector delivery, public governance) and mostly incapable of inspiring business confidence or financial markets, one can only wonder about its fate.