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Jim Rogers
Country of residence : USA
Birthday : 10/19/1942
Linked companies : Rogers Holdings

Jim Rogers: China to be top dog despite internal issues

02/13/2013 | 04:02am US/Eastern




ANCHOR (OFF-CAM) ENGLISH SAYING:

One of your conclusions, one of your strong points you make is that we are really entering the Asian century. Why are you so persuaded? Some people are starting to raise questions about that. People are talking about the Chinese economy as it's slowing down. India bogged down by government and bureaucracy. Why are you such an Asia bull?

JIM ROGERS, LEGENDARY INVESTOR & AUTHOR 'STREET SMARTS' (ON-CAM) ENGLISH SAYING:

Well, I'm delighted that people are skeptical because that means, there's a saying in the investment world, a bull market climbs a wall of worry. So as long as there are skeptics, then it is fine. And by the way, I'm very skeptical of India too. I have no confidence in the future of India but I have great confidence in the future of China and a few other places. As I have said in the book and other places, the 19th Century was the century of the UK, 20th Century was the century of the US, the 21st Century is going to be the century of China and of Asia. Now, they call themselves communists in China, yes, but I assure you, Chrystia, they are among the best capitalists in the world, if not the best capitalists in the world right now. They save and invest over 35% of their income. We in America save 2% or 3% of our income. They work from dawn to- when they come to work in China, they don't say how many days holiday do I get? They say how many days can I come to work? They have a long history of entrepreneurship and capitalism. In 1978, Deng Xiaoping said, 'This has not worked, this has failed. Let's start over.' The rest is history, but it's going to go on for a long time.

ANCHOR (OFF-CAM) ENGLISH SAYING:

You've just spoken a lot about China. Isn't there a coming political crisis in China? Isn't there going to be a moment when one party communist dictatorship runs up against this sort of rising middle class?

JIM ROGERS, LEGENDARY INVESTOR & AUTHOR 'STREET SMARTS' (ON-CAM) ENGLISH SAYING:

I suspect there'll be a lot of crises in China. In the 19th Century as America was rising, we had a horrible civil war. We had 15 depressions with a D. We had very little rule of law. We had very few human rights, periodic massacres in the streets. You could buy and sell- you can still buy and sell congressmen in America, but in the 19th Century they were cheap. As recent as 1907, the whole system collapsed in the US. And yet, we became the most successful country in the 20th century. Yes, China is going to have a lot of problems. I don't know what and when, why or how. But I assure you, every company or family or individual or country which rises has setbacks along the way. Yeah, there'll be plenty of problems.

ANCHOR (OFF-CAM) ENGLISH SAYING:

Does this Asian rise which you were betting on also mean a relative decline of the US?

JIM ROGERS, LEGENDARY INVESTOR & AUTHOR 'STREET SMARTS' (ON-CAM) ENGLISH SAYING:

Well, the largest debtor nation in the history of the world is the United States of America. You know who the other huge debtors are and where they are. The largest creditor nations in the world are China, Korea, Taiwan, Japan, Hong Kong, Singapore. The assets are in Asia and the debts are here. So probably, unless something dramatic happens, debtors are in decline. The UK was the richest, most powerful country in the world in 1918. Within two generations, it was bankrupt. They couldn't sell government bonds. I don't particularly like saying this, I'm an American citizen and an American taxpayer. But facts are facts.

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