President Joe Biden’s latest appointment to an economic advisory council appeared to claim there “is nothing better than” China’s authoritarian economic system in terms of managing market chaos, lamenting “we can’t do anything since the United States is such a free country,” The National Pulse can reveal.
President Biden tapped Dominic Ng, the chairman of East West Bank, to represent the United States on the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), comprised of a group of business leaders that advises governments on issues in the region.
While speaking at the Future of Asia Conference in 2018, Ng appeared to praise the Chinese Communist Party’s authoritarian economic system, remarking “there is nothing better than that.” Ng made the admission while answering a question about the future of China’s economy and a potential crash.
He admitted that “China’s banks have [had] problems for many many years. In fact, they’ve never once not had problems,” before pointing to the country’s “controlled economy” and “one-party system” as factors mitigating a potential crash. He then expanded upon China’s supposed advantages, drawing a distinction between how the U.S. and China respond to market chaos.
“Once they spread these bad rumors, market crash,” he explained referring to China. “It happened [in] 2015. You saw that in 2015 suddenly the Shanghai stock exchange dropped like 50 60 percent.”
“The U.S. would be in a position,” he began, claiming “the [Department of Justice] would say that well we may start an investigation which will take three years. Securities and Exchange Commission may take two years, but in China, they start visiting whoever spread the rumors and start knocking on doors.”
“Have a cup of tea with them, say what are you going to do? Cease and desist, right?” he continued, referring to Chinese Communist Party officials. Chinese officials “would go into some of these major fund managers, say, you know what, for the sake of the country, don’t sell. Let’s do what’s right for the good of the country. Don’t sell, and then they tell all of these other publicly traded companies, stop trading for a while, we’re going to do whatever we want.”
“Now it sounds terrible from a U.S. perspective, you say wow this is not free market. This is terrible, but you know what 1.5 years later, everything is fine.”
The Chinese Communist Party, explained Ng, can “control the media to not get out of control” and stop them from “spreading rumors that would hurt the economy” along with telling “the accounting firms” and “banking regulators” to “stop doing this nonsense.”
“We can’t do anything since the United States is such a free country,” he added.
“Is there a likelihood that we have a financial crisis in the future in the United States,” he asked before insisting, “yeah, very possible because we’re a system that guaranteed that would happen, but in China, as long as you have the current regime doing what they’re doing these type of things can always be mitigated.”
“It sounds totally counterintuitive because you would think that, you know what, the system over there, the lack of individual rights and then lack of democracy is just horrible, I totally agree with all of that [sic] kinds of thoughts.”
“From a different kind of perspective, when you talk about controlling, managing, a banking system there is nothing better than that,” he said praising China’s economic system.
Ng’s comments follow his unearthed ties to a bevy of Chinese Communist Party-linked foreign influence groups including the Committee of 100 and the China United States Exchange Foundation (CUSEF), which function as part of China’s United Front Work Department (UFWD).
The federal government identifies the UFWD as Beijing’s covert operation “to co-opt and neutralize sources of potential opposition to the policies and authority of its ruling Chinese Communist Party” and “influence foreign governments to take actions or adopt positions supportive of Beijing.” The State Department compares likens it to the Chinese regime’s “magic weapon” to advance its preferred policies by infiltrating American politics, media, and academia.
Ng has also served on the board of directors for the Asia Society, a U.S.-based group receiving funds from several Chinese state-owned companies and a partner of controversial Confucius Institutes.
These ties appear to have propelled Ng to advocate – either directly or indirectly – for causes championed by the Chinese Communist Party, including praising China’s Belt and Road Initiative, a loan and infrastructure program exploited by Beijing to expand its economic and military influence across the globe. He insisted the U.S. government’s opposition to the program was a “missed opportunity” and admitted to meeting with groups to encourage American companies’ involvement in the Belt and Road.
He also praised Beijing’s COVID-19 response, insisting party officials took “crucial first steps” to contain the virus while dismissing the theory the virus originated at the Wuhan Institute of Virology.