On Monday 16th July, Leeds Socialist Party hosted a meeting entitled ‘Capitalism in Crisis’ with several speakers including Jaco from Socialist Action, the section of the Committee for a Workers International (CWI) in Hong Kong.
Iain Dalton, Leeds Socialist Party
The meeting heard a brief political report from the recent CWI summer school in Belgium from Mikey Divers, a first-time participant in the school. He outlined the devastating impact of the current eurozone crisis on the world economy and discussed the various movements around the world taking place to change society from the revolutions in the Middle East to the Occupy movement in the US and elsewhere.
During his contribution, Jaco discussed the impact of the world economic crisis on China, Hong Kong and Taiwan, before discussing the particular crises in China. GDP growth in China is now projected to be below the 8% threshold needed to maintain the economy and absorb rural migrants coming to the cities to find work. But this instability comes at a crucial time for the Chinese regime as they prepare for a change of leadership at the top of the party and state, where the Bo Xilai affair has exposed the divisions within the ruling elite. This also comes at the same time as a growing mood for a genuine democracy is growing in Hong Kong, shown by the recent 400,000 strong protest on the day the new Chief Executive of Hong Kong, CY Leung (who is only elected by a mere 1200 electors), took office.
A collection at the meeting raisedover £120 and sales of t-shirts, magazines and other material from Socialist Action raised a further £90.
The following video was shown at the start of the meeting.