Hong Kong's second-richest man, Lee Shau-kee, yesterday quoted a well-known phrase used by Mao Zedong to describe the current worldwide economic situation.
'Today's situation is that the east wind prevails over the west wind,' said Lee, taking the quote from remarks the founder of the People's Republic made to Chinese students in Moscow in 1957. Mao used it to describe the struggle between the socialist and capitalist camps.
Half a century on and Lee was using it to describe China's leading role in the world economy.
If China performed well and could achieve gross domestic product growth of 8 per cent, other countries would see a better future, Lee told reporters after the annual meeting of Miramar Hotel and Investment, of which he is chairman.
His investment strategy is also being governed by his confidence in the mainland economy.
'The stock market's performance will be subject to the mainland economy and government policies,' he said, to back up his interest in mainland plays on the Hong Kong market such as leading players in the pillar industries - resources, insurance and banking.