Oh how this Toyota Highlander advertisment is reflective of the new global order. I saw this picture in Guangzhou's domestic terminal. A Chinese couple is getting out of their Japanese brand car into what appears to be a private yacht. A white male greets them, taking their travel items and appears to be eager in their service.
This advertisement reflects a new Chinese imaginary - one that is global, expansive, unlimited, and exploratory. It also tells us who has the power to live out this imaginary. 10 years ago or even 5 years ago, I don't think this advertisement would've existed. But now companies have turned to the Chinese consumer, encouraging them to participate in this lifestyle. The entire global economy right now depends on the Chinese elite and middle-class to spend. But how long can this go on for until we see the next crisis? For how long can each system create "value"?
As of right now:
- China continues to buy America's debt that now stands at $2.1 trillion. China holds $1.16 trillion of US Treasuries.
- The US recently lost its AAA S&P credit rating (to AA+) and the latest news is that it might be downgraded again
- China scolded the US for its incompetence in stabilizing its economy and creating a debt solution:
“The ugliest part of the saga is that the well-being of many other countries is also in the impact zone when the donkey and the elephant fight,” Xinhua News