State-run Chinese media describes Modi’s demonetisation move as ‘very bold’

New Delhi, November 26
China’s state-run Global Times has described Prime Minister Narendra Modi’s demonetisation decision as a bold move but has said that its success would depend on the efficiency of the system and how much cooperation and patience society shows.
While noting that the Western-style democratic system of India allows little room for such bold moves, the Global Times said that Modi was, however, really carrying it out, and ”will create a precedent no matter he succeeds or fails.”
”Modi’s move is very bold. We cannot imagine what would happen in China if the country bans its 50- and 100-yuan notes,” the Chinese daily said. ” Demonetisation is a gamble for Modi. He bet on both the execution ability of the government and the tolerance level of the Indian society, hoping that the benefits of this reform can outrun the negative social impacts and low morale,” the editorial said.
Modi’s November 8 surprise announcement of scrapping Rs 500 and Rs 1,000 denomination report had taken all by surprise and evoked strong Opposition criticism for the hardship it was causing to the common man, but the Government was maintaining that the long-term gain of the move would outweigh the short-term inconvenience to people.
The Global Times, said demonetisation can crackdown on corruption and shadow economy but it was obviously unable to solve the deeper social and political issues that help breed the aforementioned problems.
” As far as the root causes of corruption exist, the problems will always resurface. In other words, the Modi government wishes to turn a long and arduous reform into a one-off deal,” it said.

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