2019-11-09_The_Economist_-_Asia_Edition

© 2019TheEconomistNewspaperLimited.Allrightsreserved.Neitherthispublicationnoranypartofit maybereproduced,storedina retrievalsystem,ortransmittedinanyformorbyanymeans,electronic,mechanical,photocopying,

recording or otherwise, without the prior permission of The Economist Newspaper Limited. Published every week, except for a year-end double issue, by The Economist Newspaper Limited. The Economist is a registered trademark of The

Economist Newspaper Limited. Publisher: The Economist. Printed by Times Printers ( in Singapore).

M.C.I. (P) No.064/09/2019 PPS 677/11/2012(022861)

4 Contents The EconomistNovember 9th 2019

PEFC certified

This copy of The Economist

is printed on paper sourced

from sustainably managed

forests, recycled and

controlled sources certified

by PEFC

http://www.pefc.org

PEFC/01-31-

Subscription service

For our full range of subscription offers, including

digital only or print and digital combined, visit:

Economist.com/offers

You can also subscribe by post, telephone or email:

Post: The Economist Subscription

Centre, Tanjong Pagar Post Office,

P.O. Box 671, Singapore 910817,

Republic of Singapore

Telephone: +65 6534 5166

Email: [email protected]

One-year print-only subscription (51 issues):

Australia..........................................................................A $

China.........................................................................CNY 2,

Hong Kong & Macau...........................................HK $2,

India.................................................................................12,

Japan.........................................................................Yen 52,

Korea..................................................................KRW 440,

Malaysia.........................................................................RM 940

New Zealand..............................................................NZ $

Singapore & Brunei.....................................................S $

Taiwan.....................................................................NT $10,

Thailand.......................................................................US $

Other countries................................Contact us as above

PublishedsinceSeptember 1843

totakepartin“aseverecontestbetween

intelligence, which presses forward,

and an unworthy, timid ignorance

obstructing our progress.”

Editorial offices in London and also:

Amsterdam, Beijing, Berlin, Brussels, Cairo,

Chicago, Johannesburg, Madrid, Mexico City,

Moscow, Mumbai, New Delhi, New York, Paris,

San Francisco, São Paulo, Seoul, Shanghai,

Singapore, Tokyo, Washington DC

Volume 433 Number 9168 Please

Europe

42 Spain’s election

43 The Camry in the gold

mine

44 Sexualised disinformation

44 Stopping speeding

Estonians

45 CharlemagneRecognising

theArmeniangenocide

Britain

46 Swing seats: the Tory

tipping point

47 Pacts in Northern Ireland

48 BagehotCorbyn’s

security questions

International

49 Censoring speech online

Business

51 Diversity memo

53 Too much lovin’ at

McDonald’s

53 Postcard from Hong Kong

54 Sparks fly over PG&E

54 TikTok time-bomb

55 Bartleby The benefits of

fitter workers

56 Japan Inc in China

57 SchumpeterHard times

for SoftBank

Finance & economics

58 Revisiting the euro’s

north-south rift

59 The trade war’s mini-truce

60 Distressed debt funds in

despair

60 The lives of the 0.0001%

61 ButtonwoodThe

illiquidity premium

62 Mexico’s lurch left

64 The quandaries of

litigation finance

64 Video games and fraud

66 Free exchange

Belligerenttradeunions

Science & technology

68 The new genetics

Books & arts

71 Museums in Ethiopia

72 When America fed Russia

73 The story of Palm Beach

74 Emmanuel Carrère

74 Reimagining George Eliot

Economic & financial indicators

76 Statisticson 42 economies

Graphic detail

77 Smogtendstobeworstinmiddle-incomecountries

Obituary

78 Huang Yong Ping, master of the Chinese avant-garde