The insurers» previously rosy outlook on China came despite
foreign insurers exiting the
country in recent years, citing a
hostile regulator, falling market share and the difficulty of making profits.
Israel's legendary
foreign minister, the late Abba Eban, once said that if a resolution were presented by
countries hostile to Israel before the UN stipulating that the Earth was flat, only a minority of
countries would oppose it.
He's a «dissident from the
country and aspiring prince who has colluded with a
hostile foreign adversary in a bid to bring down the rightful heir to Wakanda's throne.»
As for why the corruption, all the obvious reasons: a) the
country's made up of a zillion different historically
hostile tribes arbitrarily thrown together as a
country by the Brits; b) life is short, there are few official safety nets (e.g., unemployment insurance, pensions), so there are few moral qualms about taking care of your own, no matter what; c) there's not yet any sort of history of democracy, of regulation of profiteering — this is a very young, very capitalist
country; d) the outside world and all its wealth provides tremendous incentives for corruption — the amount and indiscriminate nature of
foreign aid, the fact that the amount of money that would eventually be paid for, say, a rhino horn dagger will trickle down to paying the poacher enough money to cover his kids» school fees for years; e) the fact that the west encourages the illicitly wealthy in the developing world to hide their loot in western institutions (e.g., Swiss banks).