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In the Shadow of the Dragon by William Dowell, Winter Nie

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ONENo Longer a Shrinking Violet

To be rich is glorious!

—Attributed to Deng Xiaoping

XINHUA, CHINA’S GOVERNMENT news agency, used to be known more for what it neglected to say than for breaking news. Not anymore. In New York’s Times Square, Xinhua’s flashing logo now radiates from a 60-foot-high TV billboard just below a similar spot for Prudential Insurance and right above an ad for Korean TV manufacturer Samsung. The spot—which can be seen by roughly a half-million people every day—had previously been occupied by an ad for the bank HSBC (named for its founding member, the Hongkong and Shanghai Banking Corporation). While HSBC—which briefly moved its headquarters to London after China’s takeover of Hong Kong in 1997 and then moved back again—was ...

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