Have a look at this magnificent AJ interview from late 2011 with Jin Liqun, head of China’s Sovereign Wealth Fund.

The whole thing is impressive for Jin Liqun’s steely logic and sense of effortless authority. But it moves into overdrive at 11.40 or so when he starts to talk about why investing in Europe is not necessarily a good idea as the welfare model is ‘out of whack’:

“If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.

“Why should, for instance, within [the] eurozone some member’s people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard.”

He goes on to say that China has accumulated its money through hard work over three decades. Is it fair to the Chinese people to risk that money by investing in a Europe where hard work is not so obviously a dominating feature?

Good question.

Answer?