The last day of this year's Hay Festival highlighted a promising session on the rise of China and the increasing challenges it faces in a globalised world.

“China - old and new” featured two experts on the South Asian military and industrial giant – Jung Chang, celebrated author of “Wild Swans” and a storyteller who draws on her tumultuous personal experiences with her homeland; and Michael Puett, academic and scholar with a focus on China.

Farooq Sobhan, who served as the Bangladeshi ambassador to China from 1988 to 1991, stepped in as a welcome substitute moderator as Patrick Laude, author and scholar, was delayed by Dhaka traffic for half the session.

The authors discussed China's recent grappling with corruption. Chang commented that the anti-corruption drive by the government is most likely biased. She stated, “There is an incredible amount of restriction placed on journalists in China, so the people identified as corrupt are marked and prosecuted by the government itself. They have no access to proper defense lawyers. It's reminiscent of what Mao did after he led the October Revolution.”

As for China's recent troubles, Puett had an ominous prediction that China might be heading towards a financial crisis potentially affecting the entire world. During the Q&A session, an audience member commented she had seen rows of empty housing complexes, similar to the housing bubble that preceded the US financial collapse.

The massive changes happening in China, including the resurfacing of religious faith, the discontent in the hearts and minds of people, were also discussed at the session. The role of the United States as a potential bail-out source was brought into question, to which Laude, who had joined the session by then, replied: “Chinese investment brought the US out of potential financial ruin, but who will act as China to the Chinese?”

As for what is in store for China and, indeed, the rest of the world as a consequence, we can only wait and watch as the great drama unfolds.