The unrest is real, but Jeremiah Jenne has some cold water for those hoping for more. Money quote:

The salient point is that many people in China do calculate the risk versus reward of taking on the government not only in terms of their own personal safety (because the Party still can be very brutal towards those it feels are a threat to its legitimacy) but also in terms of the larger cost of revolution and the possibility of undoing the very real gains many people in China have made over the past thirty years. While it can be easy to sell a message of "Stick with us or face the consequences" when you have near total control over the education, information, and media environments, it is still worth noting that an awful lot of people in China, especially in Beijing, buy into this.  So long as this is the case, and so long as there aren't any events or causes which mobilize popular discontent across class lines or geographic distance, the chances of a revolution -- of any flavor -- in China will remain quite remote.

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