Oracle of Economics and...Culture too?

Vikas Dhoot summarizes part of Alan Greenspan's just released memoir - the apparent oracle's thinking about Indian economy, comparing it with, what else, Chinese economy. There is not much to quibble about Greenspan's writing. Most of it is known and is been talked about non-stop by right minded people, usually to deaf policy makers ears, both babus and politicians - that talk of Fabian socialism, Nehru, GDP growth rates pre-80s and post-reform, Manmohan, IT and agriculture reforms.

But then he throws in gem - that, I think, shows the continued mentality of most western thinkers and their brothers-in-arms in India itself.

India “symbolizes most powerfully both the productiveness of market capitalism and the stagnation of socialism” and “is fast becoming two entities: a rising kernel of world-class modernity within a historic culture that has been for the most part stagnating for generations.”[Manmohan tore a hole but socialist fabric remains: The Oracle - IE]

Apparently Greenspan is an oracle of culture too? I'm almost positive, because I haven't read the book and because the Chinese aren't protesting, that he said no such thing about the equally old and historic culture of the Chinese.

May be I'm just reading it wrong?