Commentary / World Jul 16, 2023
China’s stunted transformation
China has run into major road blocks as it has attempted to implement its "dual circulation" growth strategy.
China has run into major road blocks as it has attempted to implement its "dual circulation" growth strategy.
China must reconfigure its industries and supply chains to meet the challenges posed by rising geopolitical tensions and rapid population aging.
The current wave of interest-rate hikes has slowed inflation but also popped several asset bubbles, potentially triggering additional debt and financial crises.
With the global economy teetering on the edge of a financial crisis, it is time for emerging-market and developing economies to revise their development strategies.
The dominance of national-security hawks distorts economic policy and impedes the delivery of global public goods — and could lead to an all-out global conflict.
Whether global wealth continues to fall in 2023 will depend significantly on two factors: The effectiveness of Chinese policy and the strength of international economic cooperation.
While most major central banks are now reversing quantitative easing and raising interest rates, China may need to head in the opposite direction.
Historically, China has carried out its most important reforms in times of crisis.
No matter how compelling a top-down development plan for Asia might be, it is highly unlikely to ever be implemented.
High-level sustainable development objectives need to be implemented at grassroots levels and with the right market structures and incentives.