Enjoyed the article and look forward to the upcoming collaborations.
I would only add that with China, politics is seeped into the marrow and any structural change must be viewed through this lens. The Chinese authorities have shown themselves to be reactive to date - playing a huge game of whack-a-mole with the economy. In a political sy…
Enjoyed the article and look forward to the upcoming collaborations.
I would only add that with China, politics is seeped into the marrow and any structural change must be viewed through this lens. The Chinese authorities have shown themselves to be reactive to date - playing a huge game of whack-a-mole with the economy. In a political system where as a consequence of purges and anti-corruption drives bureaucrats are paralysed until orders are received from the very top, and even then action can be diluted, a huge sclerotic system does give much confidence.
On a similar note, as Pettis notes, the answers to the problems facing the Chinese economy are well known and have been discussed for many years. However implementing these changes have been too difficult, politically - as illustrated by the recent U-turn on property tax (many local officials own multiple properties so pushed back) - and in a system obsessed with control the idea of redistribution of economic power is unpalatable to Chinese authorities.
Enjoyed the article and look forward to the upcoming collaborations.
I would only add that with China, politics is seeped into the marrow and any structural change must be viewed through this lens. The Chinese authorities have shown themselves to be reactive to date - playing a huge game of whack-a-mole with the economy. In a political system where as a consequence of purges and anti-corruption drives bureaucrats are paralysed until orders are received from the very top, and even then action can be diluted, a huge sclerotic system does give much confidence.
On a similar note, as Pettis notes, the answers to the problems facing the Chinese economy are well known and have been discussed for many years. However implementing these changes have been too difficult, politically - as illustrated by the recent U-turn on property tax (many local officials own multiple properties so pushed back) - and in a system obsessed with control the idea of redistribution of economic power is unpalatable to Chinese authorities.