Friday, October 28, 2016

Yu and Fan

Is China the next bubble economy? Will the renminbi become freely convertible? How will Chinese sovereign investment and the rise of Chinese multinational companies affect the world economy? Can China tackle pollution and yet maintain growth? Will the effects of the country’s one-child policy come to haunt tomorrow’s leaders? Is China ready to become a consumer society?

If China’s recent history is any guide, another period of momentous change may be on the horizon. Every decade or so since Mao’s communists came to power in 1949 has seen a convulsive shift of gears – the Great Leap Forward, the Cultural Revolution, Deng Xiaoping’s economic reforms, the anti-government demonstrations of 1989 and their aftermath, and the emergence of China as a global economic power.

Today, if China changes, the whole world feels the impact. And who better to identify incipient changes and emerging trends in China’s surging economy than two men intimately connected with the country’s highest-level internal debates: Fan Gang, Director of China’s National Economic Research Institute and Chairman of the China Reform Foundation, and Yu Yongding, a former Member of the Monetary Policy Committee of the People’s Bank of China and current President of the China Society of World Economics. Fan and Yu are two of China’s most influential economists and among the country’s leading reformers. Their views are closely followed worldwide for clues to how Chinese leaders are thinking about the global economy.

Every month in Enter the Dragon, written exclusively for Project Syndicate, Fan Gang or Yu Yongding examines the forces and trends that are shaping China’s economy – spelling out what they mean for the rest of the world.

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