Nicholas R. Lardy
Autor von Integrating China into the Global Economy
Über den Autor
Nicholas R. Lardy, called "everybody's guru on China" by the National Journal, is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow from 1995 until 2003. He mehr anzeigen was the director of the Henry M. Jackson School of International Studies at the University of Washington from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is author, coauthor, or editor of numerous books, including Markets over Mao: The Rise of Private Business in China (2014), Sustaining China's Economic Growth after the Global Financial Crisis (2012), The Future of China's Exchange Rate Policy (2009), China's Rise: Challenges and Opportunities (2008), Debating China's Exchange Rote Policy (2008), and China: The Balance Sheet-What the World Needs to Know Now about the Emerging Superpower (2006). Lardy is a member of the Council on Foreign Relations and of the editorial boards of Asia Policy and the China Review. weniger anzeigen
Werke von Nicholas R. Lardy
China toward a consumption-driven growth path 3 Exemplare
Financial repression in China 3 Exemplare
Prospects For A US-Taiwan Free Trade Agreement (Policy Analyses in International Economics) (2004) 2 Exemplare
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Wissenswertes
- Geburtstag
- 1946
- Geschlecht
- male
- Ausbildung
- University of Michigan (PhD|Economics|1975)
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- 19
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- 3.9
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These trends go against Chinese President Xi’s stated objectives to continue improving the economic well-being of the average Chinese, over greater integration and leadership in the global economy.
As powerful as China appears to outsiders, it’s leadership is concerned that winding up more state companies at this point could adversely affect Labour and financial stability in the country, and threaten the Communist Party’s control.
Mere decades ago China had 118,000 state-owned firms. Today that number has dwindled to 14,000 albeit mostly large companies.
But many are “zombie” companies steadily losing money year after year but staying in business with ever increasing loans, and mostly local loans at that.
The incentives in the system are built to support the inertia of local government to sustain local sales tax revenues, local employment figures, and GNP output figures.
And trade irritants from abroad are certainly not helping the situation. Nor is corruption in regional and local governments.
Even while China’s annual growth at 6-8% still outpaces developed countries, some analysts say that China’s slowdown is inevitable and why not now.
But the slowdown comes far too soon for China to realize its domestic and global ambitions.… (mehr)