The real economic reforms China needs to become less dependent on exports
- Despite talk of a new ‘dual circulation’ strategy, China’s slowing economy will only become more dependent on exports unless it overhauls its investment-led growth model to truly boost consumption
- There are efficiencies to be reaped in focusing resources on megacities and stripping away bureaucracy, but political will is lacking
Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. He joined Morgan Stanley in 1997 and was managing director and head of the firm’s Asia-Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank. He was voted one of the 50 most influential persons in finance by Bloomberg magazine in 2013.