The savings total in the Chinese economy has fallen thanks to reforms in the social safety net and job security, giving consumers more confidence to spend. Photo: Reuters
Jack Gao
Opinion

Opinion

Jack Gao

China has done its part to rectify global imbalances. It’s time for the US to step up

  • Economist Jack Gao argues that China has rolled out social safety nets and eased restrictions to turn more of its savers into spenders
  • But Washington’s tax cuts and outdated views on trade are worsening the country’s external imbalances

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The savings total in the Chinese economy has fallen thanks to reforms in the social safety net and job security, giving consumers more confidence to spend. Photo: Reuters
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Jack Gao

Jack Gao

Jack Gao is a New York-based economist with the Institute for New Economic Thinking