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  • But Washington’s tax cuts and outdated views on trade are worsening the country’s external imbalances
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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