https://www.scmp.com/rss/310954/feed Yao Yang is professor and dean at the National School of Development and director of the China Centre for Economic Research, Peking University. Copyright: Project Syndicate en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Last October, as he opened the 19th Communist Party National Congress, President Xi Jinping vowed that the country would have a “fully modern” economy by 2035, and would reach high-income status by 2049 – the 100th anniversary of the founding of the People’s Republic. One hopes that he is more successful than China’s first premier, Zhou Enlai, who in 1964 promised “four modernisations” by the end of the 20th century. Zhou’s plan focused on reforming four key sectors: agriculture, industry,... https://www.scmp.com/comment/insight-opinion/article/2133356/once-china-develops-then-its-real-problems-begin-people-seek?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/2133356/once-china-develops-then-its-real-problems-begin-people-seek?utm_source=rss_feed Wed, 14 Feb 2018 09:18:15 +0000 President Xi Jinping's anti-corruption campaign, which has already brought down many high-ranking "tigers" in the government, has been widely touted as a key component of the deep structural reforms that China needs if it is to build a more sustainable, inclusive and market-based economy. But worries abound that, in a country where government officials play a major role in promoting economic growth, rooting out corruption might undermine prosperity. Some have cited the recent struggles of luxury... https://www.scmp.com/comment/insight-opinion/article/1787619/chinas-corruption-crackdown-carrots-law-abiding-officials?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1787619/chinas-corruption-crackdown-carrots-law-abiding-officials?utm_source=rss_feed Wed, 06 May 2015 09:01:43 +0000 China's economy is, at long last, undergoing a rebalancing, with growth rates having declined from more than 10 per cent before 2008 to roughly 7.5 per cent today. Is this China's "new normal", or should the country anticipate even slower growth in the coming decade? China's rebalancing is apparent, first and foremost, in the export sector. Export growth has slowed from its 2001-2008 average of 29 per cent annually to below 10 per cent, making foreign demand a far less critical engine of... https://www.scmp.com/comment/article/1595919/chinas-new-normal-slower-growth-be-welcomed?utm_source=rss_feed https://www.scmp.com/comment/article/1595919/chinas-new-normal-slower-growth-be-welcomed?utm_source=rss_feed Fri, 19 Sep 2014 04:30:15 +0000 The US Federal Reserve's decision to exit from so-called "quantitative easing" - its massive monthly purchases of long-term assets - is stoking fears of a hard economic landing in China. But the country's strong economic fundamentals mean policymakers have the space to avoid such an outcome - as long as they bring the shadow banking system under control. As it stands, Chinese consumption and investment growth are expected to remain at roughly last year's levels. Meanwhile, economic recovery in... https://www.scmp.com/comment/insight-opinion/article/1444591/shadow-banking-biggest-threat-chinas-economy?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1444591/shadow-banking-biggest-threat-chinas-economy?utm_source=rss_feed Sun, 09 Mar 2014 18:47:11 +0000 As expected, the final document of the third plenum of the 18th Central Committee revealed a plan for comprehensive reforms that will reshape China's economy and society in the next decade. For starters, the household registration system will be reformed. Small cities and towns will allow migrants to apply for the local hukou with no strings attached, and medium-sized cities will do the same, with some restrictions. Although large cities will remain as closed as ever, the new policy will... https://www.scmp.com/comment/insight-opinion/article/1362933/without-political-reform-how-far-can-chinas-economic?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1362933/without-political-reform-how-far-can-chinas-economic?utm_source=rss_feed Sun, 24 Nov 2013 20:32:34 +0000