"On the other hand, our economy is now faced with a series of deep-seated and structural problems," he continued. "There would not be sustainable development without economic transformation. Therefore, we have decided to build an upgraded version of the Chinese economy, focusing on improving the quality and efficiency of development. While growing the economy, the people's livelihood is our top concern."
Li’s words -- subsequently transmitted publicly in official state newspapers -- warrant particular scrutiny given a much-anticipated party plenum set to convene here this weekend. China-watchers have been anticipating the meeting as a potential milestone, suggesting that it could prepare the way for some of the most meaningful alterations to China’s economy since Deng Xiaoping unleashed the first market-embracing reforms in the late-1970s.
But if the broad outlines of an updated economic policy seem clear -- spread the benefits of development more evenly while diminishing pollution and social grievances -- the particulars are hardly so. As Chinese officials and influential academics discussed the challenges and potential prescriptions ahead of the plenum, they created the impression that the leadership is still grappling with substantial issues....Again, the Internet and social media:
All the while, a new force is proliferating across China that may complicate the party's control and its willingness to advance reforms -- the explosive growth of social media, particularly among young people.
More information flowing outside of official channels means more public awareness of conditions both within and outside China, generating new demands for freedoms and material gains. This could pressure the government to move faster on reforms in a bid to keep pace with public demands. Or it could spook the party into trying to impede change in an effort to maintain control.The Huffington PostChina's President Charts Path For 'Comprehensive Reform' Amid Economic, Environmental Problems
Peter S. Goodman
Speaking of China, is it me or does the following idea suck?: http://www.nytimes.com/2013/11/07/opinion/taking-aim-at-the-wrong-deficit.html?_r=0&hp=&adxnnl=1&rref=opinion&adxnnlx=1383859200-rH8JIJc/PoXaVxLx3g1MTw&pagewanted=print
ReplyDeletePaul Krugman is currently explaining 'liquiditry trap' MMT to the world's economists at the IMF.
ReplyDeletehttp://linkis.com/ow.ly/s7yM
Krugman looks like he's having a heart attack.
ReplyDeleteHe's thinking "OMG I am trying to convince these guys that MMT makes sense... heart attack territory
I think there's a good chance that Krugman and Summers will join forces on their packaging of MMT. If they do, Brad DeLong will come over, too. I think that all of them are starting to get it. Stranger things have happened.
ReplyDelete