Wednesday, January 2, 2019

Yu Yongding — A Makeover for Chinese Macroeconomic Policy

While China is not about to recapture double-digit GDP growth, that does not imply economic catastrophe. After four decades of rapid growth, a slowdown was inevitable, and if China readjusts its macroeconomic policy stance, it can prevent that slowdown from being excessively sharp.…
This post is important because of who wrote it. Yu Yongding is considered to be one of the most knowledgeable Chinese economists and his views are watched and widely quoted.

Project Syndicate
A Makeover for Chinese Macroeconomic Policy
Yu Yongding, a senior research fellow at the Chinese Academy of Social Sciences, a former president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, former member of the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006, and a former member of the Advisory Committee of National Planning of the Commission of National Development and Reform of the PRC.

See also
“It’s right to say that we should care about economic growth quality instead of speed, but such reforms and adjustments can’t be done in short period of time – the water from afar can’t quench the immediate thirst,” Yu said.
The Chinese government should not worry too much about the property bubble, worsening of debt issue or a weakening Chinese yuan while attempting to bolster growth, Yu added...
South China Morning Post
China must quickly ‘quench the immediate thirst’ of a deepening economic slowdown, senior economist Yu Yongding says
Orange Wang

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