Reflecting the wide interest of your Pekingnologist and the dire need to bring more quality China content to the English-language part of the world, this is a newsletter that covers a lot of subjects. Today, it is a translation of an article about MMT, or Modern Monetary Theory.Pekingnology (Feb 3)
It was published in the beginning of 2022 on 中国金融 China Finance, a bi-weekly magazine under the People’s Bank of China, China’s central bank. The author is 陆磊 LU Lei, Deputy Administrator of the State Administration of Foreign Exchange (SAFE) since June 2017. Prior to that, Lu served as the head of the Financial Stability Bureau (August 2016 to June 2017) and head of the Research Bureau (March 2014 to August 2016) of the central bank.
There have been numerous discussions on MMT in the English-language press in the recent several years, and it appears to your Pekingnologist that there haven’t been many Chinese voices, so the view from a current senior financial official in the second-largest economy should be a contribution.
Senior Chinese finance official: Modern Monetary Theory exacerbates inequality
Bofei Zheng and Zichen Wang
https://pekingnology.substack.com/p/senior-chinese-finance-official-modern?s=r
The English translation doesn't contain any reference to a job guarantee. Only mention is injecting liquidity to 'ensure full employment'.
ReplyDelete“ injecting liquidity!”
ReplyDeleteMMT people don’t use that phrase….
Translator may be a pro-vaxxer...
ReplyDeleteMaybe “they haven’t read the MMT literature!”… (even though the Socrates playbook doesn’t require that)
ReplyDelete