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Maybe there’s hope for some of America’s more statist politicians!Īll kidding aside, there’s some evidence that officials in Beijing realize that the Keynesian experiment of recent years didn’t work any better than Obama’s 2009 spending binge.
Wow, the communists in China want free markets. They called for a “decisive” role to be given to market forces …Mr Xi’s aim may be to reinvigorate reforms that were endorsed by the Communist Party’s 370-member Central Committee in 2013, a year after he took over as China’s leader. Their hope is that such reforms will involve deep structural changes aimed at putting the economy on a sounder footing, rather than yet more stimulus. Talking about “gongjice” is a good start, but are Chinese officials actually willing to reduce government’s economic footprint?
Sounds encouraging, though it’s important to understand that there’s a big difference between rhetoric and reality. For a couple of years think-tanks affiliated with government ministries had been promoting the concept (helped by a new institute called the China Academy of New Supply-Side Economics). …Mr Xi’s first mentions of the supply side, or gongjice, in two separate speeches in November, were not entirely a surprise.
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It is now China’s hottest economic catchphrase (even featuring in a state-approved rap song, released on December 26th: “Reform the supply side and upgrade the economy,” goes one catchy line). He has been speaking openly for the first time of a need for “supply-side reforms”-a term echoing one made popular during Reagan’s presidency in the 1980s. Mr Xi has seemed to channel the late American president.
The government was intervening in financial markets to prop up prices, and that was after several years of failed Keynesian-style spending programs that were supposed to “stimulate” growth.Īn article in The Economist examines the new “supply-side” focus of China’s leader (h/t: Powerline). If you asked me about six months ago, I would have expressed pessimism. Is this the beginning of the end of the Chinese miracle? The stock market’s recent performance has been less than impressive and economic growth has faltered. That being said, China’s economy has hit a speed bump. There’s still quite a way to go before China catches up to western nations, but the numbers keep improving. Economic reforms beginning in the late 1970s have helped lift hundreds of millions of people out of abject poverty.Īnd thanks to decades of strong growth, living standards for ordinary Chinese citizens are far higher than they used to be.
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O.S.: Windows XP Windows Vista Windows 7 Windows 8, Windows 10ĭream, proud to be a member of GarageForum since Mar 2015.The long-term trend in China is positive.
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