David Dollar, former US Treasury and World Bank representative in Beijing and one of the world’s leading China experts, joins Mark Sobel, US chairman of OMFIF, to discuss Chinese economic developments. David sees the Chinese economy now getting back on its feet, but observes it will face headwinds from changed consumption habits and a global slowdown.
He discusses the cautious roles monetary and fiscal policy are playing in supporting recovery, and analyses the reasons behind the vigilance, including the authorities’ concerns about stoking an excessive growth in leverage as happened after the 2008 financial crisis. Finally, David highlights his forthcoming co-authored book, China 2049: Economic Challenges of a Rising Global Power, and its assessment of reforms – such as competitive neutrality between private and state firms and support for innovation – that will be essential if China is to meet its centenary goals of becoming a fully developed, prosperous and harmonious country.
Coronavirus will remould world economy