{"id":1913,"date":"2015-09-23T13:49:15","date_gmt":"2015-09-23T12:49:15","guid":{"rendered":"http:\/\/blogg.lnu.se\/china-research\/?p=1913"},"modified":"2015-09-23T14:00:18","modified_gmt":"2015-09-23T13:00:18","slug":"about-china-it-should-be-interesting","status":"publish","type":"post","link":"https:\/\/blogg.lnu.se\/china-research\/?p=1913","title":{"rendered":"About China: it should be interesting\u2026"},"content":{"rendered":"

\u2026 but it is (more or less) neglected by the international press and (financial ) analysts. I\u2019m talking about the recent speech of China\u2019s president Xi Jinping in Seattle during his ongoing visit to the U.S. (without having checked myself many American sources). Anyway, financial markets focused at the same time very much on the Caixin PMI (which was considerably below 50 \u2013 certainly not an encouraging signal on Chinese industry and GDP growth in reality). For my own analysis, however, I found the president\u2019s expos\u00e9 more interesting.<\/p>\n

Xi told the invited guests that China feels very committed to reform policy and people\u2019s well-being \u2013 and also to a policy that \u201cforestalls risks\u201d and keeps the economy at a medium-, high-growth level.<\/p>\n

This is exactly the message I like to hear. In theory. Structural reforms and maintaining reasonable GDP growth would be a dream scenario \u2013 and particularly the following conclusion that reforms and reformers are still in place.<\/p>\n

But there is a catch. We do not know how far the deceleration of the economy already has gone. Probably further than statistical numbers express. Furthermore, it is hard to summarize the reforms that already are taking place and what is to come soon. What has really been done in reform policy since 2014 after the Communist Party\u2019s Third Plenum in November 2013? Transparency is still by far too low. So is the quality of statistics. Consequently, it is still hard to find out what\u2019s really happening in the economy.<\/p>\n

It is certainly a pity that China has not been working sufficiently for opening up (economic) information flows. If this had been the case, I certainly would have appreciated president Xi\u2019s speech. Now, I don\u2019t know.<\/p>\n

But why shouldn\u2019t Chinese leaders from now on<\/em> work more ambitiously with economic transparency? It would be a win-win situation for both China and the rest of the world. And it would be much easier to conduct a financial deregulation policy which Chinese leaders put so much (verbal) emphasis on, particularly when it comes to the deregulation of cross-border capital flows.<\/p>\n

The decisive question remains: How could China ever successfully open its capital account vis-\u00e0-vis other countries and envisage a working full convertibility of its currency yuan without at least having a roughly transparent economy?<\/p>\n

 <\/p>\n

\"\"<\/p>\n

Hubert Fromlet<\/em><\/strong>
\n<\/em>Senior Professor of International Economics, Linnaeus University
\nEditorial board<\/a><\/p>\n

 <\/p>\n

Back to Start Page<\/a>
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\u2026 but it is (more or less) neglected by the international press and (financial ) analysts. I\u2019m talking about the recent speech of China\u2019s president Xi Jinping in Seattle during his ongoing visit to the U.S. (without having checked myself many American sources). Anyway, financial markets focused at the same time very much on the […]<\/p>\n","protected":false},"author":174,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13398],"tags":[],"class_list":["post-1913","post","type-post","status-publish","format-standard","hentry","category-china-2"],"acf":[],"yoast_head":"\r\nAbout China: it should be interesting\u2026 - China Research<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/blogg.lnu.se\/china-research\/?p=1913\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"About China: it should be interesting\u2026 - China Research\" \/>\r\n<meta property=\"og:description\" content=\"\u2026 but it is (more or less) neglected by the international press and (financial ) analysts. 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