While it is now widely understood that China was the first globally significant economy to begin to recover from the crisis, critics nonetheless increasingly charge that the stimulus program has substantial flaws and that China's early economic recovery cannot be sustained. One prominent critic...

To sum up, we are not arguing either that preliminary signs of a slowing of Chinese economic activity in recent months are unwelcome or that administrative controls have been counterproductive. Nor can we estimate with great precision the sustainable investment rate or the amount of overshooting...

In one critical respect, however, the financial system appears to have retrogressed. The central bank, the People's Bank of China (PBC), controls interest rates in a way that has led to significant financial repression as inflation has risen in recent years. As explained in this policy brief,...

This policy brief examines the reasons underlying the leadership decision, the implications of this transition for the United States and the global economy, and the steps that have been taken to embark on the new growth path

As China has become an increasingly important part of the global trading system over the past two decades, interest in the country and its international economic policies has increased among international economists who are not China specialists. This paper represents an attempt to provide the...

The banking system of the People's Republic of China (PRC) is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. This paper traces the evolution of the PRC's financial system away from a traditional bank-dominated and...