Just when China's leaders receive conflicting signals of "overheating" and "below-potential growth", they encounter tremendous external pressure to revalue the Renminbi (RMB) substantially. Our conclusion is that the major macroeconomic challenges have their roots in China's inadequate...

The 30 years of reform and opening have brought great material progress to China. By becoming a big country, China’s actions created huge spillovers on other countries. The result has been a rise in trade tension between China and its trade partners. Recently, some have claimed that China’s...