1. Avoiding the Blind Alley: China's Economic Overhaul and Its Global Implications
- Author:
- Daniel H. Rosen
- Publication Date:
- 10-2014
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- PRESIDENT XI JINPING ANNOUNCED a sweeping overhaul for China's economy in November 2013, with pledges to make market forces decisive, treat homegrown and foreign investors with the same laws and regulations, and change the mission statement of the government. The reform program, known as the Decisions plan and presented at the Communist Party leadership's Third Plenum meeting, is comprehensive and marks a turning point in China's modern history. The degree of boldness also indicates that after 35 years of world-beating economic performance, China's development model is obsolete and in need of urgent, not gradual, replacement. To justify the risks, President Xi quoted an impassioned plea for policy modernization by his predecessor Deng Xiaoping: the only way to avoid a dead end – a blind alley – is to deepen reform and opening both at home and with the world.
- Topic:
- Economics, International Trade and Finance, Political Economy, and Reform
- Political Geography:
- China