Huang: The China Growth Fantasy

Posted on Monday, December 22, 2008 at 12:10 pm

huangyasheng.jpgYasheng Huang on WSJ: China is one of the few countries in the world endowed with the land mass, the energetic and talented population, and the entrepreneurship to become a true global economic powerhouse. But that potential has been squandered by a misguided development strategy that privileges production at the expense of consumption and uses political power to suppress costs rather than relying on market mechanisms to boost income. In the midst of a global recession, China, along with its 1.3 billion people, is paying a dear price for that mistake now. See here.