The Chinese development model is an old one and can trace its roots at least as far back as the infant industry protection, internal improvements, and system of national finance of the American System of the 1820s and 1830s. Understanding why the many precedents for its growth model have succeeded in some few cases and failed in others will help us enormously in understanding China’s prospects.

China Financial Markets provides in-depth analysis of one of the world’s largest and most vital economies. Edited by Carnegie Senior Fellow Michael Pettis based in Beijing, China Financial Markets offers monthly insights into income inequality, market structures, and other issues affecting China and other global economies. A noted expert on China’s economy, Pettis is a professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.

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President Trump has made it clear that he wants to reduce the U.S trade deficit with China. If he follows through on his campaign promises to impose tariffs, how would China react? Is a trade deficit with China necessarily a bad thing for the US? One of the most thought-provoking economists on China, Michael Pettis examines the trade relationship between Washington and Beijing, and explains how the Chinese growth model is facing unique challenges.

The Carnegie Podcast is an occasional series featuring commentary and analysis from Carnegie experts on critical global issues.

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