Commentary
Yukon Huang, Isaac B. Kardon, Matt Sheehan
{
"authors": [
"Yukon Huang"
],
"type": "legacyinthemedia",
"centerAffiliationAll": "dc",
"centers": [
"Carnegie Endowment for International Peace"
],
"collections": [],
"englishNewsletterAll": "asia",
"nonEnglishNewsletterAll": "",
"primaryCenter": "Carnegie Endowment for International Peace",
"programAffiliation": "AP",
"programs": [
"Asia"
],
"projects": [],
"regions": [
"East Asia",
"China"
],
"topics": [
"Economy"
]
}
Source: Getty
In The Media
China’s Changing Economy
In the past three decades, China has changed from what would be described as a centrally-planned economy to what could be called a state-led capitalist system that is more private-oriented and subject to market forces.
By Yukon Huang
Published on May 22, 2015
Source: U.S.-China Policy Foundation
In an interview with China Forum, Carnegie’s Yukon Huang discussed how China’s economy has shifted in the past decades. He described how China has changed from what would be described as a centrally-planned economy to what could be called a state-led capitalist system that is more private-oriented and subject to market forces. This was not an easy process; China’s changing economy means lowering economic growth rates and property adjustment. Huang said that going forward, it remained to be seen whether the expected 5-6 percent growth in the next 5-10 years is sustainable and what is the quality of that growth.
Huang also discussed anticorruption efforts in China and their potential impact on China’s economic growth. He said that in the short-term, these efforts will likely hinder growth. Corruption in China has actually been a positive for economic growth in the past, Huang explained, but it has other negative consequences. In the long-term, if China continues to become more market-oriented, corruption becomes less necessary. Therefore, Xi’s campaign against corruption could potentially be good for long-term growth.
This interview was originally broadcast by the U.S.-China Policy Foundation.
About the Author
Yukon Huang
Senior Fellow, Asia Program
Huang is a senior fellow in the Carnegie Asia Program where his research focuses on China’s economy and its regional and global impact.
- Three Takeaways From the Biden-Xi Meeting
- Europe Narrowly Navigates De-risking Between Washington and BeijingCommentary
Yukon Huang, Genevieve Slosberg
Recent Work
More Work from Carnegie Europe
- European Security Strategy: In Search of a New AmbitionCommentary
The EU is putting together a new security strategy to meet today’s myriad challenges. But for any proposal to be effective, the union needs to grapple with its identity and ambitions.
Pierre Vimont
- Europe Should Not Let Nuclear Nonproliferation DieCommentary
Amid uncertainty caused by the Iran war, the global drive for nonproliferation has stalled. With Europe diplomatically marginalized and countries reassessing their nuclear options, efforts to curb the spread of nuclear weapons risk becoming irrelevant.
Jane Darby Menton
- Can Europe Compete with the United States and China?Commentary
Between the United States’ market-driven approach and China's state-led industrial strategy, Europe is reckoning with how it can remain competitive in the global economy. But is Europe in danger of becoming a U.S. or China colony?
Noah Barkin, Anu Bradford
- Rewiring the South Caucasus: TRIPP and the New Geopolitics of ConnectivityArticle
The U.S.-sponsored TRIPP deal is driving the Armenia-Azerbaijan peace process forward. But foreign and domestic hurdles remain before connectivity and economic interdependence can open up the South Caucasus.
Thomas de Waal, Areg Kochinyan, Zaur Shiriyev
- Planetary vs International Security: Economic Growth at the CrossroadsResearch
Economic growth is at the heart of a dilemma between planetary and international security.
Olivia Lazard
