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 Endowment for International Peace
- India’s Press Note 3 Gamble: Opening the FDI Door to ChinaArticle
On March 10, 2026, India’s Union Cabinet approved amendments to Press Note 3, a regulation that mandated government approval on all foreign direct investment (FDI) from countries sharing a land border with India. This amendment raises questions primarily about whether its stated benefits will materialize and if the risks have been adequately weighed. This piece will address the same.
Konark Bhandari
- What Does Nuclear Proliferation in East Asia Mean for Russia?Commentary
Troubled by the growing salience of nuclear debates in East Asia, Moscow has responded in its usual way: with condemnation and threats. But by exacerbating insecurity, Russia is forcing South Korea and Japan to consider radical security options.
James D.J. Brown
- Why Vietnam Is Swinging in China’s DirectionCommentary
Hanoi and Beijing have long treated each other as distant cousins rather than comrades in arms. That might be changing as both sides draw closer to hedge against uncertainty and America’s erratic behavior.
Nguyễn Khắc Giang
- The AI Labor Debate: Three Views on the Future of WorkPaper
AI could hollow out jobs, reshape them gradually, create entirely new ones—or do all three at once. The case for starting to act now doesn’t depend on knowing which.
Teddy Tawil
- Russia’s Coal Industry Is Running on Borrowed TimeCommentary
Powerful lobbyists and inertia led to Russia’s coal-mining sector missing an excellent opportunity to solve its structural problems.
Alexey Gusev
