Cautious Optimism About China

{
  "authors": [
    "Michael Pettis"
  ],
  "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"
  ]
}

In The Media

Cautious Optimism About China

China's new political leadership knows that economic reform is necessary, but has difficulty gathering the political will to enact such reforms.

By Michael Pettis

Published on Nov 13, 2012

Source: CNBC's Worldwide Exchange

Speaking on CNBC's Worldwide Exchange, Carnegie's Michael Pettis noted that he believes China's new leardership understands the urgency of implementing economic reforms. However, he explained that he is only cautiously optimistic that reforms will actually be enforced, given that the groups who have benefitted from China's investment-driven miracle are unwillingly to see adjustments to China's economy.

About the Author

Michael Pettis

Nonresident Senior Fellow, Carnegie China

Michael Pettis is a nonresident senior fellow at the Carnegie Endowment for International Peace. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.

Recent Work

Commentary
What’s New about Involution?
- Michael Pettis
Commentary
Using China’s Central Government Balance Sheet to “Clean up” Local Government Debt Is a Bad Idea
- Michael Pettis

Economy East Asia China

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

More Work from Carnegie Russia Eurasia Center

Commentary
Carnegie Politika
Why Are China and Russia Not Rushing to Help Iran?
Most of Moscow’s military resources are tied up in Ukraine, while Beijing’s foreign policy prioritizes economic ties and avoids direct conflict.
Alexander Gabuev, Temur Umarov
Commentary
Carnegie Politika
How Trump’s Wars Are Boosting Russian Oil Exports
The interventions in Iran and Venezuela are in keeping with Trump’s strategy of containing China, but also strengthen Russia’s position.
Mikhail Korostikov
Commentary
Carnegie Politika
Does Russia Have Enough Soldiers to Keep Waging War Against Ukraine?
The Russian army is not currently struggling to recruit new contract soldiers, though the number of people willing to go to war for money is dwindling.
Dmitry Kuznets
Commentary
Carnegie Politika
Japan’s “Militarist Turn” and What It Means for Russia
For a real example of political forces engaged in the militarization of society, the Russian leadership might consider looking closer to home.
James D.J. Brown
Commentary
Carnegie Politika
A New World Police: How Chinese Security Became a Global Export
China has found a unique niche for itself within the global security ecosystem, eschewing military alliances to instead bolster countries’ internal stability using law enforcement. Authoritarian regimes from the Central African Republic to Uzbekistan are signing up.
Temur Umarov

More Work from Carnegie Russia Eurasia Center

Commentary

Carnegie Politika

Why Are China and Russia Not Rushing to Help Iran?

Most of Moscow’s military resources are tied up in Ukraine, while Beijing’s foreign policy prioritizes economic ties and avoids direct conflict.

Alexander Gabuev, Temur Umarov

Commentary

Carnegie Politika

How Trump’s Wars Are Boosting Russian Oil Exports

The interventions in Iran and Venezuela are in keeping with Trump’s strategy of containing China, but also strengthen Russia’s position.

Mikhail Korostikov

Commentary

Carnegie Politika

Does Russia Have Enough Soldiers to Keep Waging War Against Ukraine?

The Russian army is not currently struggling to recruit new contract soldiers, though the number of people willing to go to war for money is dwindling.

Dmitry Kuznets

Commentary

Carnegie Politika

Japan’s “Militarist Turn” and What It Means for Russia

For a real example of political forces engaged in the militarization of society, the Russian leadership might consider looking closer to home.

James D.J. Brown

Commentary

Carnegie Politika

A New World Police: How Chinese Security Became a Global Export

China has found a unique niche for itself within the global security ecosystem, eschewing military alliances to instead bolster countries’ internal stability using law enforcement. Authoritarian regimes from the Central African Republic to Uzbekistan are signing up.

Temur Umarov