Articles

A New Team Faces Unprecedented Economic Challenges

Following the 11th National People’s Congress in March 2008, a new economics team was installed in the Chinese government. The distribution of responsibilities among this new team was hammered out very late in the day, months after the key vice-premiers were chosen. Whether because or in spite of its late inception, the new division of labor crumbled in the face of a global economic environment of unprecedented complexity that requires difficult and urgent policy choices. At mid-year, the economic leadership responded with a highly scripted and formalized policy exercise that culminated in a significant loosening of macroeconomic policy. Through this process we may dimly perceive a big increase in the behind-the-scenes influence of Wang Qishan, the vice-premier with the strongest economic background.

Tuesday, September 2, 2008 0 min read By:

Barry Naughton,