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India’s Saffronised economics: Burgeoning Sino-Indian trade amid China-boycott calls

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It appears Indian economics, too, is getting radicalised. Aside from shady efforts to isolate Pakistan under FATF, India is furious at China also. India tried to boycott import of Cheap Chinese electronic goods, particularly transistors/chips. Through aid injections, it weaned away some SAARC countries from attending scheduled conference in Pakistan. India’s developmental assistance to six neighbouring countries in South Asia over the last four fiscal years amounted to over Rs 211 billion. The countries are Afghanistan, Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka.

India’s politically-stringed aid

India extended developmental assistance to six neighbouring countries. The total aid to Afghanistan from 2014-15 to 2017-18 was Rs 22.32 billion, to Bangladesh it was Rs 5.14 billion, and to Bhutan it was Rs 156.8 billion. The developmental assistance to Maldives during the same period was Rs 2.7 billion, to Nepal it was Rs 13.22 billion, and to Sri Lanka it was Rs 10.8 billion. India has built a dam in Afghanistan and making 11 more there. She has committed Rs 45 billion for Bhutan’s 11th Plan – about 68 per cent of the total external assistance received. Another Rs 5 billion came in from India as part of the economic stimulus plan.

Modi visited only such countries that as could promise to isolate Pakistan. Between 2014 and 2018,  over Rs 2,021 crore was spent on chartered flights, maintenance of aircraft and hotline facilities during Prime Minister Narendra Modi’s visits to top 10 countries from where India has received the maximum foreign-domestic investment inflows. Foreign Direct Investments grew from US$ 30,930.5 million in 2014, to US$ 43478.27 million in 2017. A total of Rs 1,583.18 crore was spent on maintenance of Modi’s aircraft and Rs 429.25 crore on chartered flights during the period between June 15, 2014 and December 3, 2018. The total expenditure on hotline was Rs 9.11 crore. Modi visited over 55 countries in 48 foreign trips since taking over as prime minister in May 2014. Over Rs 1,346 crore was incurred on chartered flights, maintenance of aircraft and hotline facilities during Manmohan Singh’s foreign visits from 2009-10 till 2013-14 during UPA-II.

The trading community also stands saffronised. The Confederation of All India Traders announced, “The time has come when China should suffer due to its proximity with Pakistan. The Confederation represents 70 million traders. It burnt Chinese goods on March 19 to “teach a lesson” to China. In a statement, the Confederation said. “It has launched a national campaign to boycott Chinese goods among the trading community of the country, calling the traders not to sell or buy Chinese goods.”

Chinese Xiaomi-Inc mobile phones and toys are ubiquitous in India. Trade between the countries grew to nearly $90 billion in the year ending March 2018.

Ashwani Mahajan, a leader of the Swadeshi Jagran Manch, also, called for a boycott of Chinese goods. He also wrote to Prime Minister Narendra Modi recommending that India should slap higher tariffs on Beijing. The Manch is the economic wing of the Rashtriya Swayamsevak Sangh, a Hindu nationalist group with close ties to the ruling Bharatiya Janata Party. Yoga guru Baba Ramdev also called for a ban on Chinese goods in the country.

Sino-Indian trade

The bilateral trade will cross the US$ 100 billion mark this year. However, this figure includes a deficit of US$ 58 billion for India and it has been increasing over the years. India’s bilateral trade deficit with China plus Hong Kong is about a third of its total trade deficit with all countries put together. Trade deficit with China came down by US$10 billion in the fiscal year ended March 2019 to $58 billion (in over US$ 80 billion trade). Decrease  is illusory.

China has begun to ship some of its products through Hong Kong rather than its domestic ports. The combined Indian trade deficit with China plus Hong Kong has not reduced. India’s bilateral trade deficit with China plus Hong Kong is about a third of its total trade deficit with all countries put together. That with China alone is around a quarter of the total trade deficit.

The International Monetary Fund (IMF) has taken a closer look at the problem of bilateral trade imbalances in its latest World Economic Outlook, based on a study of 63 countries over 20 years.

First, while basic macroeconomic accounting tells us that China runs a huge trade surplus because it saves more than it invests, it has also been strongly interventionist in the way it has managed its exchange rate. Its sustained currency manipulation is reflected in its $3 trillion foreign exchange reserves.  Besides, China uses subsidies to promote its domestic industry, giving it an unfair advantage in many areas. India fears bilateral trade deficit has become part of a larger geostrategic dilemma. 

This is especially true of specific items such as consumer electronics, telecom equipment and power equipment. India ignores its uncompetitive goods in global market.

Aside from gung-ho, India’s trade ministry said in an email the country can’t take any unilateral punitive action against a fellow member of the World Trade Organisation. India could not boycott import of China-made transistors that accounted for 81.9 percent of India’s transistor imports in 2017. The transistors are an input to almost all Indian electronic goods and machinery. India cannot afford to switch to home-made expensive alternative. These imports also contain embodied technologies, particularly semiconductors, fertilizer and pharmaceutical.

Despite political differences, the world is cooperating on economic issues. It is India’s own interest not to subordinate economics to political expediency.

Bilateral tariffs

Retaliatory tariffs are unlikely to `soften’ China. Indian consumers may still not buy Indian goods. They may prefer to goods from countries other than China. Besides, China may route its products through other countries like Hong Kong. The solution lies in making Indian goods cost-effective substitutes against Chinese goods.

Rising wages in China are making Chinese goods more expensive. But, it is Vietnam, Indonesia, Bangladesh, Malaysia and the Philippines, not India, that are taking advantage of it. India needs to  

Create niched in global markets and supply chains. Foxconn Technology Co. Ltd will begin mass-producing Apple iPhones at its factory outside Chennai this year. The Taiwanese company also makes phones for Xiaomi and Nokia in India. Such industrial projects should serve conveyor belts for India’s entry into international markets.

Trump’s wavering support

Both Trump and Modi hoped to isolate thorny trade issues from their geopolitical ties as both countries positioned themselves in Asia against an increasingly assertive China. The USA has conjured up an anti-China strategic alliance — which includes the so-called Quadrilateral Security Dialogue between the US, India, Japan and Australia.  Even assuming it to be intact, it appears India and the USA appears to be headed for a bout of turbulence.

The Trump administration notified Congress (March 6, 2019) that it wants to scrap trade concessions for India, the largest beneficiary of the so-called generalised system of preferences that impacts $5.7 billion worth of goods. The move is symbolic. It affects just a fraction of India’s trade flows.  But it is significant as it is in sync with India’s ennui towards China in view of her `hold’ on declaring a Pakistani religious leader `terrorist’.

The USA is finding it hard to maintain trade restrictions, for instance on Turkey, while treating India as a protégé. The USA cannot keep up unequal trade practices for long. US pulled out of Trans-Pacific Partnership trade deal that would have more closely tied Asian economies to Washington, despite pleas from regional allies such as Japan. Trump can’t remain unruffled by Indian customs duty hikes, expanded import substitution rules and domestic price caps.

Oil- import waiver

Washington policy makers are uneasy with India, with a history of non-alignment. Around May 2019, Washington may withdraw waiver to India on oil imports from Iran, and press for increased oil, natural gas and coal imports from the US. India says it is prepared to meet scrapping of preferential US trade concessions. Oil crunch would pinch, but India does not like to be seen buckling to American pressure.

India’s anachronistic saffronomics detrimental to her economic future

China’s role under World Trade Organisation and in BRIC (Brazil, Russia, India and China) would force India to shun its spurious repugnance to BRI. In 1990, BRIC countries accounted for 11% of global gross domestic product (GDP), by 2014 nearly 30%. These countries are not a political alliance, like the European Union or a formal trading association. Yet they have power as an economic bloc.

By 2050 (with China as a sole hegemon), these economies, including India, would be wealthier than most of the current major economic powers. Columbia University established the BRICLab, where students examine foreign, domestic, and financial policies of BRIC members. China and India are destined to become the world’s dominant suppliers of manufactured goods and services by 2050.

Brazil and Russia will become dominant suppliers of raw materials. BRIC expanded to include South Africa as the fifth nation in 2010.

RCEP, being negotiated between India, China, the 10-member ASEAN, Japan, South Korea, Australia and New Zealand, may result in the largest free trade bloc in the world covering about 3.5 billion people and 30 per cent of the world’s Gross Domestic Product. Apart from producer goods, the areas being negotiated include services, investments, intellectual property and government procurement.

China wants India to give concessions it has given the ASEAN countries. India has refused to do so as it is eliminating duties on more than 80 per cent items with ASEAN under a free-trade agreement. India ostensibly wants to protect domestic industry against competition from cheap Chinese goods.

Suggestion

India should not let narrow political interests smother broader economic interests. It should welcome Chinese investment in energy security, and infrastructure, such as roads and railways, industrial parks and in the food processing sector. To attract Chinese tourists, India should expand its hospitality sector please Chinese palate. In 2018, the total number of travellers from China to India and vice versa added up to just one million. India could attract more Chinese visitors by alluring them with promise of an unparalleled mélange of heritage, adventure, wellness, medical and spiritual well-being.  

Mr. Amjed Jaaved has been contributing free-lance for over five decades. His contributions stand published in the leading dailies at home and abroad (Nepal. Bangladesh, et. al.). He is author of seven e-books including Terrorism, Jihad, Nukes and other Issues in Focus (ISBN: 9781301505944). He holds degrees in economics, business administration, and law.

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Can e-commerce help save the planet?

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If you have logged onto Google Flights recently, you might have noticed a small change in the page’s layout. Alongside the usual sortable categories, like price, duration, and departure time, there is a new field: CO2 emissions.

Launched in October 2021, the column gives would-be travellers an estimate of how much carbon dioxide they will be responsible for emitting.

“When you’re choosing among flights of similar cost or timing, you can also factor carbon emissions into your decision,” wrote Google’s Vice President of Travel Products, Richard Holden.

Google is part of a wave of digital companies, including Amazon, and Ant Financial, encouraging consumers to make more sustainable choices by offering eco-friendly filter options, outlining the environmental impact of products, and leveraging engagement strategies used in video games.

Experts say these digital nudges can help increase awareness about environmental threats and the uptake of solutions to reduce greenhouse gas emissions.   

“Our consumption practices are putting tremendous pressure on the planet, driving climate change, stoking pollution and pushing species towards extinction,” says David Jensen, Digital Transformation Coordinator with the United Nations Environment Programme (UNEP).

“We need to make better decisions about the things we buy and trips we take,” he added. “These green digital nudges help consumers make better decisions as well as collectively drive businesses to adopt sustainable practices through consumer pressure.”

Global reach

At least 1.5 billion people consume products and services through e-commerce platforms, and global e-commerce sales reached US$26.7 trillion in 2019, according to a recent UN Conference on Trade and Development (UNCTAD) report.

Meanwhile, 4.5 billion people are on social media and 2.5 billion play online games. These tallies mean digital platforms could influence green behaviors at a planetary scale, says Jensen.

One example is UNEP-led Playing for the Planet Alliance, which places green activations in games. UNEP’s Little Book of Green Nudges has also led to more than 130 universities piloting 40 different nudges to shift behaviour.

A 2020 study by Globescan involving many of the world’s largest retailers found that seven out of 10 consumers want to become more sustainable. However, only three out of 10 have been able to change their lifestyles.

E-commerce providers can help close this gap.

“The algorithms and filters that underpin e-commerce platforms must begin to nudge sustainable and net-zero products and services by default,” said Jensen. “Sustainable consumption should be a core part of the shopping experience empowering people to make choices that align with their values.”

Embedding sustainability in tech

Many groups are trying to leverage this opportunity to make the world a more sustainable place.

The Green Digital Finance Alliance (GDFA), launched by Ant Group and UNEP, aims to enhance financing for sustainable development through digital platforms and fintech applications. It launched the Every Action Counts Coalition, a global network of digital, financial, retail investment, e-commerce and consumer goods companies. The coalition aims to help 1 billion people make greener choices and take action for the planet by 2025 through online tools and platforms.

We will bring like-minded members together to experiment with new innovative business models that empower everyone to become a green digital champion,” says Marianne Haahr, GDFA Executive Director.

In one example, GDFA member Mastercard, in collaboration with the fintech company Doconomy, provides shoppers with a personalized carbon footprint tracker to inform their spending decisions.

In the UK, Mastercard is partnering with HELPFUL to offer incentives for purchasing products from a list of over 150 sustainable brands.

Mobile apps like Ant Forest, by Ant Group, are also using a combination of incentives and digital engagement models to urge 600 million people make sustainable choices. Users are rewarded for low-carbon decisions through green energy points they can use to plant real trees. So far, the Ant Forest app has resulted in 122 million trees being planted, reducing carbon emissions by over 6 million tons.

Three e-commerce titans are also aiming to support greener lifestyles. Amazon has adopted the Climate Pledge Friendly initiative to help at least 100 million people find climate-friendly products that carry at least one of 32 different environmental certifications.

SAP’s Ariba platform is the largest digital business-to-business network on the planet. It has also embraced the idea of “procuring with purpose,” offering a detailed look at corporate supply chains so potential partners can assess the social, economic and environmental impact of transactions.

“Digital transformation is an opportunity to rethink how our business models can contribute to sustainability and how we can achieve full environmental transparency and accountability across our entire value chain,” said SAP’s Chief Sustainability Officer Daniel Schmid.

UNEP’s Jensen says a crucial next step would be for mobile phone operating systems to adopt standards that would allow apps to share environment and carbon footprint information.

“This would enable people to seamlessly calculate their footprints across all applications to develop insights and change behaviours,” Jensen said. “Everyone needs access to an individual’ environmental dashboard’ to truly understand their impact and options for more sustainable living.”

Need for common standards

As platforms begin to encode sustainability into their algorithms and product recommendations, common standards are needed to ensure reliability and public trust, say experts. 

Indeed, many online retailers are claiming to do more for the environment than they actually are. A January analysis by the European Commission and European national consumer authorities found that in 42 per cent, sustainability claims were exaggerated or false.

To help change that, UNEP serves as the secretariat of the One Planet network, a global community of practitioners, policymakers and experts that encourages sustainable consumption and production.

In November, the One Planet network issued guidance material for e-commerce platforms that outlines how to better inform consumers and enable more sustainable consumption, based on 10 principles from UNEP and the International Trade Centre.

The European Union is also pioneering core standards for digital sustainability through digital product passports that contain relevant information on a product’s origin, composition, environmental and carbon performance.

“Digital product passports will be an essential tool to strengthen consumer protection and increase the level of trust and rigour to environmental performance claims,” says Jensen. “They are the next frontier on the pathway to planetary sustainability in the digital age.”

UNEP

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2022: Small Medium Business & Economic Development Errors

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Calling Michelangelo: would Michelangelo erect a skyscraper or can an architect liberate David from a rock of marble? When visibly damaged are the global economies, already drowning their citizenry, how can their economic development departments in hands of those who never ever created a single SME or ran a business, expect anything else from them other than lingering economic agonies?

The day pandemic ends; immediately, on the next day, the panic on the center stage would be the struggling economies across the world.  On the small medium business economic fronts, despite, already accepted globally, as the largest tax contributor to any nation. Visible worldwide, already abandoned and ignored without any specific solutions, there is something strategically wrong with upskilling exporters and reskilling manufacturers or the building growth of small medium business economies. The SME sectors in most nations are in serious trouble but are their economic development rightly balanced?   

Matching Mindsets: Across the world, hard working citizens across the world pursue their goals and some end up with a job seeker mindset and some job creator mindset; both are good. Here is a globally proven fact; job seekers help build enterprises but job creators are the ones who create that enterprise in the first place. Study in your neighborhoods anywhere across the world and discover the difference.

Visible on LinkedIn: Today, on the SME economic development fronts of the world, clearly visible on their LinkedIn profiles, the related Ministries, mandated government departments, trade-groups, chambers, trade associations and export promotion agencies are primarily led by job seeker mindsets and academic or bureaucratic mentality. Check all this on LinkedIn profiles of economic development teams anywhere across the world.

Will jumbo-pilots do heart transplant, after all, economic performance depends on matching right competency; Needed today, post pandemic economic recovery demands skilled warriors with mastery of national mobilization to decipher SME creation and scalability of diversified SME verticals on digital platforms of upskilling for global age exportability. This fact has hindered any serious progress on such fronts during the last decade. The absence of any significant progress on digitization, national mobilization of entrepreneurialism and upskilling of exportability are clear proofs of a tragically one-sided mindset.

Is it a cruise holiday, or what? Today, the estimated numbers of all frontline economic development team members across 200 nations are roughly enough to fill the world-largest-cruise-ship Symphony that holds 6200 guests. If 99.9% of them are job-seeker mindsets, how can the global economic development fraternity sleep tonight? As many billion people already rely on their performances, some two billion in a critical economic crisis, plus one billion starving and fighting deep poverty. If this is what is holding grassroots prosperity for the last decade, when will be the best time to push the red panic button? 

The Big Fallacy of “Access to Finance” Notion: The goals of banking and every major institution on over-fanaticized notions of intricate banking, taxation are of little or no value as SME of the world are not primarily looking for “Access to Capital” they are rather seeking answers and dialogue with entrepreneurial job creator mindsets. SME management and economic development is not about fancy PDF studies of recycled data and extra rubber stamps to convince that lip service is working. No, it is not working right across the world.

SME are also not looking for government loans. They do not require expensive programs offered on Tax relief, as they make no profit, they do not require free financial audits, as they already know what their financial problems are and they also do that require mechanical surveys created by bureaucracies asking the wrong questions. This is the state of SME recovery and economic development outputs and lingering of sufferings.

SME development teams across the world now require mandatory direct SME ownership experiences

The New Hypothesis 2022: The new hypothesis challenges any program on the small medium business development fronts unless in the right hands and right mindsets they are only damaging the national economy. Upon satisfactory research and study, create right equilibrium and bring job seeker and job creator mindsets to collaborate for desired results. As a start 50-50, balances are good targets, however, anything less than 10% active participation of the job creator mindset at any frontline mandated SME Ministry, department, agency or trade groups automatically raises red flags and is deemed ineffective and irrelevant. 

The accidental economists: The hypothesis, further challenges, around the world, economic institutes of sorts, already, focused on past, present and future of local and global economy. Although brilliant in their own rights and great job seekers, they too lack the entrepreneurial job creator mindsets and have no experience of creating enterprises at large. Brilliantly tabulating data creating colorful illustrative charts, but seriously void of specific solutions, justifiably as their profession rejects speculations, however, such bodies never ready to bring such disruptive issues in fear of creating conflicts amongst their own job seeker fraternities. The March of Displaced cometh, the cries of the replaced by automation get louder, the anger of talented misplaced by wrong mindsets becomes visible. Act accordingly

The trail of silence: Academia will neither, as they know well their own myopic job seeker mindset. In a world where facial recognition used to select desired groups, pronouns to right gatherings, social media to isolate voting, but on economic survival fronts where, either print currency or buy riot gears or both, a new norm; unforgiveable is the treatment of small medium business economies and mishmash support of growth. Last century, laborious and procedural skills were precious, this century surrounded by extreme automation; mindsets are now very precious.  

Global-age of national mobilization: Start with a constructive open-minded collaborative narrative, demonstrate open courage to allow entrepreneurial points of views heard and critically analyze ideas on mobilization of small mid size business economies. Applying the same new hypotheses across all high potential contributors to SME growth, like national trade groups, associations and chambers as their frontline economic developers must also balance with the job creator mindset otherwise they too become irrelevant. Such ideas are not just criticism rather survival strategies. Across the world, this is a new revolution to arm SME with the right skills to become masters of trade and exports, something abandoned by their economic policies. To further discuss or debate at Cabinet Level explore how Expothon is making footprints on new SME thinking and tabling new deployment strategies. Expothon is also planning a global series of virtual events to uplift SME economies in dozens of selected nations.

Two wheels of the same cart: Silence on such matters is not a good sign. Address candidly; allow both mindsets to debate on how and why as the future becomes workless and how and why small medium business sectors can become the driving engine of new economic progress. Job seekers and job creators are two wheels of the same cart; right assembly will take us far on this economic growth passage. Face the new global age with new confidence. Let the nation witness leadership on mobilization of entrepreneurialism and see a tide of SME growth rise. The rest is easy.

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Rebalancing Act: China’s 2022 Outlook

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Authors: Ibrahim Chowdhury, Ekaterine T. Vashakmadze and Li Yusha

After a strong rebound last year, the world economy is entering a challenging 2022. The advanced economies have recovered rapidly thanks to big stimulus packages and rapid progress with vaccination, but many developing countries continue to struggle.

The spread of new variants amid large inequalities in vaccination rates, elevated food and commodity prices, volatile asset markets, the prospect of policy tightening in the United States and other advanced economies, and continued geopolitical tensions provide a challenging backdrop for developing countries, as the World Bank’s Global Economic Prospects report published today highlights.

The global context will also weigh on China’s outlook in 2022, by dampening export performance, a key growth driver last year. Following a strong 8 percent cyclical rebound in 2021, the World Bank expects growth in China to slow to 5.1 percent in 2022, closer to its potential — the sustainable growth rate of output at full capacity.

Indeed, growth in the second half of 2021 was below this level, and so our forecast assumes a modest amount of policy loosening. Although we expect momentum to pick up, our outlook is subject to domestic in addition to global downside risks. Renewed domestic COVID-19 outbreaks, including the new Omicron variant and other highly transmittable variants, could require more broad-based and longer-lasting restrictions, leading to larger disruptions in economic activity. A severe and prolonged downturn in the real estate sector could have significant economy-wide reverberations.

In the face of these headwinds, China’s policymakers should nonetheless keep a steady hand. Our latest China Economic Update argues that the old playbook of boosting domestic demand through investment-led stimulus will merely exacerbate risks in the real estate sector and reap increasingly lower returns as China’s stock of public infrastructure approaches its saturation point.

Instead, to achieve sustained growth, China needs to stick to the challenging path of rebalancing its economy along three dimensions: first, the shift from external demand to domestic demand and from investment and industry-led growth to greater reliance on consumption and services; second, a greater role for markets and the private sector in driving innovation and the allocation of capital and talent; and third, the transition from a high to a low-carbon economy.

None of these rebalancing acts are easy. However, as the China Economic Update points out, structural reforms could help reduce the trade-offs involved in transitioning to a new path of high-quality growth.

First, fiscal reforms could aim to create a more progressive tax system while boosting social safety nets and spending on health and education. This would help lower precautionary household savings and thereby support the rebalancing toward domestic consumption, while also reducing income inequality among households.

Second, following tightening anti-monopoly provisions aimed at digital platforms, and a range of restrictions imposed on online consumer services, the authorities could consider shifting their attention to remaining barriers to market competition more broadly to spur innovation and productivity growth.

A further opening-up of the protected services sector, for example, could improve access to high-quality services and support the rebalancing toward high-value service jobs (a special focus of the World Bank report). Eliminating remaining restrictions on labor mobility by abolishing the hukou, China’s system of household registration, for all urban areas would equally support the growth of vibrant service economies in China’s largest cities.

Third, the wider use of carbon pricing, for example, through an expansion of the scope and tightening of the emissions trading system rules, as well power sector reforms to encourage the penetration and nationwide trade and dispatch of renewables, would not only generate environmental benefits but also contribute to China’s economic transformation to a more sustainable and innovation-based growth model.

In addition, a more robust corporate and bank resolution framework would contribute to mitigating moral hazards, thereby reducing the trade-offs between monetary policy easing and financial risk management. Addressing distortions in the access to credit — reflected in persistent spreads between private and State borrowers — could support the shift to more innovation-driven, private sector-led growth.

Productivity growth in China during the past four decades of reform and opening-up has been private-sector led. The scope for future productivity gains through the diffusion of modern technologies and practices among smaller private companies remains large. Realizing these gains will require a level playing field with State-owned enterprises.

While the latter have played an instrumental role during the pandemic to stabilize employment, deliver key services and, in some cases, close local government budget gaps, their ability to drive the next phase of growth is questionable given lower profits and productivity growth rates in the past.

In 2022, the authorities will face a significantly more challenging policy environment. They will need to remain vigilant and ready to recalibrate financial and monetary policies to ensure the difficulties in the real estate sector don’t spill over into broader economic distress. Recent policy loosening suggests the policymakers are well aware of these risks.

However, in aiming to keep growth on a steady path close to potential, they will need to be similarly alert to the risk of accumulating ever greater levels of corporate and local government debt. The transition to high-quality growth will require economic rebalancing toward consumption, services, and green investments. If the past is any guide to the future, the reliance on markets and private sector initiative is China’s best bet to achieve the required structural change swiftly and at minimum cost.

First published on China Daily, via World Bank

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