Why Lin Yifu is Wrong about the Economy
Lin Yifu has emerged at the center of the latest wave of controversy over Keynesianism. He is probably the most debated contemporary Chinese economist. His reputation comes not only because of his opinions, but also because he was the first Chinese senior vice president of the World Bank.
His first public appearance since retiring from the World Bank in June has caused hot debate in academia because he says the Chinese economy still has the potential to grow by 8 percent annually over the next 20 years.
The reason this opinion is controversial is two-fold. On one hand, most economists think China has crossed a threshold, or in the words of economist Wu Jinglian, a tipping point, after maintaining an average annual growth rate of more than 9 percent for three decades. There is a growing consensus that the previous development model can no longer be sustained.
- Lianghui Roundup: March 6
- Gov't Plans Budget Deficit of 1.62 Tln Yuan, Finance Ministry Says
- Why Gov't May Be Shifting Stance on Family Planning
- Taking Aim
- That's a Wrap
- NPC to Get Proposals for Clearing up Way Laws Are Enacted
- Speculation on CDIC Article about Corrupt Prince 'Ridiculous'
- Liem Sioe Liong's Salim Group: The Business Pillar of Suharto's Indonesia
- Paint by Numbers: China's Art Factory from Mao to Now
- Gov't Making Little Progress Cutting Links with 'Social Groups,' Report Says
- Sign up to receive our free daily newsletter
- China's Factories Are Building a Robot Nation
- Can Market Mechanisms Clear China's Bad Air?
- HR Head of Alcatel-Shanghai Bell 'Found Dead in Shanghai River'
- Minsheng Tries Weathering a Maelstrom
- Three Private Shipping Companies Run into Financial Troubles
- Closer Look: Local Officials Have Little Love for National Hukou Reform
- Media Watch: Former Star Reporter Causes Stir with Smog Documentary
- State Patronage Divides Confucian Intellectuals
- Tourism Tensions Have HK Mulling Limits on Visitor Numbers
- Taiwan Gov't Tells Alibaba to Withdraw an Investment from Island