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A Reckoning for the China Dream

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Add to Bookmarks Sep 30, 2021 Chinese policymakers may well have the wherewithal to prevent the crisis at Evergrande, the country’s second-largest property developer, from triggering a broader financial and economic meltdown. But whether they can successfully reorient China’s growth model is far less certain. In this Big Picture, Columbia University’s Shang-Jin Wei urges the Chinese authorities to make it clear that they will do what is necessary to contain potential spillovers from an Evergrande default. But even if this reassures nervous financial markets,

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Chinese policymakers may well have the wherewithal to prevent the crisis at Evergrande, the country’s second-largest property developer, from triggering a broader financial and economic meltdown. But whether they can successfully reorient China’s growth model is far less certain.

In this Big Picture, Columbia University’s Shang-Jin Wei urges the Chinese authorities to make it clear that they will do what is necessary to contain potential spillovers from an Evergrande default. But even if this reassures nervous financial markets, says Kenneth Rogoff of Harvard University, the larger challenge facing policymakers is to rebalance an economy that has depended for too long on a bloated real estate...

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