Yao Yang on China's Era of "Correction" (Part 1)

"So, my prediction: when will this period of correction end? In 2037." - Yao Yang

Today’s edition opens with an introduction by Gerard DiPippo, Senior Researcher at RAND and Associate Director of the RAND China Research Center. He was previously a Senior Geo-Economics Analyst at Bloomberg Economics, a Senior Fellow at CSIS, and served for 11 years in the U.S. Intelligence Community. His research focuses on China’s economy, industrial policy, financial system, and its ties with the United States. Gerard’s latest article on China’s economy amid the ongoing Sino–U.S. trade war is a must-read. I am delighted to have him share a few thoughts on this excellent and wonderfully unvarnished lecture by the one and only Yao Yang. — Thomas

Few Chinese economists speak as bluntly as Yao Yang. Long a fixture at Peking University and now in Shanghai, Yao mixes establishment credibility with a rare willingness to criticise policy and conventional wisdom. (He’s also a fun debater). Yao doesn’t deny China’s strengths—in manufacturing, technology and its resilience in trade talks—but …