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A Chinese Bubble Long in the Making

Yi Fuxian

The Chinese government is very good at covering up small problems, but these often pile up into much bigger ones that can no longer be ignored. The current real-estate bubble is a case in point, casting serious doubts not just on the wisdom of past policies but also on China's long-term economic future.

 traces the long roots of the country's mounting economic and financial problems.
  1. bp industrial policy Photo by Scott Olson/Getty Images
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    Industrial Policy Is Back

    Featured in this Big Picture

    Michael R. Strain, Dani Rodrik, Réka Juhász, Nathan Lane, Joseph E. Stiglitz, Michael Spence, Mariana Mazzucato

    From semiconductors to electric vehicles, governments are identifying the strategic industries of the future and intervening to support them – abandoning decades of neoliberal orthodoxy in the process. Are industrial policies the key to tackling twenty-first-century economic challenges or a recipe for market distortions and lower efficiency?

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    Ashoka Mody on Indian corruption, growth, jobs, and more

    Ashoka Mody explains the roots of the lack of accountability in India, highlights shortcomings in human capital and gender equality, casts doubt on the country’s ability to assume a Chinese-style role in manufacturing, and more.
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    Financing Our Survival

    Vera Songwe explains what it will take to mobilize capital for the net-zero transition worldwide.
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    The Roots of Polish Populism

    Sławomir Sierakowski interviewed by Irena Grudzińska Gross about Law and Justice's electoral successes and hold on power on the eve of Poland's general election.
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    Mónica Araya on electric vehicles, US climate policy, the EU-Mercosur trade deal, and more

    Mónica Araya welcomes progress toward zero-emission transport, laments the fossil-fuel industry’s outsize influence over governments everywhere, argues that European climate action should be based on a people-centered political narrative, and more.
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    India at Last?

    Featured in this Big Picture

    Shashi Tharoor, Milan Vaishnav, Ashoka Mody, Brahma Chellaney, Arvind Subramanian, Josh Felman

    Throughout India’s G20 presidency, which culminates in this week’s summit in New Delhi, Prime Minister Narendra Modi’s government has orchestrated an unprecedented marketing campaign portraying the country as a global economic and diplomatic powerhouse. But, despite some favorable trends and impressive recent achievements, some believe that hype springs eternal.

  8. op_edwards1_Serge PlantureuxCorbis via Getty Images_allende Serge Plantureux/Corbis via Getty Images
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    Chile’s 9/11, Fifty Years Later

    Sebastián Edwards offers a chronicle of the military coup and its morally complicated economic legacy.
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    Whose AI Revolution?

    Anu Bradford refutes the argument that democratic governments cannot regulate artificial intelligence effectively.
  10. breiding1_ Fatih AktasAnadolu Agency via Getty Images_national debt clock Fatih Aktas/Anadolu Agency via Getty Images
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    Teresa Ghilarducci on US debt, the retirement age, Social Security, and more

    Teresa Ghilarducci considers what we should learn from the recent downgrade of America’s long-term credit rating, praises the Biden administration’s contributions to worker power, suggests how to tackle rising poverty among the elderly, and more.
  11. op_janeway14_DrAfter123Getty Images_AIsociety DrAfter123/Getty Images
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    The Political Economy of Technology

    William H. Janeway considers the impact of technical advances and political power on socioeconomic outcomes over two centuries.
  12. bp - china economy Photo by PEDRO PARDO/AFP via Getty Images
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    Why Is China’s Economy Faltering?

    Featured in this Big Picture

    Takatoshi Ito, Nancy Qian, Yi Fuxian, Kenneth Rogoff, Stephen S. Roach, Richard Haass, James K. Galbraith

    Even as China’s growth miracle unfolded, many warned of a slowdown and cautioned that the country, like so many before it, could become ensnared in the middle-income trap, unable to claw its way to high-income status. With the real-estate sector in turmoil, youth unemployment skyrocketing, and growth slowing sharply, have the China pessimists been proved right?

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    Will Donald Trump’s Indictments Have Economic Consequences?

    Featured in this Big Question

    George Soros, Jeffrey Frankel, James K. Galbraith, Joseph E. Stiglitz, Lawrence H. Summers, Laura Tyson

    Reactions to Donald Trump’s criminal indictments have tended to focus on the implications for US democracy, and for good reason. But with George Soros warning that the cases against Trump could trigger a constitutional crisis, we asked PS commentators to assess the possible economic repercussions.

  14. op_yhuang1_DALE DE LA REYAFP via Getty Images_hongkongstockexchange Dale de la Rey/AFP via Getty Images
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    How to Kill Chinese Dynamism

    Yasheng Huang thinks many have underestimated the key role that Hong Kong previously played in the country's growth story.

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PS OnPoint

Despite global emissions continuing to rise, scientists and some climate leaders insist that we can still keep the Paris climate agreement alive and limit global warming to 1.5°C. Doing so, however, will require an unprecedented deployment of new technologies, infrastructure, and financing on a global scale – starting immediately.

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