{"id":12947,"date":"2016-03-09T20:13:30","date_gmt":"2016-03-10T01:13:30","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=12947"},"modified":"2016-03-09T20:13:30","modified_gmt":"2016-03-10T01:13:30","slug":"can-new-keynesianism-save-the-chinese-economy-the-diplomat-2","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/","title":{"rendered":"Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat"},"content":{"rendered":"<p><a href=\"http:\/\/thediplomat.com\/2016\/03\/can-new-keynesianism-save-the-chinese-economy\/?utm_content=buffer94257&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer\"><img data-recalc-dims=\"1\" height=\"2571\" width=\"386\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/03\/thediplomat_2016-03-06_13-17-32-386x2571.jpg?resize=386%2C2571&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>Excellent summary of China&#8217;s growth dilemna by Dr Yanfei Li, Energy Economist at the Economic Research Institute for ASEAN and East Asia (ERIA) [emphasis added]:<\/p>\n<blockquote><p>To conclude, national capitalism, which aims to help the Chinese economy move up the global value chain through technological catching up, can be considered part of the essence of the \u201cnew\u201d Keynesianism \u2013 in other words, the Chinese approach to intervention in the current economic downturn. It will certainly continue to make significant progress in certain well-targeted areas, given enough time. However, there are two key dimensions to measuring how successful the strategy will be. One is the timeline: how long it takes for such efforts to be translated into significant productivity gains for the whole economy. Second, whether or not these selected areas, especially AI and robotics, can bring about a major productivity boost as seen with the IT boom in the 1990s and early 2000s.<\/p>\n<p>In addition, national capitalism, a centralized strategy, is an intrinsically high-risk approach to technological development. Even with well-informed decisions, such as the case of Japan in developing HDTV, there are always surprises. The Chinese government can only hope that it has chosen the right technologies to pursue.<\/p>\n<p>Finally, it is worth mentioning that the other part of China\u2019s \u201cNew\u201d Keynsianism, namely the One Belt One Road initiative, which is about exporting the products and services of over-capacity, infrastructure-related industries overseas, also seems riskier than usual. Put another way, if these proposed infrastructure projects in targeted developing countries were attractive and low risk, they would have been financed and done. The fact that they are not itself implies higher risks are involved.<\/p>\n<p><strong>At this point, policymakers must look inward: They must identify and implement all necessary reforms to improve the micro-level efficiency of the Chinese economy. And this always implies the importance of truly open, competitive, transparent and fair markets for all industries. That is a vastly superior approach to the Ponzi game of emphasizing ways to manipulate the property market to keep prices climbing ever higher.<\/strong><\/p><\/blockquote>\n<p>Source: <a href=\"http:\/\/thediplomat.com\/2016\/03\/can-new-keynesianism-save-the-chinese-economy\/\">Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excellent summary of China&#8217;s growth dilemna by Dr Yanfei Li, Energy Economist at the Economic Research Institute for ASEAN and East Asia (ERIA) [emphasis added]: To conclude, national capitalism, which aims to help the Chinese economy move up the global value chain through technological catching up, can be considered part of the essence of the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,5,10,15],"tags":[],"class_list":["post-12947","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-economy","category-housing-economy","category-investment-infrastructure"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Excellent summary of China&#8217;s growth dilemna by Dr Yanfei Li, Energy Economist at the Economic Research Institute for ASEAN and East Asia (ERIA) [emphasis added]: To conclude, national capitalism, which aims to help the Chinese economy move up the global value chain through technological catching up, can be considered part of the essence of the &hellip; Continue reading &quot;Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-10T01:13:30+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/03\/thediplomat_2016-03-06_13-17-32-386x2571.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Can \u2018New\u2019 Keynesianism Save the Chinese Economy? 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Australia has finally exported its economic \"growth\" model ;-) Source: Can \u2018New\u2019 Keynesianism Save the Chinese\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/03\/thediplomat_2016-03-06_13-17-32-386x257.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":5932,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/30\/chinese-tv-host-says-regime-nearly-bankrupt-epoch-times-2\/","url_meta":{"origin":12947,"position":1},"title":"Chinese TV Host Says Regime Nearly Bankrupt &#124; Epoch Times","author":"Colin Twiggs","date":"October 30, 2012","format":false,"excerpt":"A sobering assessment of China's economy reported by Matthew Robertson: Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn\u2019t think was being recorded that the Chinese regime is in a serious economic crisis -- on the brink of bankruptcy.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/comHcv7qSBg\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4853,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/14\/australia-and-the-endgame\/","url_meta":{"origin":12947,"position":2},"title":"Australia and the Endgame","author":"Colin Twiggs","date":"July 14, 2012","format":false,"excerpt":"John Mauldin: We wrote about Australia in a full chapter of Endgame. Their economy never really suffered in the recent debt crisis, in large part due to their growing housing market and their trade with China. If you talk to the average Aussie, they think that all is right with\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26737,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/07\/10\/china-contraction-threatens-commodities\/","url_meta":{"origin":12947,"position":3},"title":"China contraction threatens commodities","author":"Colin Twiggs","date":"July 10, 2021","format":false,"excerpt":"The Chinese government reversed course on monetary policy after tightening credit for the past 6 months, announcing a cut to the reserve requirement ratio (RRR) for small and medium enterprises (SMEs). David Lewellyn-Smith at Macrobusiness: RRR cuts won\u2019t do anything to turn around growth. They are always the first cab\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12999,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/14\/the-real-reason-to-worry-about-china-bloomberg-view\/","url_meta":{"origin":12947,"position":4},"title":"The Real Reason to Worry About China | Bloomberg View","author":"ColinTwiggs","date":"March 14, 2016","format":false,"excerpt":"An important reminder from Narayana Kocherlakota: For more than 20 years, China has kept the yuan's value against the dollar in a very tight range. Although the exchange rate isn\u2019t actually pegged (the Chinese currency has appreciated at a rate of about 2 percent per year against the dollar over\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23238,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/15\/chinese-demand-lifts-iron-ore\/","url_meta":{"origin":12947,"position":5},"title":"Chinese demand lifts iron ore","author":"Colin Twiggs","date":"December 15, 2020","format":false,"excerpt":"China\u2019s top steel mills, including China Baowu Steel Group, and the China Iron & Steel Association (CISA) met on Thursday to investigate soaring iron ore prices. They held a video discussion with BHP who confirmed their production remained strong, with no major weather interruptions to operations. Atilla Widnell, managing director\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=12947"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/12947\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=12947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=12947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=12947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}