Page 3 - Andrew Sheng

China grows down

The country needs to stop targeting high GDP growth and start working towards productivity increases

When risk is mispriced

Don't assume governments will set accurate benchmark interest rates for risk-free assets

Investing in property rights

States must invest in both physical infrastructure and the institutional infrastructure that supports markets

China lends in the dark

Financial repression in China means savers are increasingly turning to the risky shadow banking sector

China's second liberalisation

Until China frees its financial markets, it will continue to suffer from corruption and rent-seeking

Andrew Sheng & Xiao Geng: Rule without law

China struggles to change a system in which legal problems are 'solved' administratively

Andrew Sheng & Xiao Geng: China - stable, but fragile

China has been struggling to balance centralisation and fragmentation - that is, control and uncertainty - throughout its long history of rising and falling dynasties, domestic decay and foreign invasion

Andrew Sheng & Xiao Geng: Chimerican challenges

The two countries' systems will have to face problems that are mirror images of each other

Andrew Sheng & Xiao Geng: Creating a governance supply chain

China's economic success came from empowering local govts and then promoting competition between them

Andrew Sheng & Xiao Geng: Micro, macro, meso and meta economics

The traditional boundaries of economic theory need to expand

Andrew Sheng: China's evolving web of contracts

Unlike in regular market economies, China's world of formal and informal agreements requires critical state inputs

Andrew Sheng & Geng Xiao: The weakening of China's four pillars

Its economy needs radical re-engineering on a par with its original transformation three decades ago