Shang-Jin Wei

It seems that the internationalisation of the renminbi is well underway.

To improve medium-term growth, China must heed the lessons of its own history and focus on removing barriers to market entry and entrepreneurship. An economy’s growth rate comes from a combination of an increase in the average size of existing firms (intensive-margin growth) and an increase in the number of firms (extensive-margin growth). A study of the Chinese manufacturing sector that I co-authored with Xiaobo Zhang suggests that during the last few decades, extensive-margin growth accounted for about 70 percent of overall GDP expansion.

Unless Truss reverses more of the tax cuts or introduces policies to protect pensioners and mortgage borrowers, turmoil in the UK market will not end soon.

In early 2021, the consensus forecast for Chinese GDP growth this year among 25 major global banks and other professional forecasters was 8.3 percent.

China’s pledge in September to pursue carbon neutrality by 2060 was followed by a similar pledge from Japan a month later.

The panic generated by the new coronavirus, 2019-nCov, which originated in Wuhan, one of China’s largest cities and a major domestic transport hub, reminds many of the fear and uncertainty at the peak of the 2003 SARS crisis.

December 11, 2019, was the 18th anniversary of China’s accession to the World Trade Organisation. It also marks the start of an era in which the WTO no longer has a functioning appellate body to adjudicate trade disputes among member countries. Why is the WTO imploding, and can it be resuscitated before it’s too late?

Oppone-nts of globa-lisation constantly point to the uneven impact of open trade. Although trade liberalisation can make the overall economic pie bigger, not everyone gets a larger slice