The rapid pace of economic development in China over the last 30 years has begun to expose a new set of economic and social challenges. To deal with these challenges, China’s leaders will need to employ a new set of policy tools that may be very different from what has been successful in the past. In addition, China’s leaders must adapt to the growing influence of a broad array of non-state actors. Making these adjustments in the midst of a major transition of China’s political leadership will be no small task.
On May 1, the John L. Thornton China Center at Brookings and Caixin Media hosted a conference examining China’s major economic policy challenges, the substance of economic reform measures and the issues concerning their implementation. The first panel examined the reforms China should adopt to avoid the middle-income trap and the growing role of civil society in encouraging economic reforms. The second panel focused on the priorities for significant structural adjustments to address key issues such rising labor costs, low household consumption, rapid urbanization, inefficient domestic investment, and international competition.
Professor of Finance
Senior Associate, Asia Program & Bakrie Chair in Southeast Asian Studies - Carnegie Endowment for International Peace
Ambassador of the People’s Republic of China to the United States
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While there’s some debate about the precise state of North Korea’s missile capabilities, including the new hypersonic missile it claims to have tested, what is clear is that North Korea’s continued advancement of its nuclear and missile programs are exacerbating the security dilemma in the region. Because diplomacy has failed thus far to restrain Pyongyang, Northeast Asian states, especially South Korea and Japan, feel as if they have no other choice but to increase their own military capabilities and joint capabilities with the United States to deter, or in the worst case, preempt, a North Korean attack. Beijing, however, claims these moves shift the military balance in the region in a way that threatens its own security, and that it must continue to advance its own strategic capabilities in response. In sum, North Korea’s ever-advancing missile and nuclear programs are creating major ripple effects on the region.