To Each Their Own
Bloomberg Businessweek US|November 07, 2022
China and America are focusing more on guarding what they have instead of expanding the global economic pie
Tom Orlik
To Each Their Own

Imagine there are two types of policymakers in the world: those who are looking to increase the size of the global economic pie and those who are focused on fighting for their own share of it.

For most of the past few decades, pie-expanding economists were the major force pushing reforms in China and shaping US-China relations. That's no longer the case. China's recent Communist Party Congress saw a generation of pro-market officials pushed out-and a former president who gave them room to operate literally ushered offstage. In the US, meanwhile, it's now pie-protecting national security hawks calling the shots.

For China's development, and for relations between the world's two largest economies, these shifts have profound consequences.

The leadership group unveiled by President Xi Jinping last month looks vastly different from those who helped helm the economy in decades past. Premier Li Keqiang, who has both economics training and long experience steering macro policy, has been replaced as Xi's No. 2 by Shanghai party boss Li Qiang, who has mostly provincial experience and a thin résumé on national economic matters. Other economic reformers are also headed for retirement, and there's no next generation to replace them among the allies Xi has promoted.

That's a long way from the situation more than a decade ago under then-President Hu Jintao-whose abrupt and seemingly involuntary exit at last month's meeting has become the defining image of the transition. Back when he was in charge, Hu allowed his second-in-command, Premier Wen Jiabao, to manage day-to-day affairs. And smart technocrats were empowered to experiment with reforms to the economy and financial system.

この記事は Bloomberg Businessweek US の November 07, 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は Bloomberg Businessweek US の November 07, 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

BLOOMBERG BUSINESSWEEK USのその他の記事すべて表示
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 分  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 分  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 分  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 分  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ 分  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ 分  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 分  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 分  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 分  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 分  |
March 20 - 27, 2023