News Snapshot:
The writer is a professor of finance at Peking University and a senior fellow at the Carnegie Chinfa Center. Xi Jinping, as the President has proposed in the Communist Party conference three weeks ago, China wonder to double the economic scale in 2035. To do so, the Chinese economy needs to grow by an average of just over 4.7% over the next 15 years. It increased by 6.1% last year and increased by 6.7% every year in the last five years. In that context, 4.7 percent per year seems pretty manageable. The calculation may seem easy, but there are economic...
