Yi Fuxian for PS On Point: A Chinese Bubble Long in the Making

Yi Fuxian traces the roots of the country's mounting economic and financial problems. [View this message in a web browser]( [PS On Point]( SEPTEMBER 29, 2023 The Chinese government is very good at covering up small problems, but these often pile up into much bigger ones that can no longer be ignored. The current real-estate bubble is a case in point, writes the University of Wisconsin-Madison's Yi Fuxian, and it casts serious doubts not just on the wisdom of past policies but also on China's long-term economic future. [Read more]( [PS Longer Reads: A Chinese Bubble Long in the Making]( [A Chinese Bubble Long in the Making]( By Yi Fuxian Owing to the one-child policy and the legacies of other less-appreciated Chinese development measures over the years, the stage has long been set for today's property bubble. But even more tragically, much of China’s economic growth over the past decade has been an overdraft on future growth that now may never materialize. [Read more]( [PS. Watch our Climate Week NYC event now.]( [PS Big Picture: Industrial Policy Is Back]( [Industrial Policy Is Back]( with Joseph E. Stiglitz, Dani Rodrik, Mariana Mazzucato, and more From semiconductors to electric vehicles, governments are identifying the strategic industries of the future and intervening to support them – abandoning decades of neoliberal orthodoxy in the process. Are industrial policies the key to tackling twenty-first-century economic challenges or a recipe for market distortions and lower efficiency? [Read more]( [PS Say More: Ashoka Mody on Indian corruption, growth, jobs, and more]( [Ashoka Mody on Indian corruption, growth, jobs, and more]( Ashoka Mody explains the roots of the lack of accountability in India, highlights shortcomings in human capital and gender equality, casts doubt on the country’s ability to assume a Chinese-style role in manufacturing, and more. Mody is Visiting Professor of International Economic Policy at Princeton University and the author of [India Is Broken: A People Betrayed, Independence to Today](. [Read more]( [PS Longer Reads: Financing Our Survival]( [Financing Our Survival]( By Vera Songwe The world now faces the triple challenge of stabilizing developed economies, accelerating progress toward net-zero emissions, and ensuring that emerging-market and frontier economies can access the capital they need to grow and protect their citizens. That calls for additional financial resources on a massive scale. [Read more]( [PS. Subscribe to PS Premium to secure your copy of PS Quarterly: Stayin’ Alive.]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.