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Since Li Keqiang was tipped to succeed Wen Jiabao as China’s premier, analysts have been trying to come to a better understanding of Li’s thoughts on urbanization. This is because Li has prominently identified urbanization as the growth engine of the Chinese economy and one of the main focuses on the new administration. Li’s first [...]
Hearing on China’s New Leadership and Implications for the United States - February 7, 2013 Economic Rebalancing in China: For the past several years China’s top leadership has repeatedly described the country’s current economic model as “uncoordinated, unsteady, imbalanced, and unsustainable.” This language is in sharp contrast to what has been a decade of apparent success: [...]
Land reform is one of the most politically sensitive topics in China and it has direct implications for both the real estate market and local government finances. In late November the Chinese State Council passed a draft amendment to the Land Administration Law (CN). The changes are aimed at boosting compensation for farmers whose land [...]
The 18th PSC Brings Their Regional Experiences to the National Stage Last Thursday, China officially welcomed a new line up of leaders to form the 18th Politburo Standing Committee (PSC) of the Chinese Communist Party. The new recruits come from a variety of different backgrounds (economic policy, finance, state-asset management, propaganda, industrial planning, the oil industry) [...]
China’s once-in-a-decade leadership transition has now occurred with the conclusion of the 18th Party Congress and speculation is running high as to what the future direction of economic reform will be. The new lineup of the Politburo Standing Committee is a mixed bag in terms of reform. Key reformers like Li Yuanchao and Wang Yang were left off, but protégés of [...]
An unexpectedly sharp slowdown and political drama at the highest levels has put a huge amount of pressure on the Chinese system. These things are occurring at a time when China faces a long list of needed reforms, all of which become more difficult to address the longer they are postponed. The problem is that [...]
Criticism of bank profits has now reached the highest levels of the Chinese political system. In a national radio address this week, Premier Wen Jiabao stated that China’s large banks were excessively profitable. Wen’s solution was to open the system up to private capital and smash the monopoly of the large banks. He even referred [...]
Falling home prices and fewer land purchases are leading to increased tensions between the central and local governments in China. Land sales (aka long-term land lease fees) are a critical source of funds for local governments. Efforts by the central government to burst the property bubble have been viewed warily by local governments, which are [...]
Nicholas Consonery is an Asia analyst at Eurasia Group. China will not be saving Europe. That scenario was floated as a possible, if not likely, outcome for the G-20 talks last week. But instead Beijing showed that it is, for now, still largely unwilling to shoulder responsibility for fixing the continent’s financial woes. What happened? [...]
Nicholas Consonery is a China analyst at Eurasia Group. Last week Chinese regulators asked the Big Four audit firms (PWC, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG) to recheck their work from 2010 and to report any information on Chinese firms that was shared with international regulators. The move comes on the heels of [...]