mead cohen berger shevtsova garfinkle michta grygiel blankenhorn
Chinese Juggling Act Getting Harder

In my post on global weirding I wrote that as China’s economy and society become more complex, it gets steadily harder for policy makers to balance competing interests and manage the tradeoffs.  This is what I mean: as the WSJ tells us this morning, turning the renminbi into an international reserve currency is much harder and has many more side effects that originally thought.  There will only be more of this as China grows; ultimately, the unexpected side effects and hidden costs of government policy will push China towards social, economic and political crisis.  Scary, but real.

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