Joshua Kurlantzick: China goes into reverse, 26 March 2009
Show More Factory Girls: Voices from the Heart of Modern China by Leslie Chang.
Picador, 432 pp., £12.99, February 2009, 978 0 330 50670 0Show More
Capitalism with Chinese Characteristics: Entrepreneurship and the State by Yasheng Huang.
Cambridge, 366 pp., £15.99, November 2008, 978 0 521 89810 2Show More
“... bargain with the US, in which China would essentially subsidise American consumption. According to Michael Pettis, an economist at Peking University, Until recently, excess US demand and excess Chinese supply were in a temporarily stable balance. As part of running a trade surplus, China necessarily accumulated dollars, which had to be exported to ...”