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May 8, 2018

China
Disaggregating the Fall in China's Current Account Surplus Since 2007

China's current account surplus is almost certainly about $100 billion larger than officially reported, and the falling current account surplus masks a persistent manufacturing surplus.

Disaggregating the Fall in China's Current Account Surplus Since 2007

April 24, 2018

International Economic Policy
Asia's Central Banks and Sovereign Funds Are Back

East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign excha…

Asia's Central Banks and Sovereign Funds Are Back

November 22, 2016

China
Podcast: Fifteen Minutes With Joshua Wong

When Hong Kong police cleared the streets of Umbrella Movement protestors in December 2014, many feared for the fate of the city’s democracy movement. But two years later, in September’s elections, a…

Podcast Fifteen Minutes with Joshua Wong

March 9, 2018

China
China’s Own Goal: An Unnecessary and Counterproductive (on-budget) Fiscal Consolidation

China seems to be aiming to cut its (central government) fiscal deficit to around 2.6 percent of GDP. That’s the new target—down from a three percent target last year (UBS think the actual deficit in…

China’s Own Goal: An Unnecessary and Counterproductive (on-budget) Fiscal Consolidation

June 3, 2016

China
Forty-Five Minutes With Joshua Wong

Four years ago, when he was just fifteen years old, Joshua Wong launched a campaign to prevent Beijing from enforcing its own version of history in Hong Kong schools. Along with other student activis…

Joshua Wong Umbrella Revolution Protests

October 20, 2017

China
China Bought Foreign Exchange in September (Just Not Very Much)

Analysis of the September intervention proxies for China and q2 Chinese balance of payments data.

China Bought Foreign Exchange in September (Just Not Very Much)

September 28, 2017

China
The IMF’s China Problem

Giving macroeconomic policy advice to a country that saves 46 percent of its GDP is hard. Imprudent domestic policies help limit large external (trade) imbalances, and more prudent domestic policies …

The IMF’s China Problem

August 29, 2017

China
The Global Economy’s New Rule-Maker

MILAN – In a recent commentary for the South China Morning Post, Helen Wong, HSBC’s chief executive for Greater China, shows that China’s rising generation of 400 million young consumers will soon ac…

A woman walks past the poster of a bank branch in Beijing, China.

August 30, 2017

Eurozone
Germany Cannot Quit Fiscal Consolidation

Fiscally Driven Rebalancing Turns Out to Be Hard

Germany Cannot Quit Fiscal Consolidation

July 3, 2017

China
Strong Evidence That China's Tourism Deficit Is Overstated

Comments on an important new Federal Reserve Working Paper by Anna Wong

Strong Evidence That China's Tourism Deficit Is Overstated