The World Bank and China’s Development Research Center released a report calling for China to make a number of economic reforms in order to develop a more sustainable economy. This was widely reported in the New York Times, Washington Post, and Seattle Times. It claims that China cannot sustain growth unless it does a long laundry list of things. Why the Chinese would listen to outgoing World Bank President Robert Zoellick is a bit puzzling since he was part of senior management at Goldman Sachs just prior to joining the World Bank and thus likely has Goldman’s interests, not China’s interests, at heart.
Recommendations they made that I agree with include the following: Continue reading