Anthony M. Solomon Senior Fellow
Peterson Institute for International Economics
"The Resurgence of the State and Financial Risk in China"
Dr. Nicholas Lardy will address is the resurgence of the state in China. Growth from 1978 through about 2011 was driven primarily by the rise of private firms. But since there has been a redirection of credit in favor of state companies and the emergence of a range of industrial policies that seem to favor state firms. This is despite overwhelming evidence that the performance of state companies relative to private firms has deteriorated continuously since the global financial crisis. These factors indicate China’s growth is now below potential which ties into the rise of financial risk, since a disproportionately large share of the increase in the credit to GDP ratio is the result of increased lending to underperforming state companies.
Nicholas R. Lardy is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow from 1995 until 2003. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on the Chinese economy.
Lardy's most recent books are Markets over Mao: The Rise of Private Business in China (2014) and Sustaining China's Economic Growth after the Global Financial Crisis (2012). His previous books include The Future of China's Exchange Rate Policy (2009) (co-authored with Morris Goldstein), Integrating China into the Global Economy (2002), China’s Unfinished Economic Revolution (1998), China in the World Economy (1994), Foreign Trade and Economic Reform in China, 1978–1990 (1992); Agriculture in China’s Modern Economic Development (1983), and Economic Growth and Distribution in China (1978). Lardy is a Member of the Council on Foreign Relations and is a Member of the Editorial Boards of Asia Policy and the China Review. He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.
Note: Registration is open through Wednesday, 3-14-18.
SPECIAL NOTICE! We will conduct a short Members Meeting following this luncheon from approximately 1:30 - 2:00 pm. Michael Ryan (firstname.lastname@example.org)), President, will entertain Members' questions and input concerning the Club's operations. He will also discuss any Club business at that time. Luncheon attendance is not required to attend the Members meeting. Press: Please email :email@example.com with your attendance status and the date of attendance. It will be assumed that lunch is NOT requested. If lunch is requested, please contact me in advance, prior to the date of the event, for registration and payment instructions.
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