Professor, Finance and Economics at Columbia University
Aug 30 , 2019
The recent inversion of the yield curve in the United States – with the interest rate on ten-year US government bonds currently lower than that on short-term bonds – has raised fears of a possible US recession later this year or in 2020. Yet, paradoxically, a downturn in America could help to improve bilateral economic relations with China and cool the two countries’ escalating trade dispute.
May 23 , 2019
Trade negotiations between the United States and China have broken down because the US government says the Chinese were walking back their agreement on matters that had previously been addressed. US negotiators and President Donald Trump were furious, and on May 10, Trump more than doubled US tariffs on $200 billion worth of imports from China. The lead Chinese negotiator, Liu He, told reporters that, because a final agreement was not reached, revisions were not “walked back,” a line that the US side does not seem to buy. The Chinese government has now retaliated, announcing that it will raise tariffs on $60 billion worth of US goods.
Apr 08 , 2019
China is about to slash the employer contribution rate to the social-security fund from 18-20% (with some variation across regions) to 16%, and cut the value-added tax (VAT) rate from 16% to 13% (for most enterprises). This is on top of a previously announced reduction in the corporate income tax charged on the first CN¥3 million ($447,000) of taxable income.
Dec 10 , 2018
Reducing trade barriers would be a good idea for China – and the US.
Nov 07 , 2018
The inaugural International Import Expo is viewed as an opportunity to promote policies that could reduce China’s trade surplus, but this is not guaranteed.
Nov 02 , 2018
Amid a contentious economic environment, China should avoid its typical reforms and responses in favor of structural adjustments that can attack the problem rather than its symptoms.
Oct 18 , 2017
Since 2013, China has been pursuing its “Belt and Road” initiative, which aims to develop physical infrastructure and policy linkages connecting more than 60 countries across Asia, Europe, and Africa. If a few conditions are met, the economic case for the initiative is strong.