breadcrumb

Are You Happier Than You Were Ten Years Ago?

Are You Happier Than You Were Ten Years Ago?

China’s Leadership Transition at the 18th Party Congress

“Many Chinese feel that they have not participated in the economic benefits of an economy that has been growing very rapidly,” says Michael Evans, a vice chairman of the Goldman Sachs Group and head of growth markets for the Wall Street investment bank. Nowadays, many Chinese even believe that they are “entitled to a broader participation in all aspects of the economy, but also in greater representation.”

Facing these changing expectations from China’s citizenry, Evans says, is among the prime challenges to the incoming batch of leaders about to ascend to the Standing Committee of the Politburo of the Chinese Communist Party—the party, in power since 1949, that wishes to hold power into the future.

Further challenging the new CCP leaders is the need to put forward a practical reform plan to smooth a planned structural shift in China’s economy—away from state-owned enterprises focused on manufacturing and toward support of small- and medium-sized businesses and small private corporations engaged in selling goods and services to China’s new consumer class.

Where U.S.-China relations are concerned, Evans says the leaders of the largest and second-largest economies in the world have more to be gained through cooperation than through economic combat.

Topics: 
Michael Evans is a vice chairman of The Goldman Sachs Group, Inc. and global head of Growth Markets for the firm. He is a member of the Management Committee and the Client and Business Standards...

Share

Share/Save

Viewpoint

07.14.16

China’s Failure in the South China Sea

Orville Schell
By reiterating its policy of “no acceptance, no participation, no recognition, and no implementation,” China has painted itself into a difficult corner and diminished the chances of resolving the myriad maritime disputes—involving Vietnam, Brunei,...

Viewpoint

07.07.16

The South China Sea Needs ASEAN More Than Ever

Yanmei Xie
A ruling from The Hague next week on maritime disputes in the South China Sea is likely to exacerbate frictions between China and the U.S. Both would be better off respecting the central role of the Association of Southeast Asian Nations (ASEAN)...

Viewpoint

05.26.16

China and the End of Reform

Thomas Kellogg
Is the Chinese Communist Party putting an end to the decades-long process of China’s opening to the outside world? Is the era of liberal reform over? Consider the latest piece of evidence: on April 28, the Standing Committee of the National People’s...