Caixin Media


Belt and Road: A Symphony in Need of a Strong Conductor

In just a few weeks, the Chinese president will host the Belt and Road summit—Xi Jinping’s landmark program to invest billions of dollars in infrastructure projects across Asia, Africa, and Europe. Reactions to the project have been, understandably...

Caixin Media


Nudging China Toward Governance Reform

Three recent items of news deserve attention. First, revisions to the budget law were passed late last month. Second, in a speech this month marking the 60th anniversary of the founding of the National People's Congress, Party General Secretary...



Guarding Against Fiscal Risks in Hong Kong SAR

Nathan Porter
International Monetary Fund (IMF)
The Hong Kong SAR's government faces the dual challenges of volatile revenue and medium term spending pressures arising from a rapidly aging population. Age-related spending pressures raise long-run sustainability concerns, while revenue...



Capital Flows, Overheating, and the Nominal Exchange Rate Regime in China

Fred Hu
Cato Institute
The evidence of “hot money” clearly shows that China’s cumbersome system of capital controls is not as effective as officials claim. There is no doubt that the greater openness of China’s economy will certainly generate growing tensions with the...