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Cracking the China ConundrumWhy Conventional Economic Wisdom is Often Wrong$
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Yukon Huang

Print publication date: 2017

Print ISBN-13: 9780190630034

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/oso/9780190630034.001.0001

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(p.1) Chapter 1 Introduction
Cracking the China Conundrum

Yukon Huang

Oxford University Press

Few countries get the public’s attention to the extent that China does. And few generate such diverging views concerning its economic, social, and political evolution. This chapter sets the context by noting China’s impressive economic achievements as well as current financial difficulties. Markets are questioning whether China can survive the threat of looming debt and property-market bubbles, while the general public is more concerned with the country’s political stability and security as Beijing becomes more aggressive in its claims over neighboring islands. How does one explain such extreme variation in views? Many factors are involved, which makes it difficult to be ideologically neutral regarding this emerging great power. If the diagnosis is wrong, then likely so are the policy prescriptions.

Keywords:   public perceptions, diverging views, current financial difficulties, debt and property bubbles, rising regional tensions, political stability, faulty policy prescriptions

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