Stanford Libraries and the Stanford Center on China’s Economy and Institutions present the 2021 Dr. Sam-Chung Hsieh Memorial Lecture featuring Professor Barry Naughton, speaking on The Summer of 2021: Consolidation of the New Chinese Economic Model.
During the summer of 2021, a “regulatory storm” shook markets in China. While the crackdown had its most immediate effects on private education, internet business, and finance, the government has also rolled out new policies to shape manufacturing and infrastructure, and even household fertility and income distribution. In this talk, Naughton interprets these actions as an extension of the ongoing Chinese government effort to exercise “grand steerage” of the economy. The new policies of summer 2021 in fact represent the consolidation of a new model, in which the Chinese government decisively steers a predominantly market economy.