No country can afford to squander its saving potential—ultimately, the seed-corn of long-term economic growth. That’s true even of the United States, where the laws of economics have often been ignored under the guise of
In 2018, net exports were just 0.8% of China’s GDP, which represents a dramatic compression from a decade earlier, when net exports accounted for a full 7.5% of real GDP. While hardly an oasis in a weakening global economy,
The multilateral foreign-trade deficits of a saving-short US economy set the stage for perhaps the most egregious policy blunder being committed by the Trump administration: a shift toward protectionism.
The Chinese economy is drawing support from strong sources of cyclical resilience in early 2017. The 11.3% y-o-y gain in exports recorded in June stands in sharp contrast with earlier years, which were adversely affected by a