China’s state-owned companies, coddled by cheap credit and sheltered monopolies for years, face a less comfortable future after Communist Party leaders pledged to give market forces a bigger role in the economy.
When President Barack Obama met Chinese President Xi Jinping last month in California, the relaxed setting beside man-made lakes shimmering in the desert heat was intended to herald an era of cooperation between the leaders of the world’s two largest economies.
The Chinese entrepreneur and the Peruvian shopkeeper have never met. Yet Li Shiping’s dream of riches and success in China is uprooting Victor Raul Ancieta’s village 18,000 kilometers (11,000 miles) away in the Andes.
Chinese President Hu Jintao may have succeeded in removing the yuan’s valuation from debate at this week’s Group of 20 leaders’ summit, economists and political analysts say. How much time he’s bought depends on how flexible the currency will become.
Nov. 7 (Bloomberg) -- Peterson Institute for International Economics Nicholas Lardy discusses U.S. China relations after the re-election of President Obama. He speaks on Bloomberg Television's "Market Makers." (Source: Bloomberg)