Wall Street’s biggest China optimist says Xi is killing the dream
A generation of Chinese reformers came close to creating the promised land of economic development. Xi’s fixation with security is now laying waste to it.
I have been a congenital China optimist for most of the past 25 years.
I first came to that view in the depths of the Asian financial crisis in 1997-98. The so-called East Asian growth miracle was in tatters and China was widely portrayed as the final domino that would fall in what was then viewed as the first crisis of globalisation.
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Project Syndicate
Stephen S. Roach is a faculty member at Yale University and former chairman of Morgan Stanley Asia.
