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Chinese growth relies on undervalued currency and high savings, Mark Sobel notes
Mark Sobel raises the question of whether both prevailing views on China's economic strategy can be correct. He argues that the undervaluation of Chinese currency is a fundamental part of China's growth model, which relies on low consumption, high savings, and excess state-backed investment, production, and exports.
Sobel also highlights the significance of U.S. fiscal recklessness in the context of global imbalances, suggesting that both domestic and international policy factors play a role.
Sobel has previously called for Washington to address its current account deficit and fiscal policy. In past analysis, he stressed the need for U.S. fiscal discipline and criticized current trade policies, urging a focus on internal economic reforms in a prior article. The comments situate his recent remarks within an ongoing debate over U.S. and global economic policy.
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