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1、“EveryonethinksChinaisdifferent,andinmanyrespectsitis.Howeverinthisimportantbook,America’spreeminentwatcherofChina’seconomy,NickLardy,makesacompellingcasethatthemarkethasmatteredmorethanthedirectionofthestateforChina’ssuccess.EveryoneconcernedwiththefutureofChinainthegloba
2、leconomyshouldcarefullyconsiderLardy’sthesis.”—LawrenceH.Summers,CharlesW.EliotUniversityProfessoratHarvardUniversity,formerUSTreasurySecretaryandDirectoroftheNationalEconomicCouncil“Forthreedecades,NickLardyhasconsistentlyrecognizedthecuttingedgechangesinChina’seconomy.He
3、hasdoneitagain.AtatimewhenthenewconventionalwisdomisthattheChinesedragonisdeploying‘statecapitalism’tochallengetheinternationalmarketeconomy,LardyhasminedthedatatodiscoverChina’srealdrivingengine:itsprivatesector.TheChineseprivatesectorisnowthedominantcreatorofgrowth,jobs,
4、trade,andreturnonassets.Chineseprivatecompaniesarenoweventheinnovativesourceofforeigndirectinvestmentabroad.Lardyconcludesbypointingtoareas—especiallytheservicessectorandafewkeyadministeredprices—whereChinaneedstocompletethetransitiontomarketcompetition.Lardy’sanalysiswill
5、supporttheworkofChina’sreformers,evenasitfrustratesthelatestCassandrasofcapitalismintheWest.”—RobertB.Zoellick,formerWorldBankPresident,USTradeRepresentative,andUSDeputySecretaryofState“NickLardyisoneoftheworld’sleadingexpertsontheChineseeconomy.Hisbookmakesadeeplyresearch
6、edandrigorouslyanalyzedcasethatChina’seconomyhasincreasinglyreliedonmarketforcestoallocateresources,andthatprivatelyownedbusinesseshaveplayedagrowingandimportantroleinChina’ssuccess.ThisbookiscriticalreadingforanyonetryingtogaugeChina’seconomicprospectsandchallengestheprop
7、ositionthatChina’seconomicperformancehasbeenattributabletocentralizedcontrolofdecisionmakingintheeconomy.”—RobertRubin,cochairmanoftheCouncilonForeignRelationsandformerUSTreasurySecretary,founderoftheHamiltonProject“MarketsoverMaoturnsconventionalwisdomontheChineseeconomyi
8、nsideout.NickLardy’smeticulousempiricalanalysisdispelsthepopularnotionthatacreakystate-di
