US author’s book offers full picture of China’s economy

[Photo provided to China Daily]

A US consultant's new book takes wide-angle view of Chinese economy from reform and opening-up to current policies, Andrew Moody writes.

Arthur R. Kroeber believes the debate about the Chinese economy is almost always polarized.

The founding partner and head of research of Gavekal Dragonomics, a Beijing research firm, and author of a new book, China's Economy: What Everyone Needs to Know, says as a result it is difficult to get the true picture.

"I think the biggest mistake, in general, is that people always think you can reduce China to one thing - it's good, it's bad, it is going to take over the world or it is going to collapse tomorrow," he says.

Kroeber, 54, spoke to China Daily in a meeting room of his company, which he helped establish at the Soho Nexus Center in 2002.

His book, published by Oxford University Press in April, is timely with huge international interest now in the Chinese economy, which intensified at the start of the year with a renewed bout of stock market volatility, which has recently abated.

"That is kind of good luck, I have to say. This project actually originated a couple of years ago. I was often asked by clients whether there was one book they could read to give them the basic facts about the Chinese economy. I never could come up with one," he says.

"There are obviously some dense academic tomes, which are quite good, but not very accessible to an ordinary reader and particularly not to the kind of business reader who wants a quick scan. So there was kind of gap in the market," he adds.

But his book of 319 pages, although an interesting read, is in no way just a beginner's guide. It is a genuine examination of the issues facing the country's economy from reform and opening-up in the late 1970s to today's many policy dilemmas.

"The problem is that people try to simplify China into one narrow storyline, which they would never think of doing, for example, with the United States, or any other large, complex economy," he says.