On October 21, the Institute hosted Nicholas Lardy as part of its Contemporary China Speakers Series at the University of Chicago. The series brings experts from across professions, perspectives, and disciplines—including from academia, government, think tanks, journalism, and industry—to the University’s Hyde Park campus for stimulating talks and discussions on contemporary China.
Nicholas Lardy, an economist at the Peterson Institute for International Economics, has written insightfully about China’s economic reforms for three decades. In his new book, Markets Over Mao: The Rise of Private Business in China, Lardy comes to a surprising conclusion: China’s state-owned enterprises have far less power than many China watchers think.
In his presentation, Lardy gave evidence detailing the statistics supporting his conclusions on the role of China’s private enterprise. Lardy argued that idea that state-owned firms are dominant in China’s economy is somewhat outdated, with private firms now taking a leading role in driving China’s growth. In his lecture, Lardy also noted that those who point to growing profits in the state sector are missing the point. In fact, growth of profits in the private sector is far outpacing any relative increase in the state sector.
Nicholas Lardy is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. Lardy joined the Peterson Institute in 2003. Before that, he was a scholar at the Brookings Institution and taught at the University of Washington and at the Yale University School of Management.