Who is winning the battle of economic ideas in China?

In the past year, the spirits of Keynes and Hayek have done battle for the minds of China’s policymakers. This month Andrew Batson of GK Dragonomics, a research consultancy in Beijing, argued that Hayek seems to be winning. China’s leadership is now keen to avoid the “Hayekian risk” of wasted investment, he wrote, even if that increases the “Keynesian risk” of inadequate demand and weak growth.
Mais