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Myron Scholes on Chinese economy: big or small government best in tough times?

China’s economy is facing strong headwinds, caught between the pressure to maintain a stable growth rate and the urgent need to reform fundamental structures to get the world’s second largest economy on the track of healthier development. How should Chinese policymakers react to the challenges, solutions of which sometimes may contradict each other? Should easy credit, for example, continue to be channeled into firms that only add to overcapacity, when thousands of jobs could be endangered should banks stop handing out loans? For the answers to the thorny issues that face Chinese policymakers, the Nobel laureate in economics Myron Scholes has shared his thoughts with CCTVNews.

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