In China’s rush to join the global economy, the country stoked exports and government-led investment but neglected to build social and economic institutions needed to encourage consumers at home. Stephen Roach, Morgan Stanley Asia’s chairman, says its time for the world’s fastest-growing economy to find a “back-up plan.” This interview was conducted by Clay Chandler, the McKinsey publishing group’s Asia editor, in Hong Kong in August 2009. Watch the video, or read the transcript below.
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Video: Unlocking the power of Chinese consumers
Stephen Roach, Morgan Stanley Asia’s chairman, discusses the roots and prospects of China’s next revolution.
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