Nicholas R. Lardy is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow from 1995 until 2003. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on the Chinese economy.
Lardy's most recent books are Markets over Mao: The Rise of Private Business in China (2014), Sustaining China's Economic Growth after the Global Financial Crisis (2012), The Future of China's Exchange Rate Policy (2009), and China's Rise: Challenges and Opportunities (2008). In 2006, he contributed chapters on China's domestic economy and China in the world economy to China: The Balance Sheet (Public Affairs, 2006). In 2004, he coauthored Prospects for a US-Taiwan Free Trade Agreement with Daniel Rosen. His previous book, Integrating China into the Global Economy, published in January 2002, explores whether reforms of China's economy and its foreign trade and exchange rate systems following China's WTO entry will integrate it much more deeply into the world economy. In September 1998, he published China's Unfinished Economic Revolution, a study that evaluates the reform of China's banking system and measures the economic consequences of deferring reform in the state-owned sector. Some of his other publications include: Debating China's Exchange Rate Policy (2008); China: Toward a Consumption-Driven Growth Path (Peterson Institute for International Economics Policy Brief 06-6, October 2006); China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity with Morris Goldstein (Peterson Institute for International Economics Working Paper 05-2, March 2005); What Kind of Landing for the Chinese Economy? with Morris Goldstein (Policy Brief 04-7, 2004); "China and the Asian Contagion," Foreign Affairs 77, no. 4 (July/August 1998); "The Role of Foreign Trade and Investment in China's Economic Transformation," China Quarterly, no. 144 (December 1995); China in the World Economy (1994); "Chinese Foreign Trade," China Quarterly, no. 131 (September 1992); Foreign Trade and Economic Reform in China, 1978–1990 (Cambridge University Press, 1992, paperback, 1993); Agriculture in China's Modern Economic Development (Cambridge University Press, 1983); and Economic Growth and Distribution in China (Cambridge University Press, 1978).
Lardy is a member of the Council on Foreign Relations and of the editorial boards of Asia Policy and the China Review.
He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.
Bloomberg State Companies: Back on China's To-Do List Article | July 30, 2015 Nicholas R. Lardy believes that China's state-owned enterprises must improve or shrink further if the government wants the economy to experience sustainable and reasonable growth.
Chatham House Market versus State in China Video | April 30, 2015 Nicholas Lardy says that China should be able to achieve roughly 8 percent annual economic growth for the next 5 or 10 years if it continues reforming its economy, including the transfer of power from the state-dominated sector to private enterprise.
The Economist Unstated Capitalism Book Review | October 25, 2014 "In the often-noisy debate about the Chinese economy, Mr. Lardy's is a voice worth listening to," writes the Economist in a review of his recent book Markets over Mao. "His is a dispassionate, number-crunching approach that is short on drama for the casual reader but packed with hard evidence for those trying to take the measure of China’s business environment."
CKGSB Knowledge Should the West be Afraid of China's State Capitalism? Book review | October 17, 2014 While visiting China's Cheung Kong Graduate School of Business to present his new book, Markets over Mao: The Rise of Private Business in China, Nicholas R. Lardy sat down with Major Tian to discuss some of the study's main themes.
Forbes.com Are Concerns Over China's State Capitalism Overblown? Book review | October 16, 2014 This Forbes.com review of Nicholas R. Lardy's recent book, Markets over Mao: The Rise of Private Business in China, resulted from Lardy's book presentation at China's Cheung Kong Graduate School of Business.
Yale School of Management Interview with Nicholas R. Lardy Video | April 29, 2014 Nicholas R. Lady explains why fears of an impending economic crisis in China are exaggerated. Interview conducted by Jeffrey Garten, Juan Trippe Professor in the Practice of International Trade, Finance, and Business at the Yale School of Management.
Wall Street Journal Xi and Obama Meet in Sunnylands: What's at Stake? June 8, 2013 Nicholas R. Lardy tells the Wall Street Journal that he hopes Presidents Obama and Xi focus on defining how the US-China relationship works at the strategic level, leaving the list of specific issues for the Strategic and Economic Dialogue.
Bloomberg TV 'Very Low' Chance of China Hard Landing, Lardy Says Video | January 28, 2013 Nicholas R. Lardy explains that while growth in China may be slightly higher this year, structural reforms may cause the structure of demand to look much different. Consumer sector industries may benefit while growth slows in the investment and property sectors.
Bloomberg TV Lardy Sees Continuity in US-China Relationship Video | November 7, 2012 Nicholas R. Lardy expects that President Obama will continue a high level of engagement with China's leadership while continuing to be tough on China when it does not play by the rules.
Minnesota Public Radio As Economy Slows, China Looks for a New Model Interview with article | October 31, 2012 Nicholas R. Lardy says China has done very well growing its economy through exports and investments, particularly through real estate over the last 10 years, but that the model needs to change.
NPR's All Things Considered Do Chinese Tech Firms Pose US Security Threat? Audio with transcript | October 12, 2012 Nicholas R. Lardy says the House Intelligence Committee's new report, which warns American companies not to do business with two of China's main telecommunication manufacturers, is filled with unsubstantiated assertions.
CNN | The Situation Room Fact Check: Obama, Romney China Ads Video | September 24, 2012 Speaking with CNN, Nicholas R. Lardy, PIIE's China expert, sets the facts straight about China in the latest Romney and Obama campaign ads.
Marketplace Public Radio Clinton Heads to Beijing for Economy Talks Audio | September 4, 2012 Nicholas R. Lardy says trade issues will likely dominate economic discussions between US Secretary of State Hillary Clinton and officials in Beijing.
Bloomberg China Could Slow for Several More Months Video | August 9, 2012 Nicholas R. Lardy explains how weakening industrial production, housing investment, and new residential construction may indicate several more months of slowing growth in China.
Wall Street Journal Beijing's Growth Tools Are Limited Article | May 13, 2012 The Wall Street Journal explains that measures utilized by China's leaders in the past to stimulate the economy are no longer as effective as they once were. Nicholas R. Lardy argues that interest rates for depositors should be increased to help encourage domestic consumer spending. As household savings increase over time, consumers will become more willing to spend money.
China Radio International The Fourth China-US Strategic and Economic Dialogue Interview | May 2, 2012 Nicholas R. Lardy discusses the role of China's currency in the world economy and other topics on the agenda for the China-US Strategic and Economic Dialogue. Xiao Geng of the Fung Global Institute is also interviewed in this program.
New York Times Economix The Imbalances in China's Economy Interview | April 11, 2012 David Barboza interviews Nicholas R. Lardy on the roots of China's imbalances and whether its long economic boom might be coming to an end.
Bloomberg China May Ramp Up Restructuring, Lardy Says Video | April 3, 2012 With demand from Europe falling, Nicholas R. Lardy predicts that China's leadership change later this year will lead to a restructuring of its economy in order to encourage greater private consumption and keep growth up.