Nicholas R. Lardy


Areas of Expertise

  • Asia
  • China
  • Transition Economies

Senior Research Staff

Nicholas R. Lardy

Media Appearances

China Daily
Five-Year Plan Outline "Promising"
December 10, 2015

New York Times
Experts Weigh Likely Impacts of China's 'One Child' Reversal
October 29, 2015

Radio Free Asia
China's GDP Drives Economic Debate
October 20, 2015

BBC Radio
China's Economic Growth Slows to 6.9%
October 20, 2015

Wall Street Journal
It's Not All Bad News in Reports Out of China
October 20, 2015

China's wise men come down to earth with a bump
October 19, 2015

What's the odds for inclusion of RMB in IMF's SDR basket?
October 16, 2015

Is Xi's Economy More Distorted Than Mao's? Goldman's Ha Says Yes
October 14, 2015

New York Times
U.S. Allies See Trans-Pacific Partnership as a Check on China
October 6, 2015

Huffington Post
Lardy, Lagarde Say Worries About China Overdone
October 5, 2015

The Next Thing to Worry About in Chinese Markets
September 30, 2015

China Kicks the Can on SOE Reform
September 29, 2015

The Economist
Doughty But Not Superhuman
September 26, 2015

What happens When 1 Billion Chinese Start to Fly?
September 23, 2015

Financial Times
China's Economic Facts and Fakes Can Be Hard to Tell Apart
September 16, 2015

Sino-US Economic Connections Beneficial to Both Sides
September 16, 2015

Nikkei Asian Review
Asian Financial Markets Should Keep Calm and Carry On
September 15, 2015

Bloomberg Brief Economics Asia
China GDP Deflate-Gate—A Deep Dive on Data Reliability, Part I [pdf]
September 15, 2015

Radio Free Asia
China Battles Bad Economic News with Rosy Analysis, Suspect Data
September 14, 2015

Arkansas Online
China Slowdown Shaking Out US companies
September 14, 2015

World Finance
Lardy: China on the Path to Full Market Liberalization, Not There Yet
September 7, 2015

Washington Post
Will China Crash?
September 6, 2015

CNC News
US Expert on China's Economy
September 2, 2015

Fox News
Wild Week on Wall Street Just the Beginning?
August 30, 2015

Interview: China's Economy Shows Not Much Sign Yet of Slowing Down
August 28, 2015

Is China Stronger Than It Appears?
August 28, 2015

World Insight 8/27/15 Chinese Economy
August 27, 2015

PBS Newshour
Is China in the Midst of Major Economic Transformation?
August 26, 2015

China's Market Selloff: Panic Time or False Alarms?
August 26, 2015

China Edges Closer to IMF Seal of Approval with Yuan Move
August 19, 2015

Is China Still A Long-Term Growth Prospect?
August 14, 2015

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.

Wall Street Journal
How Big Are China's State-Owned Firms?
Article | December 3, 2014
The Wall Street Journal uses data from Nicholas R. Lardy's latest book, Markets Over Mao: The Rise of Private Business in China, for this discussion of the role of China's state-owned enterprises.

China Economic Quarterly
The Irresistible Advance of the Private Sector
Book review | December 2014
Joe Studwell, cofounder of China Economic Quarterly, reviews Nicholas R. Lardy's book Markets Over Mao: The Rise of Private Business in China.

East Asia Forum
Private Not State Firms Are China's Growth Engine
Book review | November 30, 2014

China's Growing Private Sector
Book Review | October 30, 2014
Richard N. Cooper, Harvard University, reviews Nicholas R. Lardy's new book, Markets Over Mao: The Rise of Private Business in China, in the Chinese business magazine Caixin.

Bloomberg Brief
Private Sector Advances, State Sector Retreats [pdf] Chinese version [pdf]
Book Review | October 2014
This Bloomberg Brief on China's ongoing economic reforms includes a Q&A with Nicholas R. Lardy on the changing roles of China's private sector and stated owned enterprises.

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."

Milwaukee Journal Sentinel
Madison Native Brings Expertise on Chinese Economy Back Home
Book review | October 18, 2014
The Milwaukee Journal Sentinel discusses Nicholas R. Lardy's new book, Markets Over Mao: The Rise of Private Business in China, and his ties to Wisconsin ahead of a planned book discussion at the University of Wisconsin-Madison.

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.
Are Concerns Over China's State Capitalism Overblown?
Book review | October 16, 2014
This 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.

Bloomberg View
Private Companies Are Driving China's Growth
Article by Peter R. Orszag | October 14, 2014
Peter R. Orszag discusses Markets over Mao: TheRise of Private Business in China in his latest column forBloomberg View, noting the study "should trigger a reexamination of howwe view the Chinese economy."

Financial Times
A Looser Grip for Beijing’s Heavy Hand
Book Review | September 28, 2014
The Financial Times reviews Nicholas R. Lardy's recent book, Markets over Mao: The Rise of Private Business in China.

Could PBOC Shakeup Derail China's Reforms?
Video | September 25, 2014
Nicholas R. Lardy explains why a change in leadership at China's central bank won't alter the pace of financial reforms.

Wall Street Journal: Real Time Economics
Analysis: Chinese Central Banker’s Departure Wouldn’t Necessarily Signal Policy Shift
Interview | September 24, 2014
The Wall Street Journal's Ian Talley interviews Nicholas R. Lardy about what changes to expect if Governor Zhou Xiaochuan is replaced in the coming months.

Wall Street Journal Blog: China RealTime
Writing China: Nicholas Lardy, 'Markets over Mao'
September 2, 2014
The Wall Street Journal interviews Nicholas R. Lardy about the surprising conclusion of his latest book, Markets over Mao, and why he believes reform of state-owned firms is still important.

China Daily USA
Economist Eyes China's Transformation
August 29, 2014
China Daily USA discusses PIIE's newest book by Nicholas Lardy, Markets over Mao, and how Lardy developed his interest in the Chinese economy.

China Is on the Right Track, but Reforms Must Continue
Online interview | July 8, 2014
While in China Nicholas R. Lardy sat down with reporters from Caixin to discuss China's efforts to reform its economy.

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.

Wall Street Journal
Tour of Troubles in World's Largest Economies
Article | November 8, 2012
Sudeep Reddy summarizes the Global Economic Prospects presentations by Adam S. Posen, David J. Stockton, and Nicholas R. Lardy.

The Washington Post
Advice for China's New Guard
November 7, 2012
Nicholas R. Lardy offers specific economic advice to China's incoming leaders.

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.

Wall Street Journal
Lardy vs. Pettis: Debating China’s Economic Future, Round 2
Online debate | November 7, 2012

Wall Street Journal
Lardy vs. Pettis—Debating China’s Economic Future
Online debate | November 2, 2012
Nicholas R. Lardy and Michael Pettis, Peking University, argue whether China's growth rate is sustainable or not.

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.

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.

Foreign Affairs
Sustaining China's Economic Growth After the Global Financial Crisis
Review in Foreign Affairs by Richard N. Cooper
May/June 2012

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.

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.

China's Economic Future and Its Implications for the United States
Interview with the Chicago Council on Global Affairs
March 14, 2012

The Agenda with Steve Paikin: Nicholas Lardy: Sustaining China's Economic Growth
Video | March 9, 2012
Canadian broadcaster Steve Paikin interviews Nicholas Lardy about his recent book, Sustaining China's Economic Growth after the Global Financial Crisis.

China Is Right to Open Up Slowly
Review in the Financial Times by Martin Wolf
February 28, 2012

China's Rebalancing Will Not Be Automatic
Op-ed in East Asia Forum by Nicholas R. Lardy
February 22, 2012

Chinese Economic Growth Requires Restructuring Economy
Review in the Epoch Times
February 16, 2012

China Central Television (CCTV) Interview
February 6, 2012

Chinese Economic Reform, Full Front and Centre
Review in East Asia Forum by Peter Drysdale
February 6, 2012

Sustaining Economic Growth in China
Op-ed in East Asia Forum by Nicholas R. Lardy
February 5, 2012

China Must Reform to Maintain High Levels of Economic Growth
Op-ed in Public Service Europe by Nicholas Lardy
February 3, 2012

Peterson's Lardy Discusses China's Growth [mp3]
Interview with Bloomberg
January 25, 2012

Sustaining China's Economic Growth after the Global Financial Crisis
Review in the Financial Times
January 22, 2012

China Can't Grow Its Way Out of a European Recession
Review in Fortune
January 19, 2012

Eight Questions: Nick Lardy, 'Sustaining China's Economic Growth'
Review in Wall Street Journal China Real Time Blog
January 16, 2012

Appearance on CNBC Asia Squawk Box
January 11, 2012

Is a Chinese Economic Slump on the Horizon?
Washington Post article by Robert Samuelson
January 8, 2012

Lardy Documents Impact of Chinese Rebalancing on US Economic Prospects
Inside US-China Trade News Brief
January 4, 2012


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