Martin Wolf

speaker

495 appearances 3 recordings 1 series first heard Nov 2024 last heard Jun 2025

Martin Wolf’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: A new world reorder, with FT’s Martin Wolf · 15 Nov 2024 podcast

So whether or not they have to end up in a slow growth trap, we can debate, but they really do now have some

enormous strategic problems in economic management.

Yes.

The th the problem is by and large, uh I'm being simplifying it, the thing that generates a mass consumer booms in spending on stuff historically has also been uh family formation and children.

That's you know, creating new families, creating uh uh and then having multiple

That's what drove the mass consumption in our markets 60, 70, 80 years ago.

Now, China won't have that.

But you are right.

There's still a big potential to move people from rural areas into cities, not as big as there was, but it's an important uh asset.

They can uh clearly postpone uh retirement ages, which are much too young.

That will also give them a

Big boom.

And uh in the right incentives, a combination of public consumption and private consumption can, I think, drive the economy.

But that means really quite big radical changes, probably large fiscal deficits, uh much more borne by the central government, the local government, local government finance is a mess in China now.

It's a very complex set of reforms.

And this environment which is going to be

So difficult for Chinese exports is clearly going to add to the problems.

And the question is, can the system they now have under Xi Jinping react quickly enough on a big enough scale to offset the obvious negative effects of the shift in the world environment, the end of the great property boom, and the clearly

Fiscal deficits will be part of the reduction in uh savings.

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