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Summary of General Discussion on “China's Inflation: Demand-Pull or Cost-Push?”

Asian Economic Papers 11:3 © 2012 The Earth Institute at Columbia University and the Massachusetts Institute of Technology Jie Li opened the discussion by noting that the paper had not paid adequate attention to structural peculiarities of the Chinese economy, which are relevant for explaining inoation dynamics. For example, state-owned enterprises (SOEs) still dominate many key sectors in the economy. They have privileged access, easy credit from the banking system, and the ability to raise funds through the stock exchange. This has made monetary policy less effective. Some SOEs also are monopolists and have the power to increase prices to cover up their operation losses. The housing boom, propelled by the Chinese government’s response to the 2008–09 global anancial crisis, was major source of non-tradable inoation in recent years.