Long Read: Economist Wu Jinglian Explains Why Reform Has Been So Vital to China’s Prosperity

In a 2014 interview, the influential scholar lays out what worked and what didn’t in the country’s decades-long journey to remake its economy

In a 2014 interview, the influential economist Wu Jinglian argued that most of the problems of the day were because reform had not been as fast and as thorough as it should have been. Photo: Photo: AI generated

To celebrate Caixin’s 15th anniversary, we are republishing a series of interviews with some of the most influential economists, business leaders and government officials in China. A look back at what they said offers insights into some of the most pressing issues of today, such as climate change, the green transition and the China-U.S. tech war.

In 2014, marking the 110th anniversary of Deng Xiaoping’s birth, Caixin interviewed renowned economist Wu Jinglian to reflect on Deng’s pivotal role in China’s market economy reforms.

The conversation explored why reforms were essential and the pressures they faced, while examining whether China’s challenges stemmed from the reforms themselves or their incomplete implementation. It also highlighted the crucial decisions made by China’s leadership during key historical moments and their lasting impact on the country’s economic trajectory in the decades that followed.

Wu, a 94-year-old researcher at the Development Research Center of the State Council, is one of China’s most influential pro-market economists. A key figure advocating “holistic reform,” Wu believed that the economic system was an organic whole, and that reform to establish a market economy must be carried out in several key areas simultaneously. Single breakthroughs and lone forces often failed to achieve success and could even be harmful.

Subscribe to Caixin China Watch to check out for more insights from the economist.