Under President Xi Jinping, China has become a large and confident power both at home and abroad, but the country also faces serious challenges. In his new book, Red Flags: Why Xi’s China is in Jeopardy (Yale University Press, 2018), economist George Magnus explores four key traps that China must confront and overcome in order to thrive: debt, middle income, the Renminbi, and an aging population. Looking at the political direction President Xi Jinping is taking, Magnus argues that Xi’s authoritarian and repressive philosophy is ultimately not compatible with the country’s economic aspirations.
George Magnus is an associate at the University of Oxford China Centre, research associate at the School of Oriental and African Studies, and formerly chief economist of UBS. He has written extensively about China in the Financial Times, Prospect, and other economic and financial publications.