Since becoming president of China and general secretary of the Chinese Communist Party, Xi Jinping has emerged as China's most powerful and popular leader since Deng Xiaoping. The breathtaking economic expansion and military modernization that Xi inherited has convinced him that China can transform into a twenty-first-century superpower.

In this collection, leading scholars from the United States, Asia, and Europe examine both the prospects for China's continuing rise and the emergent and unintended consequences posed by China's internal instability and international assertiveness. Contributors examine domestic challenges surrounding slowed economic growth, Xi's anti-corruption campaign, and government efforts to maintain social stability. Essays on foreign policy range from the impact of nationalist pressures on international relations to China’s heavy-handed actions in the South China Sea that challenge regional stability and US-China cooperation. The result is a comprehensive analysis of current policy trends in Xi's China and the implications of these developments for his nation, the United States, and Asia-Pacific.

“Cuts through the cacophony of information, misinformation, and nonsense on China that circulates in our modern world to give us reliable answers to crucial questions… Should be on the shelf of anyone seeking to understand this fast-rising superpower.”
—Ian Johnson, author of The Souls of China

After years of isolation, China is now center stage as an economic and global power, but its rise has triggered wildly divergent views. Is it a model of business efficiency or a threat to American prosperity and security? Thirty-six of the world’s leading China experts from Harvard University’s renowned Fairbank Center for Chinese Studies answer key questions about this new superpower, distilling a lifetime of scholarship into short and accessible essays about Chinese politics, culture, history, economy, approach to the environment, and foreign policy. Their contributions provide essential insight into the challenges China faces, the aspirations of its people and leaders, its business climate, and the consequences of its meteoric ascent. Many books offer information about China, but few make sense of what is truly at stake.

“Impressive… A highly informative, readable collection for scholars and nonscholars alike.”
—Publishers Weekly

“Provides a more nuanced and accessible perspective on the issues China is facing.”
—South China Morning Post

“Erudite yet accessible… The topical reach is impressive.”
—Jeffrey Wasserstrom, author of China in the 21st Century

When Deng Xiaoping launched China on the path to economic reform in the late 1970s, he vowed to build “socialism with Chinese characteristics.” More than three decades later, China’s efforts to modernize have yielded something very different from the working people’s paradise Deng envisioned: an incipient kleptocracy, characterized by endemic corruption, soaring income inequality, and growing social tensions. China’s Crony Capitalism traces the origins of China’s present-day troubles to the series of incomplete reforms from the post-Tiananmen era that decentralized the control of public property without clarifying its ownership.

Beginning in the 1990s, changes in the control and ownership rights of state-owned assets allowed well-connected government officials and businessmen to amass huge fortunes through the systematic looting of state-owned property—in particular land, natural resources, and assets in state-run enterprises. Mustering compelling evidence from over two hundred corruption cases involving government and law enforcement officials, private businessmen, and organized crime members, Minxin Pei shows how collusion among elites has spawned an illicit market for power inside the party-state, in which bribes and official appointments are surreptitiously but routinely traded. This system of crony capitalism has created a legacy of criminality and entrenched privilege that will make any movement toward democracy difficult and disorderly.

Rejecting conventional platitudes about the resilience of Chinese Communist Party rule, Pei gathers unambiguous evidence that beneath China’s facade of ever-expanding prosperity and power lies a Leninist state in an advanced stage of decay.

Cultural Revolution Culture, often denigrated as nothing but propaganda, was liked not only in its heyday but continues to be enjoyed today. A Continuous Revolution sets out to explain its legacy. By considering Cultural Revolution propaganda art—music, stage works, prints and posters, comics, and literature—from the point of view of its longue durée, Barbara Mittler suggests it was able to build on a tradition of earlier art works, and this allowed for its sedimentation in cultural memory and its proliferation in contemporary China.

Taking the aesthetic experience of the Cultural Revolution (1966–1976) as her base, Mittler juxtaposes close readings and analyses of cultural products from the period with impressions given in a series of personal interviews conducted in the early 2000s with Chinese from diverse class and generational backgrounds. By including much testimony from these original voices, Mittler illustrates the extremely multifaceted and contradictory nature of the Cultural Revolution, both in terms of artistic production and of its cultural experience.

How do poor nations become rich, industrialized, and democratic? And what role does democracy play in this transition? To address these questions, Jongryn Mo and Barry R. Weingast study South Korea’s remarkable transformation since 1960. The authors concentrate on three critical turning points: Park Chung Hee’s creation of the development state beginning in the early 1960s, democratization in 1987, and the genesis of and reaction to the 1997 economic crisis. At each turning point, Korea took a significant step toward creating an open access social order.

The dynamics of this transition hinge on the inclusion of a wide array of citizens, rather than just a narrow elite, in economic and political activities and organizations. The political economy systems that followed each of the first two turning points lacked balance in the degree of political and economic openness and did not last. The Korean experience, therefore, suggests that a society lacking balance cannot sustain development. Korean Political and Economic Development offers a new view of how Korea was able to maintain a pro-development state with sustained growth by resolving repeated crises in favor of rebalancing and greater political and economic openness.

In 2013, Chinese leader Xi Jinping announced a campaign for national rejuvenation. The One Belt One Road initiative, or OBOR, has become the largest infrastructure program in history. Nearly every Chinese province, city, major business, bank, and university have been mobilized to serve it, spending hundreds of billions of dollars overseas building ports and railroads, laying fiber cables, and launching satellites. Using a trove of Chinese sources, author Eyck Freymann argues these infrastructure projects are a sideshow. OBOR is primarily a campaign to restore an ancient model in which foreign emissaries paid tribute to the Chinese emperor, offering gifts in exchange for political patronage. Xi sees himself as a sort of modern-day emperor, determined to restore China’s past greatness.

Many experts assume that Xi’s nakedly neo-imperial scheme couldn’t possibly work. Freymann shows how wrong they are. China isn’t preying on victims, Freymann argues. It’s attracting willing partners—including Western allies—from Latin America to Southeast Asia to the Persian Gulf. Even in countries where OBOR megaprojects fail, Freymann finds that political leaders still want closer ties with China.

Freymann tells the monumental story of Xi’s project on the global stage. Drawing on primary documents in five languages, interviews with senior officials, and on-the-ground case studies from Malaysia to Greece, Russia to Iran, Freymann pulls back the veil of propaganda about OBOR, giving readers a page-turning world tour of the burgeoning Chinese empire, a guide for understanding China’s motives and tactics, and clear recommendations for how the West can compete.

In 2009, to mark the sixtieth anniversary of the People’s Republic of China, the Fairbank Center for Chinese Studies convened a major conference to discuss the health and longevity of China’s ruling system and to consider a fundamental question: After three decades of internal strife and turmoil, followed by an era of reform, entrepreneurialism, and internationalization, is the PRC here for the dynastic long haul?

Bringing together scholars and students of China from around the world, the gathering witnessed an energetic exchange of views on four interrelated themes: polities, social transformations, wealth and well-being, and culture, belief, and practice. Edited and expanded from the original conference papers, the wide-ranging essays in this bilingual volume remain true to the conference’s aim: to promote open discussion of the past, present, and future of the People’s Republic of China.

With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China.

Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.