Alan Greenspan’s China Views Shifted From WTO Optimism to Warnings on State Control

‘In spite of its recent improvements, the financial system of China is still inordinately governed by administrative command and control,’ he said.

Former Federal Reserve Chairman Alan Greenspan speaks to The Economic Club of New York on April 28, 2014. Spencer Platt/Getty Images

News Analysis

Alan Greenspan’s China record shifted from support for market-opening policies, such as permanent normal trade relations, to later warnings about the persistence of state-directed finance, administrative controls, and China’s hesitation to allow companies to default.