Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.

Trump’s incoherent policies take aim at a China that no longer exists
This will be the 10th year that I have taught a course at Yale called “The Next China." The course focuses on modern China’s daunting economic transitions. It frames the moving target that eludes US President Donald Trump’s administration, which is taking dead aim at the Old China (a convenient target for a leader who wants to resurrect Old America.) The incoherence of Trump’s trade and economic policies, with all their potentially grave consequences for the global economy, is a destabilising by-product of this disconnect. My course starts with the urgency of the challenges addressed by Deng Xiaoping in the late 1970s. But its main focus is how the resulting Chinese growth miracle presents P