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China Risks Stagnation, Ex-Goldman Dealmaker Says

  • Fred Hu says bureaucracy has no appetite for economic reforms
  • Central planning leads to slow growth and economic misery: Hu
Pedestrians holding umbrellas walk past buildings illuminated at night in the Lujiazui district of Shanghai.
Photographer: Qilai Shen/Bloomberg

China risks economic stagnation unless it quickly removes barriers hampering entrepreneurs seeking to enter industries from health care to education to financial services.

That’s according to Fred Hu, a former Greater China chairman for Goldman Sachs Group Inc. who has advised the central government on financial, pension and state-enterprise reforms.