Ever since the global financial crisis of 2008-09, all major economies have agreed on the need for structural reforms. Yet it seems that only China is trying to execute such reforms. Today, the United States, Europe and Japan continue to accrue debt, and central banks remain stuck with zero-bound policy rates and/or quantitative easing. In contrast, China is engaged in structural transformation even while it’s deleveraging. That’s hard, but it is a long-term strategy that will pay off over time. For now, that strategy is missing in the major advanced economies.

-- Dan Steinbock, visiting fellow at the Shanghai Institutes for International Studies and founder of the Difference Group, a Shanghai-based think tank