Derek M. Scissors is a resident scholar at the American Enterprise Institute (AEI), where he studies Asian economic issues and trends. In particular, he focuses on the Chinese and Indian economies and US economic relations with China and India. Scissors is also an adjunct professor at George Washington University, where he teaches a course on the Chinese economy.
Before joining AEI, Scissors was a senior research fellow in the Asian Studies Center at the Heritage Foundation. He has also worked in London for Intelligence Research Ltd., taught economics at Lingnan University in Hong Kong, and served as an action officer in international economics and energy for the US Department of Defense.
Scissors has a bachelor’s degree in economics from the University of Michigan, a master’s degree in economics from the University of Chicago, and a doctorate in international political economy from Stanford University.
Adjunct Professor in Chinese Economy, Department of Economics, Columbian College of Arts & Sciences, George Washington University, 2000–present
Senior Research Fellow in Economics, Asian Studies Center, Heritage Foundation, 2008–13
Economist Specializing in Chinese Economy, Intelligence Research Ltd., Courcy’s Intelligence Service, London, 1998–2008
Lecturer, Department of Economics, Lingnan University, Hong Kong, 1994–97
Action Officer in International Economics and Energy, International Security Affairs, Office of the Secretary of Defense, US Department of Defense, 1989–90
Ph.D., international political economy, Stanford University M.A., economics, University of Chicago A.B., economics, University of Michigan
Despite April's national elections, there is no point expecting India to soon adopt an ideal program for economic reform. Democracies rarely adopt ideal policies and India, still full of only partly reconstructed socialists, has not entirely made up its mind as to what it wants, much less how to achieve it. Nonetheless, the election offers something of an opportunity.
India's national elections begin on April 7. If India hopes to become a global economic power to match China, there are three important steps the country must take for economic reform. AEI resident scholar Derek Scissors outlines a plan for India's economy to soar.
The defense of the US offered by Australia's foreign minister Julie Bishop and others is unsatisfying, and the case for China is reasonable. However, Australians and others should be mindful that China's current importance is probably transient and there are subtle reasons to regard the US as Australia's key partner.
China holds a large amount of US Treasury bonds and changes in their holdings are often treated as important. Most recently, China's holdings of Treasuries were said to drop almost $50 billion in December. This is seen by some as portending loss of faith in the dollar and perhaps rising US interest rates. This view is mostly wrong, including the apparent fact that China cut Treasury holdings.
China’s economic challenges are multidimensional and extensive, and the 2013 plenum was the best reform opportunity for years to come. Yet, the reforms themselves are flawed in multiple ways—most are inauthentic, uncredible, or nonviable. Instead, the areas of land and finance offer more limited prospects for true reform.
China announced its 2013 economic results Monday. Gross Domestic Product (GDP) grew 7.7 percent to RMB56.9 trillion - about US$9.3 trillion. It may seem odd that GDP and other statistics measuring the actions of 1.3 billion people can be compiled in barely three weeks, but it's comparatively normal. After all, the inflation rate was compiled in nine days.