Ronald H. Coase, the father of "new institutional economics" who died recently at age 102, will be missed in developing countries like China. His insights into the role of firms, financial institutions, and the state in shaping markets and supporting economic growth will prove crucial as China works to achieve high-income status.

The Shanghai Free Trade Zone is another strategic move in China’s latest round of boosting opening with further reform, writes Zhang Monan.

On July 18, 2013, Detroit became the largest United States city to file for bankruptcy. Following news of the Motor City’s financial problems, Michael Justin Lee offers a Chinese model to help resurrect the once bustling manufacturing center.

Zhang Monan writes that China’s new round of reform will bring dividends generated by activated domestic consumption, institutional reform and a new round of globalization.

Years of mounting cash deficits and long-term debts have led one of America’s greatest cities to ruin. Today, as the City of Detroit seeks to dig itself out of bankruptcy, Detroit native Tom Watkins encourages China to take a good look at the result of poor city management.

As the proposed free trade zone is about to take off in Shanghai, the megacity’s growth will accelerate, China’s financial reforms will speed up and the competitive impact will be felt in Hong Kong and Singapore, as well as in New York City and London.

As recent reports suggest the Renminbi yuan is going through its most active role in the global trading market in history, Yi Xianrong advises against overestimating what this means for the yuan’s globalization. Yi suggests accelerating the pace at which the yuan is open to the outside world and establishing an effective exchange-rate pricing mechanism before globalization can be discussed.

China’s Central Committee will gather later this year for a session that will shape the outlook of the global economy. Despite hopes that China will announce a rebalancing strategy, Jonathan Holslag believes Beijing will continue its high export policies.

Commenting on Chinese President Xi Jinping’s speech at the G-20 Summit in St. Petersburg, Chen Xiangyang explains the significance of Xi’s remarks highlighting the need for cooperation to ensure stable economic growth across the globe, rather than focusing on the economic crises facing rising and falling powers.

There is inevitable concern that the Chinese Silk Road plan will not be compatible with the US one, and there will be increasing competition between China and the US in Central Asia, writes Su Xiaohui.