Economist Joseph Stiglitz on how China makes entire global economy unstable | HTLS 2026

Nobel Prize-winning economist Dr Joseph E. Stiglitz has said China needs to change its economic model as it faces the challenge of sustaining its growth. Speaking at the Hindustan Times Leadership Summit 2026, Stiglitz said China's rise over the past three decades had been driven by its strength as a manufacturing power. He noted that few would have expected China to emerge as such a strong competitor to the United States. However, Stiglitz argued that Beijing now needs to shift towards meeting more domestic and general demand, including improving healthcare and creating more liveable cities. He also said China had found it difficult to adapt to this economic transition.