Economist Lin Yifu on Post-Crisis Development

Lin Yifu, a senior deputy governor and chief economist at the World Bank, recently spoke with Caixin at his office in Washington. His remarks follow:

Caixin: What lessons should nations have learned from the subprime mortgage and European debt crises?

Lin Yifu: First, for countries and individuals as well, incomes and expenditures should be balanced. Reliance on long-term borrowing is by no means a sustainable course.