# Professor Michael Spence's thoughts on improving the Chinese economy are cited

1 Faculty News September 12, 2015 ![The Economist logo](/sites/default/files/styles/246w/public/assets/images/uat_025662.jpg?itok=1_MW1PTy)>

Excerpt from [The Economist](http://www.economist.com/news/special-report/21663333-bloated-state-owned-sector-must-be-reformed-so-private-firms-can-compete-equal) -- "Progress on the rule of law has been much more halting. Business in China would clearly benefit from a move to a fair and transparent legal system. [Michael Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence), a Nobel prize-winning economist at New York University, points out that such a reform would improve the enforcement of contracts, encourage new entrants and help reduce financial fraud."

[Read more](http://www.economist.com/news/special-report/21663333-bloated-state-owned-sector-must-be-reformed-so-private-firms-can-compete-equal)