Will Trump's tax cuts go the Reagan way?

Editor's Note: The Center for China and Globalization, a Beijing-based think tank, recently organized a seminar on the impact of the US tax reduction bill on other economies. Following are excerpts from the speeches delivered by three participants:

China must guard against ill effects

The passing of the tax bill is a personal triumph for US President Donald Trump. But the reduction of taxes by such a big margin will increase the financial burden of the United States federal government, and the largest beneficiaries will be the 1 percent richest people.