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China's economy: From past to future

Author

Listed:
  • Vito Tanzi

    (Fiscal Affairs Department, International Monetary Fund (IMF), Washington, DC, USA
    International Institute of Public Finance, Munich, Germany)

Abstract

Why did China grow so fast in the past four decades? What were the main factors? Important ones were: attitude of government; opening to the world; role of culture; exploitation of technological gap; role of foreign trained students; and role of government in the creation of modern infrastructure. These factors are likely to play a much smaller role in the future while several negative factors –populism, trade wars, environmental obstacles, aging of the population, authoritarianism and others are likely to lead to significantly lower growth rates.

Suggested Citation

  • Vito Tanzi, 2020. "China's economy: From past to future," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 70(s), pages 117-126, September.
    • Handle: RePEc:aka:aoecon:v:70:y:2020:i:s:p:117-126
    DOI: 10.1556/032.2020.00029
    Note: Ehtisham Ahmad and Alex Tanzi discussed with me some of the issues in this paper and provided some useful information. I am grateful to both of them.
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    More about this item

    Keywords

    economic growth; factors that contribute to growth; catching up hypothesis; technology gap; human capital; openness; populism; trade wars;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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