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China: Coming to Grips with the New Global Player

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  • Horst Siebert
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    Abstract

    This paper analyses China's economic performance in the last 25 years and discusses its prospect for growth in the future. Exports and investment have been the two driving forces for the high annual GDP growth rates. FDI plays an important role. However, structural issues such as the loss-making state-owned firms and the fragile banking industry have to be solved. Monetary policy is complicated by the accumulation of reserves which, however, provide an insurance for the fragile banking system. Property rights, a crucial element in transforming a communist society, are far from being clearly developed. Major policy issues in the future include the correction of the distorted growth process and of the institutional deficits, especially with respect to the rule of law and the lack of democracy. Copyright 2007 The Author Journal compilation 2007 Blackwell Publishing Ltd .

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal World Economy.

    Volume (Year): 30 (2007)
    Issue (Month): 6 (06)
    Pages: 893-922

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    Handle: RePEc:bla:worlde:v:30:y:2007:i:6:p:893-922

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    Cited by:
    1. Horst Siebert, 2007. "China – opportunities of and constraints on the new global player," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 8(4), pages 52-61, 01.
    2. Maria Herrerias, 2010. "The causal relationship between equipment investment and infrastructures on economic growth in China," Frontiers of Economics in China, Springer, vol. 5(4), pages 509-526, December.
    3. Pearson, Joseph & Viviers, Wilma & Cuyvers, Ludo & Naudé, Wim, 2010. "Identifying export opportunities for South Africa in the southern engines: A DSM approach," International Business Review, Elsevier, vol. 19(4), pages 345-359, August.
    4. Horst Siebert, 2008. "China-Opportunities of and Constraints on the New Global Player," Working Papers 2008/13, Turkish Economic Association.

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