“The New Season of Chinese Economic Miracle” and its Challenges
AbstractThe investment and export-driven economic model followed by Chinese governments after 1978 served very well their catching-up vision, but China’s unprecedented race to the top had its flaws and drawbacks, leading to negative externalities and multiple structural imbalances. The global economic crisis and the interventionist package implemented to countervail its impact triggered a host of unwanted, negative outcomes which further aggravated the imbalances of the Chinese economy and created some new ones. It therefore became more obvious than ever that the old economic model had reached its limits and it needed to be changed. This task rests with the new cabinet led by premier Li Keqiang who launched a blueprint of bold reforms, but their implementation will presumably meet the strong opposition of powerful vested interests. The paper looks at the structural imbalances of the Chinese economy, highlighting the needed rebalancing processes. It also looks at the reform blueprint designed by the new leadership, disclosing and discussing some of its main implementation challenges.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences & Institute for World Economy of the Romanian Academy in its journal Global Economic Observer.
Volume (Year): 2 (2014)
Issue (Month): 1 (May)
Web page: http://www.iem.ro/
China; development model; structural imbalances; economic rebalancing; economic reforms;
Find related papers by JEL classification:
- O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
- P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
- P33 - Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid
- P35 - Economic Systems - - Socialist Institutions and Their Transitions - - - Public Finance
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ettore Dorrucci & Gabor Pula & Daniel SantabÃ¡rbara, 2013.
"Chinaâ€™s economic growth and rebalancing,"
Banco de Espaï¿½a Occasional Papers
1301, Banco de Espaï¿½a.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Stefan Ciucu).
If references are entirely missing, you can add them using this form.