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China in a new period of transition

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Author Info

  • Veasna Kong

    (Treasury, Government of Australia)

  • Adam McKissack

    (Treasury, Government of Australia)

  • Dong Zhang

    (Treasury, Government of Australia)

Registered author(s):

    Abstract

    China’s economic transformation since 1978 has been remarkable. At the commencement of the reform period, China’s per capita GDP was lower than India’s, Pakistan’s, Indonesia’s, and Thailand’s, and about 3 per cent of that of the US. Today, it is multiples above Indian, Pakistani and Indonesian levels, and equivalent to 20 per cent of that of the US. Through a process of reform and opening up, the utilisation of a vast endowment of labour, the rapid accumulation of capital and technological catch up, China has been transformed from a rural agrarian economy to an urban industrial force. However, the structural transformations associated with industrialisation are giving rise to economic challenges and pressure for policy change. Following over three decades of rapid growth, China has reached a period where a heavy reliance on investment and exports has led to the build up of a number of economic, social, and environmental challenges that need to be addressed. While there remains potential for further impressive growth, the favourable conditions that China has benefited from in the past are, in many respects, reaching their ‘use by date’. This presents a range of policy challenges for China’s incoming leadership.

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    Bibliographic Info

    Article provided by Treasury, Australian Government in its journal Economic Roundup.

    Volume (Year): (2012)
    Issue (Month): 4 (December)
    Pages: 42-62

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    Handle: RePEc:tsy:journl:journl_tsy_er_2012_4_2

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    Related research

    Keywords: growth model; economic system; economic development;

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    References

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    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.:
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    1. Barry Bosworth & Susan M. Collins, 2007. "Accounting for Growth: Comparing China and India," NBER Working Papers 12943, National Bureau of Economic Research, Inc.
    2. Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series WP11-10, Peterson Institute for International Economics.
    3. Anthony Rush, 2011. "China's Labour Market," RBA Bulletin, Reserve Bank of Australia, pages 29-38, September.
    4. Johansson, Anders C., 2012. "Financial Repression and China’s Economic Imbalances," Working Paper Series 2012-22, China Economic Research Center, Stockholm School of Economics.
    5. Leon Berkelmans & Hao Wang, 2012. "Chinese Urban Residential Construction," RBA Bulletin, Reserve Bank of Australia, pages 21-26, September.
    6. Jin Liu & Tony McDonald, 2010. "China: growth, urbanisation and mineral resource demand," Economic Roundup, Treasury, Australian Government, issue 2, pages 57-71, July.
    7. David E. Bloom & David Canning & Jaypee Sevilla, 2001. "Economic Growth and the Demographic Transition," NBER Working Papers 8685, National Bureau of Economic Research, Inc.
    8. Brendan Coates & Dougal Horton & Lachlan McNamee, 2012. "China: prospects for export-driven growth," Economic Roundup, Treasury, Australian Government, issue 4, pages 79-102, December.
    9. Wang, Yan & Yao, Yudong, 2003. "Sources of China's economic growth 1952-1999: incorporating human capital accumulation," China Economic Review, Elsevier, vol. 14(1), pages 32-52.
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    Cited by:
    1. Brendan Coates & Dougal Horton & Lachlan McNamee, 2012. "China: prospects for export-driven growth," Economic Roundup, Treasury, Australian Government, issue 4, pages 79-102, December.
    2. Wilson Au-Yeung & Alison Keys & Paul Fischer, 2012. "Australia-China: Not just 40 years," Economic Roundup, Treasury, Australian Government, issue 4, pages 7-41, December.
    3. Paul Hubbard & Samuel Hurley & Dhruv Sharma, 2012. "The familiar pattern of Chinese consumption growth," Economic Roundup, Treasury, Australian Government, issue 4, pages 63-78, December.

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