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The People’s Republic of China and Global Imbalances from a View of Sectorial Reforms

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  • Hiro Ito

    (Asian Development Bank Institute (ADBI))

  • Ulrich Volz

Abstract

This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on the People’s Republic of China (PRC). In particular, we investigate to what extent reforms pertaining to the financial sector, social protection, and healthcare may contribute to a rebalancing of the PRC’s persistent current account imbalances. Our forecasting results suggest that reforming the financial sector would be a significant contributor to the country’s rebalancing with an effect much larger than that of capital account liberalization. Strengthened provisions of social protection and publicly-funded healthcare are also found to contribute to a rebalancing of the PRC economy.

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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Macroeconomics Working Papers with number 23353.

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Date of creation: Nov 2012
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Handle: RePEc:eab:macroe:23353

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Keywords: the PRC and Global Imbalances; financial sector; current account imbalances; Capital account liberalization; social protection; rebalancing;

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