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Transforming China

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  • Papa M'B. P. N'Diaye
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    Abstract

    China is poised on the brink of a transition to a service-based economy. The Japanese experience of the 1980s provides several insights about the way to manage such a transition and the downsides to avoid. In particular Japan offers useful insights on (1) the limits to an export-oriented growth strategy; (2) the role of exchange rate, macroeconomic policies, and structural reforms in rebalancing the economy toward the nontradables sector; and (3) the risks associated with financial liberalization. The similarities between the Chinese economy today and the Japanese economy of the 1980s make these insights relevant for China. However, with the benefit of analyzing the Japanese experience and, given the important differences between the two economies, China should be able to successfully rebalance its growth pattern while avoiding the downsides encountered by Japan.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/284.

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    Length: 20
    Date of creation: 01 Dec 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/284

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    Related research

    Keywords: Bank supervision; Current account surpluses; Economic growth; Exchange rate adjustments; Export markets; Financial systems; Private consumption; Savings; Services sector; Production; deposit rates; financial liberalization; domestic demand; financial system; bonds; financial markets; deposit interest rates; deposit interest; current account surplus; interest rate liberalization; asset markets; output growth; financial sector; money market certificates; bond; current account balance; unemployment rate; protectionist measures; financial institutions; tax incentives; oil shock; money market; reserve requirements; domestic market; regional trade; domestic savings; bond fund; net exports; international trade; zero-coupon bonds; economic outcomes; domestic banks; external position; domestic investment; trading partners; world markets; external pressures; trade volumes; increased trade; current account deficit; stock exchange; national bond; oil prices; per capita income; bond future; financial deregulation; regulatory framework; protectionist pressure; coupon bonds; financial instruments; import restrictions; financial reform; global markets; deposit insurance; government bonds; guaranteed bonds;

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    Cited by:
    1. Meixing Dai, 2011. "Motivations and strategies for a real revaluation of the Yuan," Working Papers of BETA 2011-23, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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