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Chinese macroeconomic management through the crisis and beyond

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Author Info

  • Adam McKissack

    (Treasury, Government of Australia)

  • Jessica Xu

    (Treasury, Government of Australia)

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    Abstract

    As in all the other major economies, China’s macroeconomic policy framework was put to the test during the global financial crisis. China applied one of the world’s largest stimulus packages. The package provided a very rapid boost to activity in the Chinese economy, with empirical evidence suggesting the package added around 2-3 per cent to the level of GDP in both 2009 and 2010. The stimulus package was clearly a success for China, but there are challenges in unwinding the effects of the stimulus and addressing structural imbalances. Pressures to rebalance Chinese growth and integrate China further into global capital markets will necessitate changes in China’s macroeconomic policy framework.

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    File URL: http://www.treasury.gov.au/~/media/Treasury/Publications%20and%20Media/Publications/2011/Chinese%20Macroeconomic%20Management%20Through%20the%20Crisis%20and%20Beyond/Downloads/Tsy_WorkingPaper_11_1.ashx
    File Function: First version, 2011
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    Bibliographic Info

    Paper provided by Treasury, Australian Government in its series Treasury Working Papers with number 2011-01.

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    Length: 28 pages
    Date of creation: Jun 2011
    Date of revision: Jun 2011
    Handle: RePEc:tsy:wpaper:wpaper_tsy_wp_2011_1

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    Keywords: economic stimulus; global financial crisis;

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