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China: Understanding a new global economic player

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  • Siebert, Horst

Abstract

This paper analyzes China's economic performance in the last 25 years and discusses its prospect for growth in the future. China has enjoyed high annual GDP growth rates of about ten percent in the last 25 years. Exports and investment were the two driving forces of the growth process. FDI plays an important role. However, property rights, a crucial element in transforming a communist society, are far from being clearly developed. Structural issues such as the state-owned firms and the loss-making of the banking industry have to be solved. Monetary policy is complicated by the accumulation of reserves. Major policy issues in the future include the institutional deficit, especially with respect to the rule of law and the lack of democracy.

Suggested Citation

  • Siebert, Horst, 2006. "China: Understanding a new global economic player," Kiel Working Papers 1278, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:1278
    as

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    File URL: https://www.econstor.eu/bitstream/10419/3824/1/kap1278.pdf
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    References listed on IDEAS

    as
    1. Mr. Eswar S Prasad, 2004. "China's Growth and Integration into the World Economy: Prospects and Challenges," IMF Occasional Papers 2004/006, International Monetary Fund.
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    Cited by:

    1. Siebert, Horst, 2006. "International exchange rate systems: Where do we stand?," Kiel Working Papers 1288, Kiel Institute for the World Economy (IfW Kiel).

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    More about this item

    Keywords

    FDI; Developing countries; Transformation; Exchange rate policy; Property rights; Future scenarios; Growth process;
    All these keywords.

    JEL classification:

    • K - Law and Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • F10 - International Economics - - Trade - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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