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The Global Crisis as an Opportunity - the Case of China

  • Sarmiza Pencea

After 30 years of restructuring, high economic growth and development, China could face the onset of the global economic crisis from a very favourable position: it was the third largest economy in the world, the second most important FDI destination, a leading manufacturer in many industries, the second largest exporter and the third largest importer globally and, maybe most importantly, the holder of the highest foreign exchange reserves among nations. This allowed a bold attitude of the Chinese leaders, which aimed not only at subduing the crisis but also at taking the best advantage of it. The governmental prompt response, with a comprehensive interventionist package, to the collapse of the foreign markets, seems to have yielded the expected results, but these results may prove unsustainable in the longer run if the Chinese development model is not changed.

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Article provided by Institute for World Economy, Romanian Academy in its journal Revista de Economie Mondiala.

Volume (Year): 1 (2009)
Issue (Month): 4 (December)
Pages:

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Handle: RePEc:iem:journl:v:1:y:2009:i:4:id:2822000008754047
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