China in a new period of transition
China’s economic transformation since 1978 has been remarkable. At the commencement of the reform period, China’s per capita GDP was lower than India’s, Pakistan’s, Indonesia’s, and Thailand’s, and about 3 per cent of that of the US. Today, it is multiples above Indian, Pakistani and Indonesian levels, and equivalent to 20 per cent of that of the US. Through a process of reform and opening up, the utilisation of a vast endowment of labour, the rapid accumulation of capital and technological catch up, China has been transformed from a rural agrarian economy to an urban industrial force. However, the structural transformations associated with industrialisation are giving rise to economic challenges and pressure for policy change. Following over three decades of rapid growth, China has reached a period where a heavy reliance on investment and exports has led to the build up of a number of economic, social, and environmental challenges that need to be addressed. While there remains potential for further impressive growth, the favourable conditions that China has benefited from in the past are, in many respects, reaching their ‘use by date’. This presents a range of policy challenges for China’s incoming leadership.
Volume (Year): (2012)
Issue (Month): 4 (December)
|Contact details of provider:|| Postal: |
Phone: +61 2 6263 2111
Fax: +61 2 6273 2614
Web page: http://www.treasury.gov.au
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Johansson, Anders C., 2012. "Financial Repression and China’s Economic Imbalances," Working Paper Series 2012-22, China Economic Research Center, Stockholm School of Economics.
- Barry Bosworth & Susan M. Collins, 2007.
"Accounting for Growth: Comparing China and India,"
NBER Working Papers
12943, National Bureau of Economic Research, Inc.
- Anthony Rush, 2011. "China's Labour Market," RBA Bulletin, Reserve Bank of Australia, pages 29-38, September.
- Brendan Coates & Dougal Horton & Lachlan McNamee, 2012. "China: prospects for export-driven growth," Economic Roundup, The Treasury, Australian Government, issue 4, pages 79-102, December.
- Jin Liu & Tony McDonald, 2010. "China: growth, urbanisation and mineral resource demand," Economic Roundup, The Treasury, Australian Government, issue 2, pages 57-71, July.
- Leon Berkelmans & Hao Wang, 2012. "Chinese Urban Residential Construction," RBA Bulletin, Reserve Bank of Australia, pages 21-26, September.
- Wang, Yan & Yao, Yudong, 2003. "Sources of China's economic growth 1952-1999: incorporating human capital accumulation," China Economic Review, Elsevier, vol. 14(1), pages 32-52.
- Carmen M. Reinhart & M. Belen Sbrancia1, 2015.
"The liquidation of government debt,"
CEPR;CES;MSH, vol. 30(82), pages 291-333.
- Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
- Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," NBER Working Papers 16893, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
- Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series WP11-10, Peterson Institute for International Economics.
- David E. Bloom & David Canning & Jaypee Sevilla, 2001. "Economic Growth and the Demographic Transition," NBER Working Papers 8685, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:tsy:journl:journl_tsy_er_2012_4_2. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (The Treasury (Commonwealth of Australia))
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.