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Overview of Economic Reforms and Outcomes, from How China Grows: Investment, Finance, and Reform

In: How China Grows: Investment, Finance, and Reform

Author

Listed:
  • James Riedel

    (Johns Hopkins University School of Advanced International Studies)

  • Jing Jin

    (UBS AG Hong Kong, Beijing Central University of Finance and Economics)

  • Jian Gao

    (China Development Bank, Beijing)

Abstract

Although China's economy has grown spectacularly over the last twenty-five years, economists disagree about how the Chinese economy is likely to fare in the short- and long-term future. Is China's growth sustainable, or has China relied too much on investment, which is subject to diminishing returns, and not enough on technological change? The first book on the relation between investment, finance, and growth in China, How China Grows dismisses this concern. James Riedel, Jing Jin, and Jian Gao argue that investment has not only been the engine of growth, but also the main source of technological progress and structural change in China. What threatens future growth instead, the authors argue, are the weaknesses of China's financial system that undermine efficiency in investment allocation. Financial-sector reform and development are necessary, not only for sustaining long-term growth, but also for maintaining macroeconomic stability. Although it includes some technical economic analysis, How China Grows is accessible to noneconomists and will benefit anyone who is interested in development finance in general and in China's economic growth in particular--whether economists, political scientists, bankers, or business people

Suggested Citation

  • James Riedel & Jing Jin & Jian Gao, 2007. "Overview of Economic Reforms and Outcomes, from How China Grows: Investment, Finance, and Reform," Introductory Chapters,in: How China Grows: Investment, Finance, and Reform Princeton University Press.
  • Handle: RePEc:pup:chapts:8443-1
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    Citations

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    Cited by:

    1. Fan, Haichao & Lai, Edwin L.-C. & Li, Yao Amber, 2015. "Credit constraints, quality, and export prices: Theory and evidence from China," Journal of Comparative Economics, Elsevier, vol. 43(2), pages 390-416.
    2. Sai Ding & Alessandra Guariglia & John Knight, "undated". "Negative investment in China: financing constraints and restructuring versus growth," Discussion Papers 12/01, University of Nottingham, GEP.
    3. Sai Ding & Alessandra Guariglia & John Knight, "undated". "Does China overinvest? Evidence from a panel of Chinese firms," Discussion Papers 12/04, University of Nottingham, GEP.

    More about this item

    Keywords

    China; economic reform; investment; finance; growth; technological progress; structural change; stability;

    JEL classification:

    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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