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China: A Study of Dynamic Growth

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  • Shane, Matthew
  • Gale, Fred

Abstract

Few countries have been able to match China’s sustained economic growth, which has averaged more than 8 percent annually since 1978. The combination of size and rapid growth make China’s economy a major driver in global economic change. China’s growth has been largely investment driven, with investment consuming roughly 40 percent of gross domestic product. Gains in factor productivity were realized after China abandoned strict central planning. China’s opening to foreign trade and investment has also been a key to growth. Conditions suggest that rapid growth will continue in coming years. However, the Chinese economy faces potentially unsustainable pressures, including possible currency appreciation, rising rural-urban inequality, unemployment, banking reforms, and an unusual combination of inflationary and deflationary tendencies that could slow China’s growth.

Suggested Citation

  • Shane, Matthew & Gale, Fred, 2004. "China: A Study of Dynamic Growth," Miscellaneous Publications 401297, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersmp:401297
    DOI: 10.22004/ag.econ.401297
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    References listed on IDEAS

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    1. repec:wbk:wbpubs:13890 is not listed on IDEAS
    2. Franco Modigliani & Shi Larry Cao, 2004. "The Chinese Saving Puzzle and the Life-Cycle Hypothesis," Journal of Economic Literature, American Economic Association, vol. 42(1), pages 145-170, March.
    3. Alwyn Young, 2003. "Gold into Base Metals: Productivity Growth in the People's Republic of China during the Reform Period," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1220-1261, December.
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