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Chinese macroeconomic management through the crisis and beyond


  • Adam McKissack

    (Treasury, Government of Australia)

  • Jessica Xu

    (Treasury, Government of Australia)


As in all the other major economies, China’s macroeconomic policy framework was put to the test during the global financial crisis. China applied one of the world’s largest stimulus packages. The package provided a very rapid boost to activity in the Chinese economy, with empirical evidence suggesting the package added around 2-3 per cent to the level of GDP in both 2009 and 2010. The stimulus package was clearly a success for China, but there are challenges in unwinding the effects of the stimulus and addressing structural imbalances. Pressures to rebalance Chinese growth and integrate China further into global capital markets will necessitate changes in China’s macroeconomic policy framework.

Suggested Citation

  • Adam McKissack & Jessica Xu, 2011. "Chinese macroeconomic management through the crisis and beyond," Treasury Working Papers 2011-01, The Treasury, Australian Government, revised Jun 2011.
  • Handle: RePEc:tsy:wpaper:wpaper_tsy_wp_2011_1

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      Cited by:

      1. Chen, Quanrun & Dietzenbacher, Erik & Los, Bart & Yang, Cuihong, 2016. "Modeling the short-run effect of fiscal stimuli on GDP: A new semi-closed input–output model," Economic Modelling, Elsevier, vol. 58(C), pages 52-63.
      2. Burdekin, Richard C.K. & Weidenmier, Marc D., 2015. "Assessing the impact of the Chinese stimulus package at home and abroad: A damp squib?," China Economic Review, Elsevier, vol. 33(C), pages 137-162.
      3. Yuan, Wenlong & Bao, Yongjian & Olson, Bradley J., 2017. "CEOs’ ambivalent interpretations, organizational market capabilities, and corporate entrepreneurship as responses to strategic issues," Journal of World Business, Elsevier, vol. 52(2), pages 312-326.

      More about this item


      economic stimulus; global financial crisis;

      JEL classification:

      • E00 - Macroeconomics and Monetary Economics - - General - - - General
      • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)


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