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Has China’s Growth Gone From Miracle to Malady?
Eswar S. Prasad 2023-04-25
China’s remarkable run of persistently high growth in recent decades is all the more stunning in light of the country’s low levels of financial and institutional development, state-dominated economy, and nondemocratic government. Notwithstanding the inefficient and risky growth model, the government has maneuvered the economy around various stresses without any major financial or economic crash. With a shrinking labor force and declining efficiency of investment, raising productivity growth is key to maintaining reasonable GDP growth. Unbalanced reforms, a schizophrenic approach to the role of the market versus the state, and strains in financial and property markets could result in significant volatility but a financial or economic collapse is not in the cards.
이전글 | 국제유가 향방의 핵심 변수인 중국 원유수요 점검 | 2023-04-25 |
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다음글 | BigTech credit and monetary policy transmission : Micro-level evidence from China | 2023-04-25 |