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China's Macroeconomic Development: The Role of Gradualist Reforms
Kaiji Chen, Tao Zha 2023-07-18
This paper reviews recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist approach over the past four decades. Beyond China's structural transformation, we explore various aspects such as high saving rates, the housing boom, an expanding current account surplus, and rising inequality. We propose a unifying framework that encapsulates key development stages, contrasting gradualism with a laissez-faire counterfactual. Our analysis illustrates how China's gradual policy reforms, amidst highly imperfect financial markets, have effectively helped spur GDP growth throughout its macroeconomic evolution. We highlight the tradeoffs between accelerating GDP growth and safeguarding China's long-term financial stability.
이전글 | 중국, 중소기업의 디지털화 전환을 위한 도시 시범사업 추진 | 2023-07-19 |
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다음글 | 2023년 도시 부동산 개발 투자 매력 도시 순위 | 2023-07-18 |