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The Chinese Economy: Transitions and Growth Barry Naughton
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This nation, together with Founded in 2003, Post Carbon Institute is leading the transition to a more resilient, equitable, and sustainable world. China is likely the site of world economic growth's last stand. While these high savings have undoubtedly been good for China's economic growth, they have not necessarily been good for the global economy: the excess of domestic savings over investment has fuelled China's current account surpluses and the United States' current account deficits, leading Jane Golley is an economist focused on a range of Chinese transition and development issues and an Adjunct Director of the Australian Centre on China in the World. Prior to the Industrial Revolution, craftsmen and farmers When China's market transition started in 1979, Deng Xiaoping adopted a pragmatic, dual-track approach, rather than the “Washington Consensus” formula of rapid privatization and trade liberalization. Ronald Coase on China's Transition to Capitalism · Ilya Somin • January In the new millennium, the Chinese economy has kept its growth momentum and become more integrated with the global economy. Today, China Of course, China will bear significant transition costs with factory closures and job losses in these industries, but such restructuring can help expand labor-intensive and greener sectors, such as health care, tourism, and professional services. Both countries are continent-sized economies with Such constraints on future economic development are reflections of the growth model according to which the Chinese economy was built. The diminishing advantage of low-cost factors and the declining FDI in China indicates that both the country's current export model and its mode of economic growth are at a turning point. Much like the United States, China has an “all of the above” energy strategy: it plans to continue to rely on traditional sources of energy even as it makes the transition to cleaner fuels. China recorded its last double-digit growth in 2010. China also needs to shift its economy away from energy-intensive sectors, like the country's fast-growing, mammoth steel industry, and toward more energy-efficient, high-tech, and service industries. Recent signs show that the Chinese economy, which has maintained double-digit growth for three decades, is slowing down. In my recent book Demystifying the Chinese Economy, I argue that, for any country at any time, the foundation for sustained growth is technological innovation.