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The Chinese Economy: Transitions and Growth Barry Naughton
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Chinese economic policymakers will have to reduce explicit government controls and inter- vention and become more comfortable with allowing market mechanisms to guide ever larger segments of the economy. If China's economic growth rate does not slow significantly, I wouldn't expect a lot of restraint on either side. Lardy, an authority on China and its economy, about his book “Sustaining China's Economic Growth After the Global Financial Crisis.” Rebalancing would thus change the sources of demand but not necessarily reduce the long-run rate of economic growth. Despite these Too gradual a transition, however, exposes the Chinese economy to the risk of a sharp correction for an undesirably long period. Of course, there are frictions, so the transition to the new growth model could reduce growth temporarily. Although one-party regimes are the most sophisticated and durable authoritarian system in our times, such If economic growth in China continues, even at 5 percent, for the next twenty years, per capita income in China will reach $20,000 dollars in PPP. Emphasis on urbanisation, services and social development, and consequently also greater reliance on private consumption as a source of economic growth. But when we take a longer-term view, a transition to a multi-party political system in China is a foregone conclusion. Economic growth, it also requires a change in traditional modes of economic policymaking. That question has been front and center in the past weeks as the country completes its leadership transition and after the exposure of its various real estate bubbles during a widely watched 60 Minutes exposé this past It would also mean a collapse of Chinese imports of materials such as copper, which would in turn harm economic growth in emerging countries that continue to be a prime market for American, Asian and European goods.