China's Economy in Transition: From External to Internal Rebalancing

Business & Finance, Economics, Public Finance, Finance & Investing, Banks & Banking, Macroeconomics
Cover of the book China's Economy in Transition: From External to Internal Rebalancing by Anoop  Mr. Singh, Malhar  Mr. Nabar, Papa M Mr. N'Diaye, INTERNATIONAL MONETARY FUND
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Author: Anoop Mr. Singh, Malhar Mr. Nabar, Papa M Mr. N'Diaye ISBN: 9781484321935
Publisher: INTERNATIONAL MONETARY FUND Publication: November 7, 2013
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Anoop Mr. Singh, Malhar Mr. Nabar, Papa M Mr. N'Diaye
ISBN: 9781484321935
Publisher: INTERNATIONAL MONETARY FUND
Publication: November 7, 2013
Imprint: INTERNATIONAL MONETARY FUND
Language: English
China’s current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China’s external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China’s national economy. This increasing reliance on fixed investment as the main driver of China’s growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.
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China’s current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China’s external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China’s national economy. This increasing reliance on fixed investment as the main driver of China’s growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.

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