“The New Season of Chinese Economic Miracle” and its Challenges
The investment and export-driven economic model followed by Chinese governments after 1978 served very well their catching-up vision, but China’s unprecedented race to the top had its flaws and drawbacks, leading to negative externalities and multiple structural imbalances. The global economic...
Saved in:
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Nicolae Titulescu University
2014-05-01
|
| Series: | Global Economic Observer |
| Subjects: | |
| Online Access: | http://www.globeco.ro/wp-content/uploads/vol/split/vol_2_no_1/geo_2014_vol2_no1_art_005.pdf |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | The investment and export-driven economic model followed by Chinese governments after
1978 served very well their catching-up vision, but China’s unprecedented race to the top had its
flaws and drawbacks, leading to negative externalities and multiple structural imbalances. The global
economic crisis and the interventionist package implemented to countervail its impact triggered a host
of unwanted, negative outcomes which further aggravated the imbalances of the Chinese economy and
created some new ones. It therefore became more obvious than ever that the old economic model had
reached its limits and it needed to be changed. This task rests with the new cabinet led by premier Li
Keqiang who launched a blueprint of bold reforms, but their implementation will presumably meet the
strong opposition of powerful vested interests. The paper looks at the structural imbalances of the
Chinese economy, highlighting the needed rebalancing processes. It also looks at the reform blueprint
designed by the new leadership, disclosing and discussing some of its main implementation
challenges. |
|---|---|
| ISSN: | 2343-9742 2343-9750 |