Demystifying China's economic growth: Retrospect and propect

This chapter provides both a retrospective and prospective view of China’s economic growth since 1978. It starts with a review of China’s economic spurt from the reforms of the late 1970s, before investigating how this success has been driven by the demographic dividend, high savings rate, outwardoriented development strategy, as well as rising total factor productivity. The chapter then studies the challenges arising from a diminishing demographic dividend, growing structural imbalance, as well as macro instability and financial risk, which threaten the sustainability of China’s economic growth. Finally, the chapter suggests some pillars to maintain sustainable economic growth and avoid the middle-income trap, including deepening reforms in the financial, household registration and education systems; accelerating structural rebalancing; and replacing massive stimulus with mini-stimulus.

Связанные Темы : Economic and Social Development

Countries: China