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Barry Naughton

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Barry Naughton

Changes in economic structure have caused China’s international political economy falling to divide into two strikingly different periods. During the rapid growth period from 1978 until an obvious turning point in 2006–07, economic conditions were dominated by labor force growth, high investment, and rapid expansion of exports. The central policy issues therefore related to export growth; an export-growth coalition favoring policies of undervaluation and investment promotion was partially balanced by a financial stability coalition that urged restraint in implementing these policies. In the second period, since 2007, labor force growth has slowed, wages have increased rapidly, and exports have declined in relative importance. Issues relating to financial internationalization and government international influence have become central. A group that seeks to maximize direct government international influence is partially balanced by a group favoring broader financial liberalization.