Growth and Resilience in an Uncertain Global Economy
Edited by Hal Hill and Maria Socorro Gochoco-Bautista
Chapter 11: People’s Republic of China
The economy of the People’s Republic of China (PRC) is the most remarkable economic growth and transformation story of the recent decades. It has transformed from a centrally planned economy to a transitional mixed economy and from a poor agrarian economy into an industrial powerhouse and economic superpower. The growth and transformation originated with the economic reforms that began in 1978 and have propelled the roles of exports and foreign direct investment. Following the onset of the global economic recession (GER) in 2008 the world has had two perspectives of the PRC. The positive perspective views the PRC as an engine of growth that is crucial to recovery of the Asian and global economies. The negative perspective blames the PRC for the problems associated with global imbalances and puts the country under intense pressure to address its trade and current account surpluses and to appreciate its undervalued currency. This chapter analyzes the PRC’s economic growth and transformation from the period prior to the recent GER to the policy responses and performance in the wake of the crisis. The chapter then examines the issue of structural imbalances and the challenge of rebalancing. Finally, it examines the PRC’s growth prospects and the features of the 12th Five- Year Development Plan (2011–15), and ends with a conclusion.
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