Challenges Facing the People’s Republic of China
Edited by Juhzon Zhuang, Paul Vandenberg and Yiping Huang
Chapter 6: The global dimension of rebalancing and sustaining growth
The People’s Republic of China (PRC) faces some extremely demanding challenges in addressing its economic imbalances, sustaining growth, and becoming a high-income country. Now the world’s second largest economy, the PRC is heavily integrated with other economies in trade, finance, resource procurement, and environmental concerns—and these ties significantly influence its policy options and economic strategies. While managing global imbalances will be necessary for achieving sustained, equitable, and balanced growth, this alone will not be sufficient for attaining this pattern of growth or for avoiding a middle-income trap. Instead, the country should aim to achieve these goals by deepening domestic reform and becoming a driver of global economic integration by strengthening an open, rules-based multilateral economic system. But more effort is needed for attaining these goals.
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