Description
Book SynopsisThe growth model of the People's Republic of China (PRC) has been based on high investment and exports, a low-cost advantage, and government interventions. This model has successfully transformed the country from a low-income to an upper middle-income economy. However, the model has generated contradictions that could undermine future growth. Making the transition to high income requires greater reliance on efficiency, productivity, innovation, and market competition.
This book examines the challenges faced by the PRC in sustaining robust growth and offers policy options for making a successful transition to high income while avoiding the middle-income trap. Chapters focus on all aspects of the PRC's economy including: the growth model, the role of government, industrial upgrading, the financial sector, fiscal management, human capital, the services sector, urbanization, labor market transitions, aging and the pension system, income inequality, managing external economic relations, and water scarcity.
Policy analysts, researchers, academics, and students interested in the growth and development prospects of the PRC will find this book invaluable, as will practitioners and policymakers in government agencies and international organizations.
Contributors: L. Brandt, F. Cai, J. Huang, Y. Huang, K. Jia, Y. Jiang, X. Lei, L. Li, J. Liu, Y.F. Lommen, N. Lustig, J. Ros, L. Song, P. Vandenberg, G. Wan, M. Wang, W.T. Woo, L. R.Wray, J. Xu, Y. Yao, C. Zhang, Y. Zhao, J.Zhuang
Table of ContentsContents: Foreword by Takehiko Nakao Preface PART I OVERVIEW AND SYNTHESIS 1. The Middle-income Transition Challenge: An Introduction Juzhong Zhuang, Paul Vandenberg and Yiping Huang 2. Sustaining Long-term Growth: Challenges and Risks Juzhong Zhuang, Paul Vandenberg, and Yiping Huang 3. Avoiding the Middle-income Trap: Policy Options and Long-term Outlook Juzhong Zhuang, Paul Vandenberg, and Yiping Huang PART II REFORM AND REBALANCING IN NATIONAL AND GLOBAL PERSPECTIVES 4. From Economic Miracle to Normal Development Yiping Huang 5. The Role of Government in Economic Growth Yang Yao 6. The Global Dimension of Rebalancing and Sustaining Growth Ligang Song 7. Lessons from Catch-up Growth in East Asia Wing Thye Woo 8. Crises, Exchange Rate Management, and Inequality: Lessons from Latin America Nora Lustig and Jaime Ros PART III MACROECONOMIC AND STRUCTURAL CHANGES 9. Monetary and Fiscal Operations: A Look at the Options Yolanda Fernandez Lommen and L. Randall Wray 10. Public Finance and Fiscal Sustainability Jia Kang and Junmin Liu 11. Industrial Upgrading: Experiences and Policy Lessons Loren Brandt 12. Industrial Upgrading: Can Progress Continue? Paul Vandenberg 13. Striving for a Strong Services Sector Jianguo Xu 14. Managing Urbanization Lixing Li PART IV SOCIAL, DEMOGRAPHIC, AND ENVIRONMENTAL CHANGE 15. Making Growth more Inclusive Guanghua Wan and Juzhong Zhuang 16. Demographic Change and Its Consequences for the Labor Market Fang Cai 17. Education and Human Capital Development Meiyan Wang 18. Old-age Support and Protection Xiaoyan Lei, Chuanchuan Zhang, and Yaohui Zhao 19. Managing Water Resources for Sustainable Growth Yi Jiang and Jingmin Huang Index
