Has China’s Growth Gone From Miracle to Malady?

Eswar Prasad

No 31151, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: China’s remarkable run of persistently high growth in recent decades is all the more stunning in light of the country’s low levels of financial and institutional development, state-dominated economy, and nondemocratic government. Notwithstanding the inefficient and risky growth model, the government has maneuvered the economy around various stresses without any major financial or economic crash. With a shrinking labor force and declining efficiency of investment, raising productivity growth is key to maintaining reasonable GDP growth. Unbalanced reforms, a schizophrenic approach to the role of the market versus the state, and strains in financial and property markets could result in significant volatility but a financial or economic collapse is not in the cards.

JEL-codes: E2 F3 F4 O4 O53 (search for similar items in EconPapers)
Date: 2023-04
New Economics Papers: this item is included in nep-cna and nep-fdg
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Published as Eswar Prasad, 2023. "Has China's Growth Gone from Miracle to Malady?," Brookings Papers on Economic Activity, vol 2023(1), pages 243-270.

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