Has China's Growth Gone from Miracle to Malady?

Eswar Prasad

Brookings Papers on Economic Activity, 2023, vol. 54, issue 1 (Spring), 243-270

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.

Keywords: Emerging markets; China (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.brookings.edu/bpea-articles/emerging-market-challenges/ (text/html)

Related works:
Working Paper: Has China's Growth Gone from Miracle to Malady? (2023)
Working Paper: Has China’s Growth Gone From Miracle to Malady? (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bin:bpeajo:v:54:y:2023:i:2023-01:p:243-270

Access Statistics for this article

More articles in Brookings Papers on Economic Activity from Economic Studies Program, The Brookings Institution Contact information at EDIRC.
Bibliographic data for series maintained by Haowen Chen ().