The Global Crisis as an Opportunity - the Case of China

Sarmiza Pencea

Revista de Economie Mondiala / The Journal of Global Economics, 2009, vol. 1, issue 4

Abstract: After 30 years of restructuring, high economic growth and development, China could face the onset of the global economic crisis from a very favourable position: it was the third largest economy in the world, the second most important FDI destination, a leading manufacturer in many industries, the second largest exporter and the third largest importer globally and, maybe most importantly, the holder of the highest foreign exchange reserves among nations. This allowed a bold attitude of the Chinese leaders, which aimed not only at subduing the crisis but also at taking the best advantage of it. The governmental prompt response, with a comprehensive interventionist package, to the collapse of the foreign markets, seems to have yielded the expected results, but these results may prove unsustainable in the longer run if the Chinese development model is not changed.

Keywords: China; Chinese economy; Chinese development model; the global economic crisis; stimulus package; industrial policy (search for similar items in EconPapers)
JEL-codes: F23 L14 O25 (search for similar items in EconPapers)
Date: 2009
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