How to Sustain the Chinese Economic Miracle

Jörg Bibow

Chinese Economy, 2012, vol. 45, issue 1, 46-73

Abstract: This article investigates China's role in creating global imbalances and argues that the call for a massive renminbi revaluation as a (supposed) panacea is misguided. Apart from acting as a growth leader in the global recovery by boosting domestic demand to offset the slump in exports, China has successfully completed the first stage of rebalancing its economy. The second stage will consist of further strengthening private consumption. This will be best supported by continued reliance on renminbi stability and capital account management.

Date: 2012
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