Overview of Economic Reforms and Outcomes, from How China Grows: Investment, Finance, and Reform

James Riedel (), Jing Jin and Jian Gao
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Jian Gao: China Development Bank, Beijing

A chapter in How China Grows: Investment, Finance, and Reform, 2007 from Princeton University Press

Abstract: Although China's economy has grown spectacularly over the last twenty-five years, economists disagree about how the Chinese economy is likely to fare in the short- and long-term future. Is China's growth sustainable, or has China relied too much on investment, which is subject to diminishing returns, and not enough on technological change? The first book on the relation between investment, finance, and growth in China, How China Grows dismisses this concern. James Riedel, Jing Jin, and Jian Gao argue that investment has not only been the engine of growth, but also the main source of technological progress and structural change in China. What threatens future growth instead, the authors argue, are the weaknesses of China's financial system that undermine efficiency in investment allocation. Financial-sector reform and development are necessary, not only for sustaining long-term growth, but also for maintaining macroeconomic stability. Although it includes some technical economic analysis, How China Grows is accessible to noneconomists and will benefit anyone who is interested in development finance in general and in China's economic growth in particular--whether economists, political scientists, bankers, or business people

Keywords: China; economic reform; investment; finance; growth; technological progress; structural change; stability (search for similar items in EconPapers)
JEL-codes: O53 (search for similar items in EconPapers)
Date: 2007
ISBN: 9780691125626
References: Add references at CitEc
Citations: View citations in EconPapers (9)

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