Underlying Problems with China’s Economic Development

Guoqiang Tian and Xudong Chen ()
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Xudong Chen: Shanghai University of Finance and Economics

Chapter Chapter 13 in China’s Reform: History, Logic, and Future, 2022, pp 161-175 from Springer

Abstract: Abstract One of the salient features of China’s economy is that there is still too much government involvement in terms of range and scope, which goes against the long-term direction of China’s reform and opening-upReform and opening-up. China’s government-driven economy is unsustainable in the long run and cannot maintain its rapid growth forever. However, China’s economic growth rate cannot, and will not, slow down sharply in the short term, as China’s economy is still in the growth stage. Lowering the growth rate may result in massive unemployment and social instability, especially given that China still lacks a sound social securitySocial security system. However, the fact is that China’s economic growth rate has been declining continuously since 2011; by 2019, it had dropped to 6.1%, its lowest level since 1990. This downward trend has not yet been reversed.

Date: 2022
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DOI: 10.1007/978-981-19-5470-2_13

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