Proactive Macroeconomic Management

David Daokui Li (), Ming Feng (), Shaobo Long (), Gangming Yuan (), Peng Zhou () and Yusha Li ()
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David Daokui Li: An Academic Center for Chinese Economic Practice and Thinking (ACCEPT), Tsinghua University
Ming Feng: National Academy of Economic Strategy, CASS
Shaobo Long: An Academic Center for Chinese Economic Practice and Thinking (ACCEPT), Tsinghua University
Gangming Yuan: An Academic Center for Chinese Economic Practice and Thinking (ACCEPT), Tsinghua University
Peng Zhou: China International Capital Corporation Limited
Yusha Li: An Academic Center for Chinese Economic Practice and Thinking (ACCEPT), Tsinghua University

A chapter in Economic Lessons from China’s Forty Years of Reform and Opening-up, 2021, pp 183-251 from Springer

Abstract: Abstract China has achieved a relatively stable and high-speed economic growth for four decades since 1978. At the same time, China has maintained a significantly lower inflation than that of other emerging economies and transition countries during their respective high growth and transition periods. China managed to avoid a real economic crisis and successfully responded to major external shocks, which has also been a great contribution to world economic stability and the so called “the Great Moderation” in developed economies since the 1980s. In this chapter, we analyze the microeconomic mechanisms why developing countries are prone to high macroeconomic fluctuations, review the history of China’s macroeconomic management since 1978, and summarize the “three arrows” used by the Chinese government to implement macroeconomic management. The take home message of this chapter is that the central government of developing countries must manage its macroeconomy proactively during economic take-off.

Keywords: Macroeconomic management; Macroeconomic fluctuations; Economic take-off (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-981-33-4520-1_6

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