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The Chinese Economy: Transitions and Growth Barry Naughton
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As the country prepares for only its second organized transfer of power since 1949 the incoming leadership Our hope remains that China's transition to a more sustainable trajectory will be measured, peaceful and as smooth as possible. China's working age to non-working age population ratio Jane Golley. Market Forces and the Chinese Economic Transition. The volume of trade misinvoicing between mainland China and the United States rose to US$72.0 billion before the financial crisis of 2008, but has declined since then, probably as a result of lower growth in bilateral trade between the countries. 1993), Barry Naughton, The Chinese Economy : Transitions and. However, a more significant underlying cause is the fact that China's economic transition may have already started. Naughton, Barry, 2007, The Chinese Economy Transitions and Growth, Boston, Massachusetts: MIT Press. Not all gifts are given freely, however. When I chat with people about China's economic growth, I often hear a story that goes like this: The main driver's behind China's growth is that it uses a combination of cheap labor and an undervalued exchange rate to create huge trade surpluses. Logic of Economic Reform in China, California Series on Social Choice and Political Economy ; 24 (Berkeley: University of California Press,. Case in point: China, where labor shortages are working to slow growth in the nation's economy. Amidst increased domestic concern over inequality and corruption, GFI's study raises serious questions about the stability of the Chinese economy merely two weeks before the once-in-a-decade leadership transition. She said that the economic transition taking place in China – less reliance on fixed asset investment and more consumption – will impact demand growth for industrial metals. Since its departure from Communism and the liberalization of its economy, China has experienced extremely high economic growth rates, raised hundreds of millions of people out of poverty, and has become a central component of the global economy due to its high degree of integration and essential role in the supply chain (Sachs, 2005, 165-169). McKinsey Quarterly (January 2013): China's economy is starting its historic shift to a more consumption- and service-driven model that should help sustain the country's growth, albeit at a slower rate, over the next decade and beyond. Market forces always work to whatever to work toward long-term good. As the world's fastest growing economy, this has amounted to a substantial gift indeed. No sane American can wish China ill. China's economy is forecast to boom from 2013, but this may not necessarily translate into a big price rally for metals, as intensity of usage is leveling off in the country due to changes in its economic growth model. Decades of rapid economic growth granted legitimacy to the Chinese Communist Party and helped minimize social unrest. A few points call for special attention.