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The Chinese Economy: Transitions and Growth Barry Naughton
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Mao's death in 1976 facilitated the transition that took place under Deng Xiaoping. The slowdown makes this transition all the more urgent, because GDP growth in China's service sector produces more jobs than does the industrial sector. The above chart from the Wall Street Journal highlights the major change that has already taken place in the US economy as it transitions to the New Normal. As China accumulated economic and strategic clout, its neighbors benefited from its rapid GDP growth, which spurred their own economies. To make matters worse, this leadership transition was occurring while the Chinese economy stumbled. A few points call for special attention. One consequence of the ensuing drift in the Likewise, the Chinese system is showing the limitations of the current economic growth model that has propelled its steady rise. Presidential election cycle and China's once-in-a-decade leadership transition left both leaderships struggling to sustain momentum in the relationship in the face of powerful forces drawing their respective gazes inward. However, a more significant underlying cause is the fact that China's economic transition may have already started. Ronald Coase on China's Transition to Capitalism · Ilya Somin • January In the new millennium, the Chinese economy has kept its growth momentum and become more integrated with the global economy. The immediate risk facing Mr Li is a prolonged economic downturn if the current stimulus, Domestic investors are more momentum driven, and typically more short-term in focus. GDP growth rates, beginning in the middle of 2011, began to falter. Today, they are particularly focused on the uncertainties associated with the Chinese leadership transition, and on the economic slowdown this year. High and sustained GDP growth rates were based on elevated The metamorphosis of the dragon may involve painful growing pains, including the risks of a hard landing that many analysts attribute to the current transition. The Chinese economy is undergoing a massive transition. It's Mr Li who will be responsible for combating the country's slowing economic growth and, with it, potentially the fate of the world's economy. The country is trying to diversify its economic growth engine from purely exports to an increasingly domestic-oriented economy. The Chinese pattern of rapid growth with structural change has been accompanied by rising economic imbalances, just as the main pillars of growth seem to be gradually weakening. In handling the trade relations with China, it has been suggested to impose duties on the export of raw materials and import of manufactured goods. But it is also due to the growing place of China in international relations, following from its economic development.