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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Rebalancing China’s growth

Rebalancing China’s growth

(p.75) 9 Rebalancing China’s growth
The Oxford Companion to the Economics of China

Ligang Song

Oxford University Press

This chapter examines China’s economic imbalance and the need for rebalancing. China’s international payments surpluses during the first decade of the twenty-first century have been accompanied by deepening domestic structural risks to economic growth and development. These structural risks include the composition of growth resulting from China’s dynamic internal transformation; the overcapacity in a number of industries, the real estate bubbles, the local government debts, and associated financial strains; China’s high export dependence; the trajectory and intensity of resource use and CO2 emissions; welfare problems of distribution; and international market constraints. China must confront these challenges through deepened reform in order to put its growth path onto a more sustainable trajectory in the future. However, addressing economic imbalances and sustaining growth against a backdrop of heightened domestic and international uncertainty remains a huge challenge.

Keywords:   rebalancing economic growth, economic reform, Chinese economy, trade orientation, resources

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