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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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China’s middle-income transition and evolving inclusive growth strategy

China’s middle-income transition and evolving inclusive growth strategy

Chapter:
(p.80) 10 China’s middle-income transition and evolving inclusive growth strategy
Source:
The Oxford Companion to the Economics of China
Author(s):

Michael Spence

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199678204.003.0011

This chapter examines China’s middle-income transition, characterized by higher per capita income and slower growth. It identifies the structural changes that need to happen, supported by public investment and policy initiatives. A key feature of the transition in China is an expansion of the market side of the economy relative to the state directed sector. The economy needs to change its mode of value creation toward capital, human capital, and knowledge intensive activity. The chapter summarizes the key elements of the coming transition and considers the role of the Communist Party in making these changes.

Keywords:   Chinese economy, economic change, economic growth, economic policies, middle-income transition

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