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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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International macro-economic impact of domestic change

(p.173) 25 China
The Oxford Companion to the Economics of China

Ross Garnaut

Oxford University Press

This chapter examines the factors that have driven the changes in Chinese savings, investment, and current account surpluses through the late twentieth and early twenty-first centuries; considers recent developments in Chinese economic policy and structure; and seeks insights for future developments from this analysis. The post-2011 changes in China’s macro-economic development are so large that they amount to a new model of economic growth. If sustained under the influence of growing labour scarcity and government policy it would see immense structural change and the moderation of aggregate growth of output from an average of nearly 10 per cent in the 33 years to 2011 to around 7–8 per cent.

Keywords:   macro-economic policy, savings, investments, capital flows, economic growth, economic development, Chinese economy

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