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Whither China?Restarting the Reform Agenda$
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Wu Jinglian and Ma Guochuan

Print publication date: 2016

Print ISBN-13: 9780190223151

Published to Oxford Scholarship Online: May 2016

DOI: 10.1093/acprof:oso/9780190223151.001.0001

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Economic Fluctuations and Macroeconomic Policies

Economic Fluctuations and Macroeconomic Policies

Chapter:
(p.210) Dialogue 15 Economic Fluctuations and Macroeconomic Policies
Source:
Whither China?
Author(s):

Wu Jinglian

Ma Guochuan

Xiaofeng Hua

Nancy Hearst

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190223151.003.0015

Several rounds of economic overheating and inflation during the reform and opening period have posed major economic challenges for China. The government adopted expansionary fiscal and monetary policies to achieve short-term economic growth. Yet to create a favorable environment for reform, the economic growth rate must be set at a reasonable level; the pursuit of higher rates of production and increases in the amount output should be prevented; and economic overstretching and chaos must be avoided. China’s economic problems are symptoms of an internal imbalance between investment and consumption, and an external imbalance caused by large surpluses in trade and the balance of payments, leading to a monetary oversupply and higher inflationary pressures. These imbalances are related to shortcomings in China’s economic growth model. The key to addressing them is to improve economic efficiency by advancing reform and allowing the market to play a more important role in resource allocations.

Keywords:   Chapter macroeconomic policy, overheating, economic fluctuations, inflation, economic imbalances

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