Modernizing China's Growth Paradigm

 
Author/Editor: Prasad, Eswar ; Rajan, Raghuram
 
Publication Date: March 01, 2006
 
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Disclaimer: This Policy Dicussion Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
 
Summary: China has achieved tremendous economic progress in the last three decades, but there is much work to be done to make the economy resilient to large shocks, ensure the sustainability of its growth, and translate this growth into corresponding improvements in the economic welfare of its citizens. We discuss the complex challenges that Chinese policymakers face in striking the right balance in terms of speed and coordination of reforms. We argue that China's current stage of development, along with its rising market orientation and increasing integration with the world economy, may make the incremental and piecemeal approaches to reforms increasingly untenable and, in some cases, could even generate risks of their own. The present favorable domestic and external circumstances provide an excellent window of opportunity for bolder reforms and for tackling some deep-rooted problems without causing much economic disruption.
 
Series: Policy Discussion Paper No. 06/03
Subject(s): Economic growth | China | Economic reforms

 
English
Publication Date: March 01, 2006
Format: Paper
Stock No: PPIEA2006003 Pages: 14
Price:
US$15.00 (Academic Rate:
US$15.00 )
 
 
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