China's Economy in Transition: From External to Internal Rebalancing

By Anoop Singh, Malhar S Nabar, Papa M N'Diaye

November 7, 2013

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Anoop Singh, Malhar S Nabar, and Papa M N'Diaye. China's Economy in Transition: From External to Internal Rebalancing, (USA: International Monetary Fund, 2013) accessed September 18, 2024

Summary

China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as the main driver of China's growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.

Subject: Exports, Financial services, Income, International trade, Labor, Labor supply, National accounts, Personal income, Production, Real interest rates, Total factor productivity

Keywords: Asia and Pacific, BOOK, Capital-to-output ratio, Caribbean, China, China's economy, China's growth, Current account, East Africa, Export, Exports, Global, Growth model, Income, Interest rate liberalization, Investment, Labor supply, Middle East, North Africa, Personal income, Real interest rates, Saving rate, South Asia, Total factor productivity

Publication Details

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292
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