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China’s extraordinary economic rise over the past four decades, driven by market-oriented reforms and integration into global value chains, transformed it into one of the world’s largest economies. However, the growth model, that has recently relied heavily on debt-financed investment, is facing mounting challenges, including from rising misallocation, declining labor force, weak domestic demand, elevated financial risks, and increasing geoeconomic tensions. This book argues that China is at a fork in the road and must transition to a new growth model centered on household consumption, services, and productivity gains. The chapters outline a comprehensive reform agenda, including strengthening social safety nets, expanding the service sector, improving business dynamism, scaling back industrial policies, and modernizing fiscal, monetary, financial and insolvency frameworks. Together, these reforms aim to support more balanced and sustainable growth while improving living standards.
The right choice between subsidies, vouchers, or in-kind distribution can help countries save precious resources
The question for policymakers is how to seize new opportunities to renew Asia’s economic growth
In a world of frequent shocks, central bank communications should anchor expectations by explaining how policy responds to changing conditions, rather than committing to a fixed path
Many G20 economies face constraints from excessive labor, product-market, or consumer regulations, an IMF survey shows
Authors probe complex issues to shed light on global economic challenges
After restoring stability, Argentina needs to turn hard-won gains into lasting prosperity
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