{
  "title": "Tipping the Scales—Rebalancing Growth in Asia",
  "publication": "IMF Blog, April 29, 2011",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2011/04/29/rebalancing-growth-in-asia",
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  "summary": "The center of global economic growth is moving from the West to Asia, in particular emerging Asia and China.",
  "sections": [
    {
      "heading": "Current account surpluses",
      "content": "- The center of global economic growth is moving from the West to Asia, in particular emerging Asia and China.\n- Heavy reliance on exports has contributed to a sharp rise in external current account surpluses in recent years from broadly balanced positions in the 1980s and 1990s.\n- The global financial crisis underscored the urgency of reducing vulnerability to swings in global demand caused by outward-oriented growth."
    },
    {
      "heading": "Sources of Asia’s growth",
      "content": "- Over the last 30 years, the Asian economy has grown by over 7 percent each year; it has doubled in size every decade.\n- This success has been based in large part on outward oriented growth strategies—giving market forces greater play and encouraging the production of tradable goods.\n- China’s “reform and opening up” policy, launched in 1978, is highlighted as a prominent example of outward-oriented growth.\n- Over time, awareness has grown that export-led growth needs to be balanced by a second engine of growth: stronger domestic demand, particularly private domestic demand."
    },
    {
      "heading": "How then to raise domestic demand?",
      "content": "- Rebalancing will mean different things for different countries because reasons for relatively weak domestic demand vary across the region.\n  - In China, low private consumption as a share of GDP is a major factor.\n  - In other economies, private investment has been low since the late 1990s.\n- Policies will need to differ across countries and be comprehensive and country-specific.\n- Financial sector reform is an important issue:\n  - Improved access to financial services can boost household consumption.\n  - Improved access can alleviate constraints faced by firms, particularly smaller ones and those seeking to invest in the services sectors.\n- China-specific considerations:\n  - Turning away from export-oriented growth could lead to job losses in the short term, but employment would rise in the longer-term as more jobs are created in domestic-demand oriented sectors.\n  - Weak consumption, or high household saving, in China is not presented as culturally determined; it may be responsive to policies such as higher public spending on health or improving households’ access to financial services.\n- Social imbalances:\n  - Better provision of social services could play a critical role in boosting household consumption in China.\n  - Inequality and a lack of social safety nets are concerns across many emerging economies in Asia."
    },
    {
      "heading": "Will rebalancing work?",
      "content": "- Rebalancing will take time and requires comprehensive, tailored policies.\n- Hong Kong’s successful transformation from a small-scale manufacturer to a global logistics and finance hub is offered as an example that economies should embrace changes that make them more sustainable.\n\nAnoop Singh, April 29, 2011\n\n---\n\n Content in this bundle\n\n- 让天平指针向中间移动，使亚洲增长实现再平衡; 作者：阿诺•辛格; 2011年4月29日\n  - 让天平指针向中间移动，使亚洲增长实现再平衡; 作者：阿诺•辛格; 2011年4月29日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 让天平指针向中间移动，使亚洲增长实现再平衡; 作者：阿诺•辛格; 2011年4月29日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- 変化－アジアの成長の再調整, iMFdirect, アヌープ・シン、2011年4月29日\n  - 変化－アジアの成長の再調整, iMFdirect, アヌープ・シン、2011年4月29日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 変化－アジアの成長の再調整, iMFdirect, アヌープ・シン、2011年4月29日 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- https://www.imf.org/wp-content/uploads/2011/04/rebalancing-book-cover.jpg\n\nSource: https://www.imf.org/en/blogs/articles/2011/04/29/rebalancing-growth-in-asia"
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    "Authors: Anoop Singh",
    "Published: April 29, 2011",
    "The center of global economic growth is moving from the West to Asia, in particular emerging Asia and China.",
    "Heavy reliance on exports has contributed to a sharp rise in external current account surpluses in recent years from broadly balanced positions in the 1980s and 1990s.",
    "The global financial crisis underscored the urgency of reducing vulnerability to swings in global demand caused by outward-oriented growth.",
    "Over the last 30 years, the Asian economy has grown by over 7 percent each year; it has doubled in size every decade.",
    "This success has been based in large part on outward oriented growth strategies—giving market forces greater play and encouraging the production of tradable goods.",
    "China’s “reform and opening up” policy, launched in 1978, is highlighted as a prominent example of outward-oriented growth.",
    "Over time, awareness has grown that export-led growth needs to be balanced by a second engine of growth: stronger domestic demand, particularly private domestic demand.",
    "Rebalancing will mean different things for different countries because reasons for relatively weak domestic demand vary across the region.",
    "Policies will need to differ across countries and be comprehensive and country-specific.",
    "Financial sector reform is an important issue:",
    "China-specific considerations:",
    "Social imbalances:",
    "Rebalancing will take time and requires comprehensive, tailored policies.",
    "Hong Kong’s successful transformation from a small-scale manufacturer to a global logistics and finance hub is offered as an example that economies should embrace changes that make them more sustainable.",
    "**让天平指针向中间移动，使亚洲增长实现再平衡; 作者：阿诺•辛格; 2011年4月29日**",
    "**変化－アジアの成長の再調整, iMFdirect, アヌープ・シン、2011年4月29日**",
    "[https://www.imf.org/wp-content/uploads/2011/04/rebalancing-book-cover.jpg](https://www.imf.org/wp-content/uploads/2011/04/rebalancing-book-cover.jpg)"
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