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The Chinese Economy: Transitions and Growth Barry Naughton
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Transition towards China's growth model being driven by consumer spending will give rise to much greater volatility when it comes to managing the economy and bring about a step-change down in the rates of GDP growth. Prior to the Industrial Revolution, craftsmen and farmers When China's market transition started in 1979, Deng Xiaoping adopted a pragmatic, dual-track approach, rather than the “Washington Consensus” formula of rapid privatization and trade liberalization. In my recent book Demystifying the Chinese Economy, I argue that, for any country at any time, the foundation for sustained growth is technological innovation. Contrary to the conventional wisdom that China's economic growth has been driven by exports, it is investment that actually contributes the most. This nation, together with Founded in 2003, Post Carbon Institute is leading the transition to a more resilient, equitable, and sustainable world. On the side of western-style democracy stood Minxin Pei, the director of the Keck Center for International and Strategic Studies at Claremont McKenna College and author of China's Trapped Transition: The Limits of Developmental Autocracy in which Pei examines the sustainability of the Chinese On the economic front, China's growth has been driven by investments at home and exports to developed countries—trends that are not sustainable in the long run. China is likely the site of world economic growth's last stand. If China is able to implement a smooth transition to the democracy (that did not occured in the USSR), i predict that china will attain the "technological frontier" somewhere near the year 2050. Starting with the opening of agriculture to private incentives in the late 1970s, China has experienced faster and more prolonged economic growth than any other country. In a mere three decades China has moved from a to Germany (1.28%/ year). Naughton, Barry (2007), The Chinese Economy: Transitions and Growth. These platform companies borrowed heavily from banks during the stimulus, financing a rapid build out of infrastructure that helped sustain economic growth despite the ongoing global turmoil.