This book analyzes the causes of the recent slowdown in the PRC and assesses the growth potential of the PRC economy, the conditions under which that potential growth could be realized, and the implications for other Asian economies.
The People’s Republic of China (PRC) has been growing at an unprecedented rate since economic reforms were initiated in 1978, achieving an average annual real GDP growth rate of 9.7% over the entire period through 2015. As a consequence, the PRC has achieved a remarkably successful transition from one of the poorest countries to upper middle-income status in just over one generation. However, there are concerns that the PRC’s strong growth streak recently has run out of steam, showing a marked deceleration since 2010. The key question is whether the PRC’s economy will continue to slow and be trapped in slow growth, or whether its growth can re-accelerate. The chapters in this volume focus on the root causes of the current slowdown and, in light of these, assess the growth potential of the PRC’s economy, the conditions under which that potential growth could be realized, and the implications for other Asian economies.
Edited by: Justin Yi-fu Lin, Peter J. Morgan, and Guanghua Wan