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Modernizing China's Growth Paradigm
Author:
Mr. Eswar S Prasad
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and
Raghuram Rajan null

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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 2006: Issue 003
Language:
English
Publication Date:
01 Mar 2006
DOI:
https://doi.org/10.5089/9781451946147.003
ISBN:
9781451946147
ISSN:
1564-5193
Pages:
16
Keywords:
PDP; exchange rate; reform; economy; banking system; state enterprise; Policy reforms; market-oriented economy; trade and financial integration; policy complementarities; reform strategy; banking system's reform effort; state-owned enterprise reform; reform process; reform agenda; a number of reform; market economy; reform of the state enterprises; transition economy; export-led growth; policy reform; Exchange rate flexibility; Commercial banks; Capital account liberalization; Capital controls; Financial sector reform; Global; Eastern Europe
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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China has achieved tremendous economic progress in the last three decades, but there is much work to be done to make the economy resilient to large shocks, ensure the sustainability of its growth, and translate this growth into corresponding improvements in the economic welfare of its citizens. We discuss the complex challenges that Chinese policymakers face in striking the right balance in terms of speed and coordination of reforms. We argue that China's current stage of development, along with its rising market orientation and increasing integration with the world economy, may make the incremental and piecemeal approaches to reforms increasingly untenable and, in some cases, could even generate risks of their own. The present favorable domestic and external circumstances provide an excellent window of opportunity for bolder reforms and for tackling some deep-rooted problems without causing much economic disruption.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund