The growth model of the People's Republic of China (PRC) has been
based on high investment and exports, a low-cost advantage, and
government interventions. This model has successfully transformed
the country from a low-income to an upper middle-income economy.
However, the model has generated contradictions that could
undermine future growth. Making the transition to high income
requires greater reliance on efficiency, productivity, innovation,
and market competition.This book examines the challenges faced by
the PRC in sustaining robust growth and offers policy options for
making a successful transition to high income while avoiding the
middle-income trap. Chapters focus on all aspects of the PRC's
economy including: the growth model, the role of government,
industrial upgrading, the financial sector, fiscal management,
human capital, the services sector, urbanization, labor market
transitions, aging and the pension system, income inequality,
managing external economic relations, and water scarcity. Policy
analysts, researchers, academics, and students interested in the
growth and development prospects of the PRC will find this book
invaluable, as will practitioners and policymakers in government
agencies and international organizations. Contributors: L. Brandt,
F. Cai, J. Huang, Y. Huang, K. Jia, Y. Jiang, X. Lei, L. Li, J.
Liu, Y.F. Lommen, N. Lustig, J. Ros, L. Song, P. Vandenberg, G.
Wan, M. Wang, W.T. Woo, L. R.Wray, J. Xu, Y. Yao, C. Zhang, Y.
Zhao, J.Zhuang
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