The Chinese Economy: Transitions and Growth Barry Naughton
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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. To make matters worse, this leadership transition was occurring while the Chinese economy stumbled. China has long cemented its reputation as a lucrative export market for metals and energy, but now Canada is also fuelling its gastronomic revolution. GDP growth rates, beginning in the middle of 2011, began to falter. Both countries are continent-sized economies with Such constraints on future economic development are reflections of the growth model according to which the Chinese economy was built. Since its departure from Communism and the liberalization of its economy, China has experienced extremely high economic growth rates, raised hundreds of millions of people out of poverty, and has become a central component of the global economy due to its high degree of integration and essential role in the supply chain (Sachs, 2005, 165-169). These agreements will tear down tariff and non-tariff trade barriers to American goods and services, achieve far greater transparency in China's regulatory practices, and enable the United States to benefit from the economic dynamism of Asia - the new "engine" for global 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. Naughton, Barry, 2007, The Chinese Economy Transitions and Growth, Boston, Massachusetts: MIT Press. Much like the United States, China has an “all of the above” energy strategy: it plans to continue to rely on traditional sources of energy even as it makes the transition to cleaner fuels. Independent news, analysis and commentary on the world's most exciting economy . Donald Gross discusses China's political transition and its effect on Sino-US relations.