China : Global Crisis Avoided, Robust Economic Growth Sustained

Vincelette, Gallina Andronova; Manoel, Alvaro; Hansson, Ardo; Kuijs, Louis

China : Global Crisis Avoided, Robust Economic Growth Sustained

2010

Vincelette, Gallina Andronova | Manoel, Alvaro | Hansson, Ardo | Kuijs, Louis

This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis growth experience, including its relationship to global economic developments. It discusses the pace, composition, sources, and financing of growth during 1995-2007, and the impact of key external and domestic influences. The paper also analyzes the immediate impact of the global crisis on China's economic performance in 2009 and its likely impact in the short run. It then discusses the government's policy response, with a particular focus on the fiscal and monetary stimulus measures. Finally, the paper explores China's medium-term growth prospects in light of the crisis and the key policies for moving to a robust and sustainable growth path post-crisis.

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AGROVOC Keywords

accounting agriculture bank loans bankruptcy commercial banks debt developing countries domestic markets economic growth economic policies economic structure equipment exchange rate exports external debt financial innovation financial institutions fiscal policies fixed assets foreign investment globalization gross domestic product growth rate household income human capital industrialization inflation insurance interest rates international bank international trade land reform liquidity local government maturity monetary policies mortgages pension pensions private investment privatization productivity public debt public investment repayment social safety nets taxation telecommunications trade liberalization urbanization valuation value added wages world trade organization

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Other Subjects

Financial support; Potential output; Lender; Financial crisis; Global output; Aggregate demand; Sustainable growth; Government saving; Debts; Emerging economies; Economic developments; Skilled workers; Economic cooperation; Commodity; Inflation risks; Fiscal discipline; Market share; Tax revenues; Protectionism; Arrears; Government support; Gdp; Net exports; Banking system; Loan rates; Municipal investment; Bond; Real estate investment; Current account deficits; Consumer price index; Labor market; Currency; Advanced countries; Macroeconomic policy; Economies of scale; Exchange rates; Financial sector; Equity market; Total factor productivity; National saving; Emerging markets; Exporters; Household incomes; Equities; Gini coefficient; Banking sector; Credit quality; Portfolio; Policy response; Tax system; Inflationary pressures; Outstanding bank loans; Credit growth; Investment spending; Central bank; Interest rate; Reserves; Emerging market; Dividends; Public investments; Holdings; Tax collections; Credit ceilings; Capital flows; Trading; Deposits; Capital bases; Economic performance; Domestic banks; Fiscal deficit; Legal framework; Economic crisis; Foreign capital; Export growth; Financial capital; Competitiveness; Real gdp; Capital account; Commercial bank; Government finance; Allocation of capital; Bank portfolios; Rates of return; Budget deficits; International finance; Asset prices; Foreign exchange reserves; Policy responses; Emerging market economies; Basis points; Foreign exchange; Private capital; Human development; Foreign exchange reserve; Share of investment; Dividend payment; Government debts; Government revenues; Income inequality; Reserve requirement; Stock markets; Investment projects; Productivity growth; Monetary policy; Local governments; Developing country; Price increases; Macroeconomic management; Investment rate; Government spending; Global trade; Fiscal policy; Economic reforms; Financial system; Production function; Global economy; Rapid growth; Purchasing power; Financial stability; Income inequalities; Current account surplus; Investment income; Market conditions; Global markets; Domestic bank; Financial markets; Debt securities; Money supply; Capital accumulation; Accounting framework; Disposable income; Government budgets; Commodity price; Foreign investors; Safety nets; Commodity prices; Low interest rates; Economic outlook; Credit expansion; Access to financing; Exporter; Risk premiums; Investment financing; Government investment; Transaction; Loan; Surplus labor; Economic surveys; Government finances; Government expenditure; Flexible exchange rate; Nonperforming loans; Real exchange rate; Foreign direct investment; Growth rates; Current account surpluses; Growth potential; Foreign banks; Monetary fund; Infrastructure investments; Household savings; Tax; Share of world trade; Capital inflows; Investment rates; Commercial bank lending; Capital markets; Economic relations

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Policy Research working paper ; no. WPS 5435http://creativecommons.org/licenses/by/3.0/us/World BankCreative Commons Attribution CC BY 3.0

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Policy Research working paper ; no. WPS 5435

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China : Global Crisis Avoided, Robust Economic Growth Sustained

2010

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