The economy of the People's Republic of China (PRC) has surged almost 10% annually since economic reforms began in 1978, ensuring the PRC's position as an engine of global growth. But by 2016 growth slowed to less than 7%. Is it a structural or cyclical slowdown? If structural, the implications for growth, trade, and investment in other Asian economies will be significant.
This book (i) explains the long-term slowdown in advanced Asian economies and what it means for the PRC; (ii) assesses the structural factors shaping the PRC economy and how they will influence its growth over the next decade; (iii) shows how growth, trade, investment, and employment in emerging Asian economies could be impacted; and (iv) evaluates policies that could offset some of the negative factors.
Justin Yifu Lin is a professor at Peking University. Peter J. Morgan is senior consultant for research at the Asian Development Bank Institute. Guanghua Wan is director of research at the Asian Development Bank Institute.