China's New Sources of Economic Growth: Vol. 1

L Song, R Garnaut, C Fang, L Johnston, L JOHNSTON (ed.), R Garnaut (ed.), L Song (ed.), C Fang (ed.)

ANU Press | Published : 2016


China’s change to a new model of growth, now called the ‘new normal’, was always going to be hard. Events over the past year show how hard it is. The attempts to moderate the extremes of high investment and low consumption, the correction of overcapacity in the heavy industries that were the mainstays of the old model of growth, the hauling in of the immense debt hangover from the fiscal and monetary expansion that pulled China out of the Great Crash of 2008 would all have been hard at any time. They are harder when changes in economic policy and structure coincide with stagnation in global trade and rising protectionist sentiment in developed countries, extraordinarily rapid demographic cha..

View full abstract

University of Melbourne Researchers