1. Rebalancing China's Emergent Capitalism: State Power, Economic Liberalization and Social Upgrading
- Author:
- Christopher A. McNally, Boy Luthje, and Tobias ten Brink
- Publication Date:
- 02-2014
- Content Type:
- Journal Article
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- Over the past 35 years, China's economic development strategy relied on the extensive use of factors of production relatively abundant in China. These include labour, land and some mining resources (such as coal and rare earths), as well as mounting reserves of capital in the first decade of the twenty-first century. State-guided policies channelled these factors into an export- and investment-driven model of development that was highly successful in terms of aggregate GDP growth. This model also proved to be quite adaptive when the financial crisis originating in US mortgage markets reverberated globally in late 2008. China was then able to rapidly jumpstart a slowing economy with a massive government-led stimulus programme that relied heavily on state banks extending credit for real estate and infrastructure projects.
- Political Geography:
- China and Hawaii