By Dilip K. Das
Following the release in China of financial reforms and the "open door policy", a brand new period of economic progress and international integration dawned. In 2008, the 30th anniversary yr, China completes 3 a long time of broad-based market-oriented macroeconomic reforms and restructuring. This booklet lines China's financial renaissance.
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Additional info for The Chinese Economic Renaissance: Apocalypse or Cornucopia?
These rates are comparable to those of the Asian neighbors. 1 percent of the GDP. 5 percent of the GDP between 1983 and 1991. China’s domestic investment rates remained relatively higher and steady during the 1980s and 1990s. Likewise, the trend in real domestic consumption in China was not very different from those of Asian neighbors during their comparable growth periods. The consumption growth rate was slower than the GDP growth rate at the beginning of the acceleration episodes in Asia and it remained stable.
In per capita terms, China was behind the NIAEs and the ASEAN-4 economies in the early 2000s; Malaysia and Thailand were far larger recipients of FDI. In terms of other measures, like value added by FIEs as a percentage of the total value-added in the manufacturing sector, the NIAEs and ASEAN-4 were ahead of China during their corresponding periods of growth (Lemoine, 2000). It is partly explained by the slow development A Chinese Renaissance 29 of the Chinese financial markets, particularly the problem-ridden banking sector and slow stock market development.
2 Comparison with the other Asian high achievers Although China’s contemporary economic success and its success in global trade expansion have been widely discussed and incessantly analyzed and appreciated in the academe and policy-making circles, when it is compared to the annual rate of GDP and export growth in constant dollars for the other successful Asian economies, China’s growth rate does not appear so extraordinary. In comparison to the AHP economies, China does not appear to be an outlier because its Asian neighbors had performed as well, often better, during their corresponding periods of growth.