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The Chinese Economy: Transitions and Growth Barry Naughton
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The lights are flickering in the world's economic powerhouse. The Chinese Coal Bubble - The Huffington Post. Then Sunday's New York Times featured an article on China's Economic Empire by Heriberto Araujo and Juan Pablo Cardenal, authors of China's Silent Army: The Pioneers, Traders, Fixers, and Workers Who Are Remaking The reserve currency makes America vulnerable to the off-shoring of its tradable industries as a result of currency manipulation, and that such manipulation by China and others is causing the loss of 2-3 percent of U.S. China also needs to shift its economy away from energy-intensive sectors, like the country's fast-growing, mammoth steel industry, and toward more energy-efficient, high-tech, and service industries. A few points call for special attention. Exports have The transition to a consumption-led economy will be long and bumpy. However, a more significant underlying cause is the fact that China's economic transition may have already started. But surely this couldn't also hold . China's economic reforms over the past 30 years have transformed a faltering Communist command economy into a global engine of growth. China's transition from a coal exporter to a coal importer in recent year is a huge paradigm shift that is NOT going to reverse, especially as it took China only TWO years after joining the coal importers' club since 2009, to become the No. Today, China Of course, China will bear significant transition costs with factory closures and job losses in these industries, but such restructuring can help expand labor-intensive and greener sectors, such as health care, tourism, and professional services. Like most Asian economies, the Chinese government has based its overall growth rate on exports, which is demonstrated in the top chart. Whether it's the EU, Japan or India shameless propaganda about current and future prospects for rapid unabated growth fall painfully flat.