Description: China : Global Crisis Avoided, Robust Economic Growth Sustained

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China : Global Crisis Avoided, Robust Economic Growth Sustained

This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis grow...

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Main Authors:	Vincelette, Gallina Andronova, Manoel, Alvaro, Hansson, Ardo, Kuijs, Louis
Language:	English
Published:	2012
Subjects:	ACCESS TO FINANCING ACCOUNTING ACCOUNTING FRAMEWORK ADVANCED COUNTRIES AGGREGATE DEMAND AGRICULTURE ALLOCATION OF CAPITAL ARREARS ASSET PRICES BANK LOANS BANK PORTFOLIOS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL BASES CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMODITY COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSUMER PRICE INDEX CREDIT CEILINGS CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CURRENCY CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT SECURITIES DEBTS DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISPOSABLE INCOME DIVIDEND PAYMENT DIVIDENDS DOMESTIC BANK DOMESTIC BANKS DOMESTIC MARKETS ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC REFORMS ECONOMIC RELATIONS ECONOMIC STRUCTURE ECONOMIC SURVEYS ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUIPMENT EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FINANCIAL CAPITAL FINANCIAL CRISIS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FIXED ASSETS FLEXIBLE EXCHANGE RATE FOREIGN BANKS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTORS GDP GINI COEFFICIENT GLOBAL ECONOMY GLOBAL MARKETS GLOBAL OUTPUT GLOBAL TRADE GLOBALIZATION GOVERNMENT BUDGETS GOVERNMENT DEBTS GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT FINANCES GOVERNMENT INVESTMENT GOVERNMENT REVENUES GOVERNMENT SAVING GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT GROWTH POTENTIAL GROWTH RATE GROWTH RATES HOLDINGS HOUSEHOLD INCOME HOUSEHOLD INCOMES HOUSEHOLD SAVINGS HUMAN CAPITAL HUMAN DEVELOPMENT INCOME INEQUALITIES INCOME INEQUALITY INDUSTRIALIZATION INFLATION INFLATION RISKS INFLATIONARY PRESSURES INFRASTRUCTURE INVESTMENTS INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE INVESTMENT FINANCING INVESTMENT INCOME INVESTMENT PROJECTS INVESTMENT RATE INVESTMENT RATES INVESTMENT SPENDING LABOR MARKET LAND REFORM LEGAL FRAMEWORK LENDER LIQUIDITY LOAN LOAN RATES LOCAL GOVERNMENT LOCAL GOVERNMENTS LOW INTEREST RATES M1 M2 MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MARKET CONDITIONS MARKET SHARE MATURITY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY MORTGAGES MUNICIPAL INVESTMENT NATIONAL SAVING NET EXPORTS NONPERFORMING LOANS OUTSTANDING BANK LOANS PENSION PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO POTENTIAL OUTPUT PRICE INCREASES PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATIZATION PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PROTECTIONISM PUBLIC DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS PURCHASING POWER RAPID GROWTH RATES OF RETURN REAL ESTATE INVESTMENT REAL EXCHANGE RATE REAL GDP REPAYMENT RESERVE REQUIREMENT RESERVES RISK PREMIUMS SAFETY NETS SHARE OF INVESTMENT SHARE OF WORLD TRADE SKILLED WORKERS SOCIAL SAFETY NETS STOCK MARKETS SURPLUS LABOR SUSTAINABLE GROWTH TAX TAX COLLECTIONS TAX REVENUES TAX SYSTEM TAXATION TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADING TRANSACTION URBANIZATION VALUATION VALUE ADDED WAGES WORLD TRADE ORGANIZATION
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100927133651 http://hdl.handle.net/10986/3918

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Summary:	This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis growth experience, including its relationship to global economic developments. It discusses the pace, composition, sources, and financing of growth during 1995-2007, and the impact of key external and domestic influences. The paper also analyzes the immediate impact of the global crisis on China's economic performance in 2009 and its likely impact in the short run. It then discusses the government's policy response, with a particular focus on the fiscal and monetary stimulus measures. Finally, the paper explores China's medium-term growth prospects in light of the crisis and the key policies for moving to a robust and sustainable growth path post-crisis.