The National Bureau of Economic Research
Preliminary versions of economic research
• Policy trends in China’s economy: At the Central Economic Work Conference, Chinese leaders maintain last year’s focus on financial risks and supply-side structural reform but place less emphasis on deleveraging; IMF cites China’s credit growth, regulation, and implicit credit guarantees from banks and government actors as top concerns in its most recent financial system stability report.
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Following nearly 40 years of reform the Chinese economy has transformed in almost every aspect. It has gone from being one of the most closed and isolated economies in the world of little relevance to the global economy and become both highly globalised and the world’s second biggest economy. It is predicted that China will surpass the US in a decade’s time. There are two questions that need to be urgently addressed. 1) This change is having an important impact on international relations, as we have observed in the UK politics and elsewhere. 2) whether China is able to maintain its speed of economic growth. China’s growth has been slowing down to around 7 percent in recent years, compared to its high speed of growth of more than 9 percent per annual between 1979 and 2013.