China's change to a new model of growth, now called the 'new normal', was always going to be hard. Events over the past year show how hard it is. The attempts to moderate the extremes of high investment and low consumption, the correction of overcapacity in the heavy industries that were the...

Preliminary -- Acknowledgments -- Contributors -- Abbreviations -- Part I: New Model for Economic Growth -- 1. Reform and China's Long-Term Growth and Development -- 2. China's Shift from the Demographic Dividend to the Reform Dividend -- 3. Structural Imbalance, Inequality and Economic Growth...

Preliminary -- Contents -- Tables -- Figures -- Contributors -- Acknowledgments -- 1 China's New Strategy for Long-term Growth and Development: Imperatives and Implications- Ross Garnaut, Cai Fang and Ligang Song -- 2 New Institutions for a New Development Model - Dwight H. Perkins -- 3 The New...

The Chinese economy has entered a new phase of development in which sources of growth are not so much dependent upon pure increases in labour, investment and credit expansion, but from productivity improvement, structural changes, technological progress and the benefits from improvement of the...