World Scientific Publishing Company A New Economic Growth Engine for China: Escaping the Middle-Income Trap by Not Doing More of the Same

From the Back Cover This volume is a report by leading international economic experts on China's economic priorities in the coming years. From various aspects of the domestic and foreign situation, China has now reached a critical juncture in its economic development. Unless China is able to overcome the difficulties in undertaking further reforms in the next ten years, China would be caught in the middle income trap and be unable to become a modern country. The future course of China's economic development is also of great concern to the rest of the world because the socio-political-economic conditions in China will have significant impact on global economic prosperity and on global political harmony. The book is a product of close collaboration between the School of Economics at Fudan University and the Earth Institute at Columbia University. They cover a new paradigm for growth, short-term demand management, institutional reforms for middle-term growth, and strengthening the fundamentals for long-term growth. Product Description This volume is a report by leading international economic experts on China's economic priorities in the coming years. From various aspects of the domestic and foreign situation, China has now reached a critical juncture in its economic development. Unless China is able to overcome the difficulties in undertaking further reforms in the next ten years, China would be caught in the middle income trap and be unable to become a modern country. The future course of China's economic development is also of great concern to the rest of the world because the socio-political-economic conditions in China will have significant impact on global economic prosperity and on global political harmony. The book is a product of close collaboration between the School of Economics at Fudan University and the Earth Institute at Columbia University. They cover a new paradigm for growth, short-term demand management, institutional reforms for middle-term growth, and strengthening the fundamentals for long-term growth. Review China has enjoyed an unusually long run of high catch-up economic growth. Continuing to close the income gap between China and the highest income countries, however, poses new and more demanding challenges. This book edited by Wing Thye Woo et al. and including essays by some of China's best economists is a first rate effort to both define these challenges and to suggest solutions. --Dwight Perkins Professor Emeritus of Economics, Harvard UniversityWill China keep growing rapidly to become a high-income country? No question is more consequential for the world economy. In this book, some of the best analysts of China examine the challenges and give us important answers. --Ross Garnaut Chair, China Studies Program, Crawford School of Public Policy, Australian National University Former Ambassador of Australia to ChinaThe economic problems that China faces are very complicated. The boldly creative solutions offered deserve serious study by policy-makers not only in China but also in other large countries because of the broad applicability of the innovative policy perspective that guides the analyses. --Yang Yuliang President, Fudan University