%0 Report
        %A Prasad, Eswar
        %T Has China's Growth Gone from Miracle to Malady?
        %D 2023
        %8 2023 May
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 16140
        %U https://www.iza.org/publications/dp16140
        %X China's remarkable run of persistently high growth in recent decades is all the more stunning in light of the country's low levels of financial and institutional development, state-dominated economy, and nondemocratic government. Notwithstanding the inefficient and risky growth model, the government has maneuvered the economy around various stresses without any major financial or economic crash. With a shrinking labor force and declining efficiency of investment, raising productivity growth is key to maintaining reasonable GDP growth. Unbalanced reforms, a schizophrenic approach to the role of the market versus the state, and strains in financial and property markets could result in significant volatility but a financial or economic collapse is not in the cards.
        %K growth rebalancing
%K sectoral reallocation
%K demographics
%K productivity growth
%K financial risks