TY  - RPRT
        AU  - Prasad, Eswar
        TI  - Has China's Growth Gone from Miracle to Malady?
        PY  - 2023/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 16140
        UR  - https://www.iza.org/publications/dp16140
        AB  - 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.
        KW  - growth rebalancing
KW  - sectoral reallocation
KW  - demographics
KW  - productivity growth
KW  - financial risks
        ER  -