Making Sense of China’s Growth Model
Over the last two decades, a consensus about China's growth model has emerged, with observers arguing that a shift to an intensive, efficiency-driven growth is essential. But empirical research reveals a critical flaw in this assessment – namely, that annual efficiency gains in China far exceed those of the US.
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SHANGHAI – Although China’s economy has expanded at a staggering pace over the last three decades, its growth model is now widely agreed to be exhausted. Even China’s top leadership acknowledges the need for change – a belief that culminated in the far-reaching reform agenda presented two months ago at the Third Plenum of the Chinese Communist Party’s 18th Central Committee.