Growing Beyond the Low-Cost Advantage

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Yiping Huang. Growing Beyond the Low-Cost Advantage

Growing beyond the Low-Cost Advantage

Contents

Boxes, Figures, and Tables

Foreword

Preface

Acknowledgments

Abbreviations and Acronyms

Symbols and Measures

Executive Summary. Key drivers of the PRC’s economic performance in recent decades

Middle-income trap and lessons from international experience

Sustaining the PRC’s long-term growth: Challenges and risks

Policy options to avoid the middle-income trap

Outlook of the PRC economy in 2030

1. Introduction

2. Key drivers of the PRC’s economic performance in recent decades

2.1. Market-oriented reform

2.2. Low-cost advantage

2.3. The role of the government

2.4. Other success factors

3. The middle-income trap and policy lessons. 3.1. Defining the middle-income trap

3.2. How to avoid the trap: Policy lessons

4. Sustaining the PRC’s long-term growth: Challenges and risks

4.1. Large productivity and technology gaps

4.2. Rising wages

4.3. Imbalances in the sources of growth

(a) Imbalance between private consumption and investment

(b) Imbalance between domestic and external demand

(c) Imbalance between manufacturing and services

4.4. Rising income inequality

4.5. Natural resource and environmental constraints

Water resource constraints

Energy constraints

Environmental constraints

4.6. Challenging external economic environment

External demand

Trade friction

5. How the PRC can avoid the middle-income trap: Policy options

5.1. Stepping up innovation and upgrading

Strengthening enterprise incentives for innovation

Building a conducive environment for innovation

Investing in human capital and moving toward a knowledge-based economy

5.2. Deepening structural reform

Enterprise reform

Labor market reform

Financial sector reform

Land reform

Fiscal reform

5.3. Expanding services and scaling up urbanization. Expanding services

Scaling up urbanization

5.4. Reducing income inequality to make growth more inclusive

Reducing urban/rural income gaps

Reducing regional income gaps

Increasing spending on and ensuring equal access to public services

Making the personal income tax system work better and fairer

Strengthening governance and ensuring social equity and justice

5.5. Promoting green growth to conserve resources and protect the environment

5.6. Maintaining macroeconomic and financial stability

5.7. Strengthening international and regional economic cooperation

6. The long-term outlook of the PRC economy

Background Papers

References

Footnote

Отрывок из книги

How the People’s Republic of China can Avoid the Middle-Income Trap

Juzhong Zhuang

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Deepening structural reform. This requires further steps in reforming enterprises, labor and land markets, the financial sector, and the fiscal system.

• Enterprise reform. Selected policy measures include (i) further developing the private sector and ensuring private firms and SOEs compete on an equal basis; (ii) strengthening corporate governance of SOEs, including moving toward a system where the arm’s length control by the government is supported by robust auditing, monitoring, and performance evaluation; and (iii) strengthening market regulation of natural monopolies including setting up special bodies to regulate pricing and service quality.

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