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Article

Экономика Китая и мировой кризис: механизмы взаимовлияния

Финансовый бизнес. 2011. Т. 1. № 150. С. 44-53.

China's domestic macroeconomic disequilibria contributed heavily to the global disbalances which resulted in the global financial crisis. Extremely high rates of saving and investment, along with the huge trade surplus of China, are a mirrow reflection of the US economic problems, such as the negative gross saving rate, overdependence on consumer demand for economic growth, trade deficit and hefty inflows of foreign capital. China's economic cycle broke even in late 2007 - early 2008, and it was aggravated with the recession in the developed countries. Hence unprecedented economic difficulties of China's economy, never seen for the preceeding periods of the reforms. China's governmental stabilization policy was up to the mark, and the economy has accelerated again. But the deepening of institutional reforms is essential for an economic growth to harmonise.