Модель развития современного Китая: оценки, дискуссии, прогнозы: научная монография
Economic growth has slowed considerably In China over the recent years. This change of dynamics has been caused with a variety of factors, both of structural and macroeconomic origins. The former include an exhausting of surplus labor in a traditional sector of economy, alongside with a tapering of the so called ‘demographic dividend’, and a tendency of the Chinese population to grey rapidly. The latter imbibe a huge industrial overcapacity, and a pile of debts at the corporate and municipal levels. Party’s officials prefer to speak about ‘New Normal’, which is a part of the Xi Jinping’s ‘New Era’. At the same time, Chinese academics worry about that country’s possible dipping into a ‘middle-income trap’. However, judging from pragmatic, rather than theoretical or ideological, point of view, China’s problems look numerous, but not unsolvable.
The chapter deals with the political economy of sharp decline in GDP growth in China in 2013