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Understanding China’s Economic Development Essay

745 words - 3 pages

Key Definitions

Computable General Equilibrium (CGE): A model, which utilizes actual economic data to estimate the impact of external shocks (e.g. policies, technology) to an economy.

Gross Domestic Product (GDP): The total monetary value of all officially recognized final goods and services produced within a country in a specific time period. It is used as a key measure of economic growth.

Gini Coefficient: A statistical measure of the income distribution of a country’s residents. It helps to identify the gap between the rich and poor.
Total Factor Productivity (TFP): A measure, which represents the amount of output not directly related to the amount of inputs (e.g. ...view middle of the document...

Second, an alternative is given where five types of policy changes may offer a rebalancing scenario: fiscal measures to stimulate domestic consumption, decrease of the relative attractiveness of manufacturing through taxes, relaxation of restrictions on the movement of labor, institutional reform and promotion of knowledge economy through R&D and access to financing. According to the authors’ findings these changes would lead to reduced activities in the industry sector while the service-sector is expanded. Overall, the measures would invoke a sustainable growth strategy and stimulate domestic demand.

Naughton discusses structural change by taking a comparative perspective on growth, labor, and the changing distribution of GDP. On one hand, China’s economic development has followed a process that shares many common features of structural change with other developing countries; on the other hand there are several glaring differences in which the Chinese pattern was unusual and distinctive. A common pattern in the structural change process is that all countries begin development predominantly agricultural, and then move to industrial development and finally towards a service orientation. China’s pattern is unusual from three different perspectives. First of all, China invests more than other economies. Secondly, it concentrates more on manufacturing than other economies. Thirdly, China has grown more rapidly than other economies.

Naughton benchmarked the economic development in China through...

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