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Frontiers of Economics in China

ISSN 1673-3444

ISSN 1673-3568(Online)

CN 11-5744/F

Postal Subscription Code 80-978

Front. Econ. China    2019, Vol. 14 Issue (1) : 3-25    https://doi.org/10.3868/s060-008-019-0002-4
SPECIAL THEME |
Deceleration of China’s Economic Growth: Causes and Countermeasures
Guoqiang Tian()
School of Economics and Institute for Advanced Research, Shanghai University of Finance and Economics, Shanghai 200433, China; Department of Economics, Texas A&M University, College Station, TX 77843, USA
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Abstract

China’s economic growth has been declining continuously at a rapid rate since 2011. It dropped to 6.7% in 2016 by more than 3% from nearly 10% average growth rate during 1979–2010. As for its causes, there are different interpretations among Chinese economists. One of the interpretations, which is held by some scholars including Justin Yifu Lin, is that external and cyclical factors are the main causes for the decline. The author disagrees with this viewpoint and holds that the root cause of economic deceleration is the delay in deep institutional reforms. An inclusive economy and state coercive capacity are two essential ingredients for sustaining economic prosperity. China must further enhance economic inclusiveness, and accelerate its transition into an efficiency-driven and innovation-driven economy through deepened comprehensive marketization reforms. Meanwhile, it should further strengthen the rule of law to build a limited government that is capable, accountable, effective and caring.

Keywords China’s economic growth      causes and countermeasures      deep institutional reforms      deceleration      inclusive economy      efficiency-driven      innovation-driven      external and cyclical factors     
Issue Date: 16 April 2019
 Cite this article:   
Guoqiang Tian. Deceleration of China’s Economic Growth: Causes and Countermeasures[J]. Front. Econ. China, 2019, 14(1): 3-25.
 URL:  
http://academic.hep.com.cn/fec/EN/10.3868/s060-008-019-0002-4
http://academic.hep.com.cn/fec/EN/Y2019/V14/I1/3
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