[工作范文]chinas_ascent_can_the_middle_kingdom_meet_its_dreams_11-11-05_eng.pdf

Global Economics Paper No: 133 GS GLOBAL ECONOMIC WEBSITE Economic Research from the GS Institutional Portal at China’s Ascent: Can the Middle Kingdom Meet Its Dreams? ! China’s growth performance in the last 27 years has been nothing but extraordinary. ! We show in this paper that a sharp and sustained increase in productivity has been the driving force behind China’s growth. ! In our view, this productivity growth is a unique form of “reform dividends”, originated from profound domestic reforms and opening up. ! China has clearly got some big issues right, and the leadership has also demonstrated impressive pragmatism and effectiveness. ! We believe China’s fast growth is sustainable in the foreseeable future, as WTO-related reforms will further deregulate and open up the economy. ! Long-term challenges remain in the areas that those “postponed” reforms, political and economic, may get more difficult to tackle over time.