Rebalancing Growth in Asia: Economic Dimensions for China

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Biden and other American officials have been pressing China to let its currency, the renminbi , appreciate so that Chinese goods do not have an unfair advantage in the global marketplace. The renminbi has risen 7 percent since June , which American officials say is not enough, though there are conflicting reports by Western economists on whether greater appreciation would have any real benefit for American industries.

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The currency has been appreciating at a slightly faster rate recently, perhaps partly because raising the value of the renminbi makes imported goods less expensive in China, and that helps tamp down inflation. A leadership transition is expected to take place in late , and jockeying is under way for positions in the Politburo and its elite Standing Committee. So senior officials will gravitate toward maintaining the status quo and supporting conservative policies. Even though Mr. Xi is almost certain to get the top leadership job, he may forfeit his chance if he makes a severe misstep.

Moreover, powerful and wealthy interest groups like state-owned enterprises will work to prevent redistribution of capital and assets, analysts say. Tell us what you think. Please upgrade your browser. See next articles. Newsletter Sign Up Continue reading the main story Please verify you're not a robot by clicking the box.


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These two risks may intermingle. We will perhaps have geopolitics thrown into the mix as well. But these risks are relative to a baseline.

We have moved beyond China driving global growth; that was a narrative for the s. Owing to steady rebalancing of the economy, Chinese consumers are now not only propelling Chinese growth, but also increasingly global growth. In short: we now know the global winners from China's rebalancing--Western consumer goods exporters. And this story has legs.

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How China is rebalancing its economy

It is well known that China contributes more to global GDP growth than any other country. This was more than the U. Measured at market exchange rates, which are generally more depreciated than PPP rates for emerging market economies, China still drives global growth with a contribution of 0. More recently, consumption has been driving Chinese growth.

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This reflects the steady rebalancing of the economy away from investment and net exports as sources of growth and toward private consumption. This ongoing shift reflects two types of factors. First are demographic factors--namely the structural labor shortage reflecting continued high growth on the demand side and the legacy effects of the one-child policy on the supply side. Second, and more recent, are the authorities' efforts to deleverage the economy. Putting these together, we conclude that Chinese consumption, owing to the steady rebalancing of the economy, is increasingly driving global growth.

This steady rise stands in contrast to the volatile contribution of consumption from the U. While the year-to-year numbers may show a differing mix in the consumption contribution to growth of China, the U. Chinese consumption will drive global growth for the medium term. But as the next section shows, this is only part of the story.

Economic growth in China, slowdown and rebalancing

As we have noted in previous research, China cannot unilaterally rebalance. And since global trade must balance, the changes in China's trade composition must be mirrored somewhere in rest of the world. Furthermore, since China is now the largest economy in the world measured on a PPP basis , the rebalancing of its economy is likely to have material macro consequences for its trading partners. The ongoing change in the composition of China's trade growth has featured a persistent difference in the performance of consumer goods and services versus capital and intermediate goods.

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We measure this as the wedge between export and import growth see chart 2. Consumer goods have shown a negative trend in export minus import growth since the Global Financial Crisis as well as before , consistent with the ongoing rebalancing of the economy toward consumption by a rising middle class. In contrast, capital and intermediate goods have seen export growth continue to outpace import growth. The rise of services tells the story even more clearly. The wedge for services trade growth--negative That mainly reflects the surge in services imports of travel including education and tourism.

The driver of this phenomenon is the rising Chinese middle class, which has begun to venture abroad as tourists and to send their children to university overseas. Owing to data constraints, we will confine our analysis for most of this report to the goods trade. All we have shown so far is that, because of China's rebalancing, its consumption is now driving global growth and that this has spilled over to the rest of the world via the trade channel. The next step is to look at the distributional consequences of this trade spillover at the country level.

Transpacific Rebalancing: Implications for Trade and Economic Growth | Asian Development Bank

More specifically, who is benefitting from the rise in China's consumer goods imports? It seems that you're in Germany. We have a dedicated site for Germany. The Asian model of export-led growth served it well in the post-war period, but prolonged sluggish growth of the developed economies following the global financial crisis, together with growing inequality and rising environmental problems, point to the need for a new growth model. The purpose of this book is to describe the challenges facing Asian economies in the post-global financial crisis environment and to identify structural issues and policies that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for balanced, sustainable, and inclusive long-term growth.

These issues and policies span a variety of dimensions, including macroeconomic policy monetary, fiscal, and foreign currency management , real sector issues trade and industrial structure , infrastructure development, labor market and social policy, financial sector reform and regulation, and regional cooperation and architecture.

He was formerly a professor of economics at the University of Tokyo.