China : Global Crisis Avoided, Robust Economic Growth Sustained

This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis grow...

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Main Authors: Vincelette, Gallina Andronova, Manoel, Alvaro, Hansson, Ardo, Kuijs, Louis
Format: Policy Research Working Paper
Language:English
Published: 2012
Subjects:
GDP
M1
M2
TAX
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100927133651
http://hdl.handle.net/10986/3918
id okr-10986-3918
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic ACCESS TO FINANCING
ACCOUNTING
ACCOUNTING FRAMEWORK
ADVANCED COUNTRIES
AGGREGATE DEMAND
AGRICULTURE
ALLOCATION OF CAPITAL
ARREARS
ASSET PRICES
BANK LOANS
BANK PORTFOLIOS
BANKING SECTOR
BANKING SYSTEM
BANKRUPTCY
BASIS POINTS
BOND
BUDGET DEFICITS
CAPITAL ACCOUNT
CAPITAL ACCUMULATION
CAPITAL BASES
CAPITAL FLOWS
CAPITAL INFLOWS
CAPITAL MARKETS
CENTRAL BANK
COMMERCIAL BANK
COMMERCIAL BANK LENDING
COMMERCIAL BANKS
COMMODITY
COMMODITY PRICE
COMMODITY PRICES
COMPETITIVENESS
CONSUMER PRICE INDEX
CREDIT CEILINGS
CREDIT EXPANSION
CREDIT GROWTH
CREDIT QUALITY
CURRENCY
CURRENT ACCOUNT DEFICITS
CURRENT ACCOUNT SURPLUS
CURRENT ACCOUNT SURPLUSES
DEBT
DEBT SECURITIES
DEBTS
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DISPOSABLE INCOME
DIVIDEND PAYMENT
DIVIDENDS
DOMESTIC BANK
DOMESTIC BANKS
DOMESTIC MARKETS
ECONOMIC COOPERATION
ECONOMIC CRISIS
ECONOMIC DEVELOPMENTS
ECONOMIC GROWTH
ECONOMIC OUTLOOK
ECONOMIC PERFORMANCE
ECONOMIC POLICIES
ECONOMIC REFORMS
ECONOMIC RELATIONS
ECONOMIC STRUCTURE
ECONOMIC SURVEYS
ECONOMIES OF SCALE
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
EQUIPMENT
EQUITIES
EQUITY MARKET
EXCHANGE RATE
EXCHANGE RATES
EXPORT GROWTH
EXPORTER
EXPORTERS
EXPORTS
EXTERNAL DEBT
FINANCIAL CAPITAL
FINANCIAL CRISIS
FINANCIAL INNOVATION
FINANCIAL INSTITUTIONS
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL STABILITY
FINANCIAL SUPPORT
FINANCIAL SYSTEM
FISCAL DEFICIT
FISCAL DISCIPLINE
FISCAL POLICIES
FISCAL POLICY
FIXED ASSETS
FLEXIBLE EXCHANGE RATE
FOREIGN BANKS
FOREIGN CAPITAL
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE RESERVE
FOREIGN EXCHANGE RESERVES
FOREIGN INVESTMENT
FOREIGN INVESTORS
GDP
GINI COEFFICIENT
GLOBAL ECONOMY
GLOBAL MARKETS
GLOBAL OUTPUT
GLOBAL TRADE
GLOBALIZATION
GOVERNMENT BUDGETS
GOVERNMENT DEBTS
GOVERNMENT EXPENDITURE
GOVERNMENT FINANCE
GOVERNMENT FINANCES
GOVERNMENT INVESTMENT
GOVERNMENT REVENUES
GOVERNMENT SAVING
GOVERNMENT SPENDING
GOVERNMENT SUPPORT
GROSS DOMESTIC PRODUCT
GROWTH POTENTIAL
GROWTH RATE
GROWTH RATES
HOLDINGS
HOUSEHOLD INCOME
HOUSEHOLD INCOMES
HOUSEHOLD SAVINGS
HUMAN CAPITAL
HUMAN DEVELOPMENT
INCOME INEQUALITIES
INCOME INEQUALITY
INDUSTRIALIZATION
INFLATION
INFLATION RISKS
INFLATIONARY PRESSURES
INFRASTRUCTURE INVESTMENTS
INSURANCE
INTEREST RATE
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INTERNATIONAL TRADE
INVESTMENT FINANCING
INVESTMENT INCOME
INVESTMENT PROJECTS
INVESTMENT RATE
INVESTMENT RATES
INVESTMENT SPENDING
LABOR MARKET
LAND REFORM
LEGAL FRAMEWORK
LENDER
LIQUIDITY
LOAN
LOAN RATES
LOCAL GOVERNMENT
LOCAL GOVERNMENTS
LOW INTEREST RATES
M1
M2
MACROECONOMIC MANAGEMENT
MACROECONOMIC POLICY
MARKET CONDITIONS
MARKET SHARE
MATURITY
MONETARY FUND
MONETARY POLICIES
MONETARY POLICY
MONEY SUPPLY
MORTGAGES
MUNICIPAL INVESTMENT
NATIONAL SAVING
NET EXPORTS
NONPERFORMING LOANS
OUTSTANDING BANK LOANS
PENSION
PENSIONS
POLICY RESPONSE
POLICY RESPONSES
PORTFOLIO
POTENTIAL OUTPUT
PRICE INCREASES
PRIVATE CAPITAL
PRIVATE INVESTMENT
PRIVATIZATION
PRODUCTION FUNCTION
PRODUCTIVITY
PRODUCTIVITY GROWTH
PROTECTIONISM
PUBLIC DEBT
PUBLIC INVESTMENT
PUBLIC INVESTMENTS
PURCHASING POWER
RAPID GROWTH
RATES OF RETURN
REAL ESTATE INVESTMENT
REAL EXCHANGE RATE
REAL GDP
REPAYMENT
RESERVE REQUIREMENT
RESERVES
RISK PREMIUMS
SAFETY NETS
SHARE OF INVESTMENT
SHARE OF WORLD TRADE
SKILLED WORKERS
SOCIAL SAFETY NETS
STOCK MARKETS
SURPLUS LABOR
SUSTAINABLE GROWTH
TAX
TAX COLLECTIONS
TAX REVENUES
TAX SYSTEM
TAXATION
TELECOMMUNICATIONS
TOTAL FACTOR PRODUCTIVITY
TRADE LIBERALIZATION
TRADING
TRANSACTION
URBANIZATION
VALUATION
VALUE ADDED
WAGES
WORLD TRADE ORGANIZATION
spellingShingle ACCESS TO FINANCING
ACCOUNTING
ACCOUNTING FRAMEWORK
ADVANCED COUNTRIES
AGGREGATE DEMAND
AGRICULTURE
ALLOCATION OF CAPITAL
ARREARS
ASSET PRICES
BANK LOANS
BANK PORTFOLIOS
BANKING SECTOR
BANKING SYSTEM
BANKRUPTCY
BASIS POINTS
BOND
BUDGET DEFICITS
CAPITAL ACCOUNT
CAPITAL ACCUMULATION
CAPITAL BASES
CAPITAL FLOWS
CAPITAL INFLOWS
CAPITAL MARKETS
CENTRAL BANK
COMMERCIAL BANK
COMMERCIAL BANK LENDING
COMMERCIAL BANKS
COMMODITY
COMMODITY PRICE
COMMODITY PRICES
COMPETITIVENESS
CONSUMER PRICE INDEX
CREDIT CEILINGS
CREDIT EXPANSION
CREDIT GROWTH
CREDIT QUALITY
CURRENCY
CURRENT ACCOUNT DEFICITS
CURRENT ACCOUNT SURPLUS
CURRENT ACCOUNT SURPLUSES
DEBT
DEBT SECURITIES
DEBTS
DEPOSITS
DEVELOPING COUNTRIES
DEVELOPING COUNTRY
DISPOSABLE INCOME
DIVIDEND PAYMENT
DIVIDENDS
DOMESTIC BANK
DOMESTIC BANKS
DOMESTIC MARKETS
ECONOMIC COOPERATION
ECONOMIC CRISIS
ECONOMIC DEVELOPMENTS
ECONOMIC GROWTH
ECONOMIC OUTLOOK
ECONOMIC PERFORMANCE
ECONOMIC POLICIES
ECONOMIC REFORMS
ECONOMIC RELATIONS
ECONOMIC STRUCTURE
ECONOMIC SURVEYS
ECONOMIES OF SCALE
EMERGING ECONOMIES
EMERGING MARKET
EMERGING MARKET ECONOMIES
EMERGING MARKETS
EQUIPMENT
EQUITIES
EQUITY MARKET
EXCHANGE RATE
EXCHANGE RATES
EXPORT GROWTH
EXPORTER
EXPORTERS
EXPORTS
EXTERNAL DEBT
FINANCIAL CAPITAL
FINANCIAL CRISIS
FINANCIAL INNOVATION
FINANCIAL INSTITUTIONS
FINANCIAL MARKETS
FINANCIAL SECTOR
FINANCIAL STABILITY
FINANCIAL SUPPORT
FINANCIAL SYSTEM
FISCAL DEFICIT
FISCAL DISCIPLINE
FISCAL POLICIES
FISCAL POLICY
FIXED ASSETS
FLEXIBLE EXCHANGE RATE
FOREIGN BANKS
FOREIGN CAPITAL
FOREIGN DIRECT INVESTMENT
FOREIGN EXCHANGE
FOREIGN EXCHANGE RESERVE
FOREIGN EXCHANGE RESERVES
FOREIGN INVESTMENT
FOREIGN INVESTORS
GDP
GINI COEFFICIENT
GLOBAL ECONOMY
GLOBAL MARKETS
GLOBAL OUTPUT
GLOBAL TRADE
GLOBALIZATION
GOVERNMENT BUDGETS
GOVERNMENT DEBTS
GOVERNMENT EXPENDITURE
GOVERNMENT FINANCE
GOVERNMENT FINANCES
GOVERNMENT INVESTMENT
GOVERNMENT REVENUES
GOVERNMENT SAVING
GOVERNMENT SPENDING
GOVERNMENT SUPPORT
GROSS DOMESTIC PRODUCT
GROWTH POTENTIAL
GROWTH RATE
GROWTH RATES
HOLDINGS
HOUSEHOLD INCOME
HOUSEHOLD INCOMES
HOUSEHOLD SAVINGS
HUMAN CAPITAL
HUMAN DEVELOPMENT
INCOME INEQUALITIES
INCOME INEQUALITY
INDUSTRIALIZATION
INFLATION
INFLATION RISKS
INFLATIONARY PRESSURES
INFRASTRUCTURE INVESTMENTS
INSURANCE
INTEREST RATE
INTEREST RATES
INTERNATIONAL BANK
INTERNATIONAL FINANCE
INTERNATIONAL TRADE
INVESTMENT FINANCING
INVESTMENT INCOME
INVESTMENT PROJECTS
INVESTMENT RATE
INVESTMENT RATES
INVESTMENT SPENDING
LABOR MARKET
LAND REFORM
LEGAL FRAMEWORK
LENDER
LIQUIDITY
LOAN
LOAN RATES
LOCAL GOVERNMENT
LOCAL GOVERNMENTS
LOW INTEREST RATES
M1
M2
MACROECONOMIC MANAGEMENT
MACROECONOMIC POLICY
MARKET CONDITIONS
MARKET SHARE
MATURITY
MONETARY FUND
MONETARY POLICIES
MONETARY POLICY
MONEY SUPPLY
MORTGAGES
MUNICIPAL INVESTMENT
NATIONAL SAVING
NET EXPORTS
NONPERFORMING LOANS
OUTSTANDING BANK LOANS
PENSION
PENSIONS
POLICY RESPONSE
POLICY RESPONSES
PORTFOLIO
POTENTIAL OUTPUT
PRICE INCREASES
PRIVATE CAPITAL
PRIVATE INVESTMENT
PRIVATIZATION
PRODUCTION FUNCTION
PRODUCTIVITY
PRODUCTIVITY GROWTH
PROTECTIONISM
PUBLIC DEBT
PUBLIC INVESTMENT
PUBLIC INVESTMENTS
PURCHASING POWER
RAPID GROWTH
RATES OF RETURN
REAL ESTATE INVESTMENT
REAL EXCHANGE RATE
REAL GDP
REPAYMENT
RESERVE REQUIREMENT
RESERVES
RISK PREMIUMS
SAFETY NETS
SHARE OF INVESTMENT
SHARE OF WORLD TRADE
SKILLED WORKERS
SOCIAL SAFETY NETS
STOCK MARKETS
SURPLUS LABOR
SUSTAINABLE GROWTH
TAX
TAX COLLECTIONS
TAX REVENUES
TAX SYSTEM
TAXATION
TELECOMMUNICATIONS
TOTAL FACTOR PRODUCTIVITY
TRADE LIBERALIZATION
TRADING
TRANSACTION
URBANIZATION
VALUATION
VALUE ADDED
WAGES
WORLD TRADE ORGANIZATION
Vincelette, Gallina Andronova
Manoel, Alvaro
Hansson, Ardo
Kuijs, Louis
China : Global Crisis Avoided, Robust Economic Growth Sustained
geographic_facet East Asia and Pacific
East Asia and Pacific
East Asia
Asia
China
relation Policy Research working paper ; no. WPS 5435
description This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis growth experience, including its relationship to global economic developments. It discusses the pace, composition, sources, and financing of growth during 1995-2007, and the impact of key external and domestic influences. The paper also analyzes the immediate impact of the global crisis on China's economic performance in 2009 and its likely impact in the short run. It then discusses the government's policy response, with a particular focus on the fiscal and monetary stimulus measures. Finally, the paper explores China's medium-term growth prospects in light of the crisis and the key policies for moving to a robust and sustainable growth path post-crisis.
format Publications & Research :: Policy Research Working Paper
author Vincelette, Gallina Andronova
Manoel, Alvaro
Hansson, Ardo
Kuijs, Louis
author_facet Vincelette, Gallina Andronova
Manoel, Alvaro
Hansson, Ardo
Kuijs, Louis
author_sort Vincelette, Gallina Andronova
title China : Global Crisis Avoided, Robust Economic Growth Sustained
title_short China : Global Crisis Avoided, Robust Economic Growth Sustained
title_full China : Global Crisis Avoided, Robust Economic Growth Sustained
title_fullStr China : Global Crisis Avoided, Robust Economic Growth Sustained
title_full_unstemmed China : Global Crisis Avoided, Robust Economic Growth Sustained
title_sort china : global crisis avoided, robust economic growth sustained
publishDate 2012
url http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100927133651
http://hdl.handle.net/10986/3918
_version_ 1764389015138598912
spelling okr-10986-39182021-04-23T14:02:13Z China : Global Crisis Avoided, Robust Economic Growth Sustained Vincelette, Gallina Andronova Manoel, Alvaro Hansson, Ardo Kuijs, Louis ACCESS TO FINANCING ACCOUNTING ACCOUNTING FRAMEWORK ADVANCED COUNTRIES AGGREGATE DEMAND AGRICULTURE ALLOCATION OF CAPITAL ARREARS ASSET PRICES BANK LOANS BANK PORTFOLIOS BANKING SECTOR BANKING SYSTEM BANKRUPTCY BASIS POINTS BOND BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL BASES CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMODITY COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSUMER PRICE INDEX CREDIT CEILINGS CREDIT EXPANSION CREDIT GROWTH CREDIT QUALITY CURRENCY CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS CURRENT ACCOUNT SURPLUSES DEBT DEBT SECURITIES DEBTS DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISPOSABLE INCOME DIVIDEND PAYMENT DIVIDENDS DOMESTIC BANK DOMESTIC BANKS DOMESTIC MARKETS ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC REFORMS ECONOMIC RELATIONS ECONOMIC STRUCTURE ECONOMIC SURVEYS ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUIPMENT EQUITIES EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPORT GROWTH EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT FINANCIAL CAPITAL FINANCIAL CRISIS FINANCIAL INNOVATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FIXED ASSETS FLEXIBLE EXCHANGE RATE FOREIGN BANKS FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTORS GDP GINI COEFFICIENT GLOBAL ECONOMY GLOBAL MARKETS GLOBAL OUTPUT GLOBAL TRADE GLOBALIZATION GOVERNMENT BUDGETS GOVERNMENT DEBTS GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT FINANCES GOVERNMENT INVESTMENT GOVERNMENT REVENUES GOVERNMENT SAVING GOVERNMENT SPENDING GOVERNMENT SUPPORT GROSS DOMESTIC PRODUCT GROWTH POTENTIAL GROWTH RATE GROWTH RATES HOLDINGS HOUSEHOLD INCOME HOUSEHOLD INCOMES HOUSEHOLD SAVINGS HUMAN CAPITAL HUMAN DEVELOPMENT INCOME INEQUALITIES INCOME INEQUALITY INDUSTRIALIZATION INFLATION INFLATION RISKS INFLATIONARY PRESSURES INFRASTRUCTURE INVESTMENTS INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL FINANCE INTERNATIONAL TRADE INVESTMENT FINANCING INVESTMENT INCOME INVESTMENT PROJECTS INVESTMENT RATE INVESTMENT RATES INVESTMENT SPENDING LABOR MARKET LAND REFORM LEGAL FRAMEWORK LENDER LIQUIDITY LOAN LOAN RATES LOCAL GOVERNMENT LOCAL GOVERNMENTS LOW INTEREST RATES M1 M2 MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MARKET CONDITIONS MARKET SHARE MATURITY MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY MORTGAGES MUNICIPAL INVESTMENT NATIONAL SAVING NET EXPORTS NONPERFORMING LOANS OUTSTANDING BANK LOANS PENSION PENSIONS POLICY RESPONSE POLICY RESPONSES PORTFOLIO POTENTIAL OUTPUT PRICE INCREASES PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATIZATION PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PROTECTIONISM PUBLIC DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS PURCHASING POWER RAPID GROWTH RATES OF RETURN REAL ESTATE INVESTMENT REAL EXCHANGE RATE REAL GDP REPAYMENT RESERVE REQUIREMENT RESERVES RISK PREMIUMS SAFETY NETS SHARE OF INVESTMENT SHARE OF WORLD TRADE SKILLED WORKERS SOCIAL SAFETY NETS STOCK MARKETS SURPLUS LABOR SUSTAINABLE GROWTH TAX TAX COLLECTIONS TAX REVENUES TAX SYSTEM TAXATION TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADING TRANSACTION URBANIZATION VALUATION VALUE ADDED WAGES WORLD TRADE ORGANIZATION This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis growth experience, including its relationship to global economic developments. It discusses the pace, composition, sources, and financing of growth during 1995-2007, and the impact of key external and domestic influences. The paper also analyzes the immediate impact of the global crisis on China's economic performance in 2009 and its likely impact in the short run. It then discusses the government's policy response, with a particular focus on the fiscal and monetary stimulus measures. Finally, the paper explores China's medium-term growth prospects in light of the crisis and the key policies for moving to a robust and sustainable growth path post-crisis. 2012-03-19T18:42:08Z 2012-03-19T18:42:08Z 2010-09-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100927133651 http://hdl.handle.net/10986/3918 English Policy Research working paper ; no. WPS 5435 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper East Asia and Pacific East Asia and Pacific East Asia Asia China