China's Remarkable Economic Growth

How has the Chinese economy managed to grow at such a remarkable rate--no less than ten per cent per annum--for over three decades? This well-integrated book combines economic theory empirical estimation and institutional analysis to address one of the most important questions facing contemporary economists. A common thread that runs throughout the book is the underlying political economy: why China became a developmental state and how it has maintained itself as a developmental state. <p/>The book examines the causal processes at work in the evolution of China's institutions and policies. It estimates cross-country and cross-province growth equations to shed light on the proximate and some of the underlying determinants of the growth rate. It explores important consequences of China's growth posing a series of key questions such as: is the economy running out of unskilled labor; why and how has inequality risen; has economic growth raised happiness; what are the social costs of the overriding priority accorded to growth objectives; can China continue to grow rapidly or will the maturing economy or the macroeconomic imbalances or financial crisis or social instability bring it to an end? <p/>Based mainly on original research this book will be of interest to growth economists development economists transition economists China specialists policy-makers and indeed all those who are intrigued by the Chinese growth phenomenon.<br>