By Xiaolin Wang, Limin Wang, Yan Wang (auth.)
The fast progress during the last 3 many years has been instrumental in lifting over six hundred million humans in China out of poverty, and other people need to know why and the way it occurred. overseas proof has made it transparent worldwide economic climate in response to present styles of intake and creation is just not sustainable. Policymakers have many times been prompt that fiscal progress, poverty relief, fairness, and surroundings and source sustainability has to be built-in into nationwide improvement techniques. What approximately China? the primary hindrance of present China-focused fiscal stories lies in its imbalances from the viewpoint of study and the effect of development on poverty and inequality. A constrained variety of experiences are dedicated to structural transformation and China’s structural imbalances, social disparities and the influence of technological know-how and expertise on progress and productiveness. This e-book addresses the alarming environmental results of China’s development styles inside an total caliber development framework. It contributes to the industrial development and improvement literature and present coverage discourse on China via increasing the coverage research to incorporate numerous vital new parts utilizing the newest info on hand. This contains reading the macroeconomic elements that underlie the necessity for China to improve its fiscal transformation; reading how social inequalities, together with healthiness, schooling and gender, have developed and featuring the size of environmental difficulties linked to China’s development miracle. This record represents the 1st try to combine the difficulty of environmental sustainability and weather grow to be the standard development context, offering readers with a finished account of China’s luck and demanding situations in its 3 many years of quick financial progress.
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Extra info for The Quality of Growth and Poverty Reduction in China
These reforms brought only moderate economic growth to these countries. By contrast, China has managed to sustain a long period of growth at a record rate while also maintaining macroeconomic and social stability. This chapter has two focuses. First, it identifies key factors that underpin China’s growth miracle. The second focus is to explain how China achieves the poverty reduction miracle. 1 How China Succeeded in Sustaining High Growth over Three Decades? 1 Five factors are broadly considered to be the key determinants of China’s phenomenal growth performance.
1). 2). This growth in TFP sets China’s growth performance apart from other fastgrowing economies. 9 % during 1993–2004 (Hu and Khan 1997). 4 % during 1960–1969. While TFP growth accounts for nearly half of the increase in output per worker in China from 1978, for Asia as a whole during the same period, it only accounts for a quarter. The Chinese economy has been in a virtuous circle with sustaining feedback effects: high investment produced rapid economic growth, and rapid growth in turn boosted expectations which then encouraged high investment.
In the case of Brazil, despite the relatively slow growth and high level of inequality, it managed to reduce poverty (measured by poverty head index) by 54 % between 1981 and 2005 while keeping inequality from rising. The implementation of reforms to the social security system and the introduction of large-scale social assistance transfer programs, including various conditional transfer programs that covered over one 2 China’s Miracle in Growth and Poverty Reduction Fig. 4 quarter of the population, played key roles in poverty reduction.