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While economic growth in the People’s Republic of China has receded, it remains high at the global level, accounting for about 25% of growth worldwide. The PRC’s growth model has been underpinned by large-scale capital accumulation, impacting the efficient allocation of capital. Moreover, excess capacity in some industries, as well as a scaling back in shadow banking activity, has resulted in a slower rate of investment growth.
Lower economic growth overall is also raising concerns about fiscal sustainability in the PRC given that investment in the country has been largely financed by debt. In conjunction with these developments, the PRC has instituted a more flexible exchange rate and continues to ramp up policy efforts to reduce pollution and promote green growth.
This workshop will explore the PRC’s growth trajectory, the country’s emerging economic policy challenges, and policies that could help to mitigate risks and solidify its economy for the future. The event will examine and build upon key findings from the OECD Economic Survey of China 2019 and the latest ADBI research.
The workshop will address the following policy questions:
- What challenges does the PRC face as a result of slowing growth, trade frictions, and high debt levels?
- What types of policies should the PRC pursue to continue rebalancing its economy towards greater domestic consumption and services, enhance economic efficiency, and ensure that future growth is sustainable, greener and more inclusive?
- What is the most desirable exchange rate arrangement for the PRC?
- How will the PRC be financially impacted by the transition to a low-emission economy?
About 10-15 PRC-focused economic and financial policy experts and representatives from international organizations.
The workshop will feature three presentations to improve understanding of unfolding economic developments in the PRC and prospective policy solutions:
- Prof Naoyuki Yoshino, Dean of ADBI, on the PRC’s exchange rate arrangements
- Dr Margit Molnar, Head of China Desk, OECD Economics Department on the OECD Economic Survey of China 2019
- Dr Bihong Huang, ADBI Research Fellow, on the financial implications of the PRC’s transition to a low carbon emission economy.
It will also inform an ADBI working paper.
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