Three Misconceptions Regarding China’s Economic Growth

FAN Gang

 
Editorial note:

When China switched from central planning to a market economy, the constraints upon the nation’s economic growth seemed to shift overnight from supply to demand. Demand boils down to consumption, investment and net export. Many people believe that China is overly dependent upon investment and net export and does little to increase consumption. This and several other specious arguments are dissected in a profound yet lucid way in this short essay by Fan Gang, an authoritative voice upon China’s macroeconomic issues. His opinions are constructive in helping us to understand the issue of China’s economic growth.

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