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China's economic policy in the time of the global financial crisis: which way out?

Chinas Wirtschaftspolitik in der Zeit der globalen Finanzkrise: welchen Weg wählt China?
[journal article]

Schüller, Margot; Schüler-Zhou, Yun

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Abstract This contribution analyses the impact of the global financial crisis on the Chinese economy and the policies implemented by the Chinese government to cope with it. We argue, first, that China has not been able to decouple its economic performance from that of the U.S. and other developed countries. Second, although economic growth in the second quarter of 2009 showed that the stimulus package is working, the current development does not seem to be sustainable. In order to avoid another round of overheating, the government needs to adjust its stimulus policy. Third, the current crisis offers opportunities to conduct necessary structural adjustments in favour of more market-based and innovative industries, more investment by private companies and a stronger role of private consumption in economic growth. Fourth, with the external demand from the OECD countries declining, Chinese export companies need to further diversify their international markets and reorient their production and sales strategies to some extent towards the domestic market.
Keywords China; financial crisis; economic policy; impact; economic impact; crisis management (psych.); sustainability; investment; political change; investment policy; national state; foreign trade; export
Classification Economic Policy; Public Finance
Method applied research; descriptive study
Free Keywords Economics; Financial crises; Economic policy in various sectors; World economy; Foreign trade policy; Contemporary
Document language English
Publication Year 2009
Page/Pages p. 165-181
Journal Journal of Current Chinese Affairs, 38 (2009) 3
ISSN 1868-4874
Status Published Version; peer reviewed
Licence Creative Commons - Attribution-Noncommercial-No Derivative Works