Le rééquilibrage de la croissance chinoise : enjeux et perspectives

A gradual rebalancing of Chinese growth toward private consumption would promote global economic stability by helping to reduce global current-account imbalances. It would also serve Chinese interests. Demographic trends - the stabilization of the working-age population, the gradual decrease in internal migrations - should contribute to the rebalancing in the medium term, with labor shortages sustaining wages. However, structural reforms are needed as well. They include : improved redistribution of corporate earnings and gradual exchange-rate adjustment, to boost Chinese consumers? purchasing power ; improvement in social policies, to lower precautionary savings ; and expansion and liberalization of financial markets to make them accessible to households and small/medium-sized businesses.