Los límites a la acumulación ampliada y el fin del milagro del crecimiento chino

After more than two decades of experiencing record-setting growth, the Chinese economy has now entered a “new normal”. To explain the roots of this transformation, by drawing upon Marxian and regulation theory, this article seeks to identify key features of China’s socio-economic development in the relationship of the institutions governing its economy and the patterns and contradictions observable in the accumulation process between 1995 and 2015. To observe the latter, by mapping data from national accounts and input-output tables, it measures Marxian economic categories such as surplus value, the composition of capital, and profit rates. After a rapid process of predominantly extensive accumulation, the Chinese economy has now encountered a double conundrum of overproduction and overaccumulation, while is facing difficulties in transitioning away from the established patterns of accumulation that have produced these crisis tendencies.