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Reforms, International Crisis and Growth of Chinese and Indian Economies

Author

Listed:
  • Manmohan Agarwal

    (Centre of Chinese Studies, Research and Information Systems for Developing Countries, New Delhi, India. manmohan44@gmail.com)

  • Adrita Banerjee

    (Centre for Economic Studies and Planning, School of Social Studies, Jawaharlal Nehru University, New Delhi, India. adritabanerjee1995@gmail.com)

Abstract

The considerable similarity in the growth paths of the Chinese and Indian economies since their respective reforms has changed after the 2008 crisis. This article tries to understand the trajectories of different parameters of economic growth in the two countries, and how these changed after the crisis. Growth has declined in both the economies, more consistently in China, compared to India. The share of exports in GDP has also declined in both economies. The dependence of the Chinese economy on exports has decreased; however, its dependence on investment has increased. Investment’s share in GDP in China has increased, whereas it has decreased in India. The structure of the manufacturing sector in China has undergone changes, which is not the case for India. The increase in the share of services and decline in the share of manufacturing in China implies that the production structure is becoming less unbalanced. JEL classification: E58, E62, F32, F41

Suggested Citation

  • Manmohan Agarwal & Adrita Banerjee, 2024. "Reforms, International Crisis and Growth of Chinese and Indian Economies," China Report, , vol. 60(1), pages 22-40, February.
    • Handle: RePEc:sae:chnrpt:v:60:y:2024:i:1:p:22-40
    DOI: 10.1177/00094455231188543
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    References listed on IDEAS

    as
    1. Pingyao Lai, 2015. "Growth Slowdown in China since 2008: Will There Be a Hard Landing in the Near Future?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 23(3), pages 42-58, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    China; India; growth since 2008 financial crisis; share of exports in GDP; share of manufacturing in GDP; public investment;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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