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China After Subprime

In: Asia and the Subprime Crisis

Author

Listed:
  • Chi Lo

    (Economic Strategist)

Abstract

China has been pursuing a development model that is based on supply side expansion, with high savings boosting investment at the expense of consumption. Hence, it has never developed a significant service industry or a financial system capable of channelling savings to consumption via a consumer finance framework. Domestic consumption deficiency has, in turn, pushed the bulk of the industrial capacity towards exports. Since the mid-1990s, when China’s exports became a critical mass in global trade, its economic growth has become dependent on the infinite capacity for debt-financed consumption by US households.

Suggested Citation

  • Chi Lo, 2009. "China After Subprime," Palgrave Macmillan Books, in: Asia and the Subprime Crisis, chapter 10, pages 109-122, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25113-7_11
    DOI: 10.1057/9780230251137_11
    as

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