IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03085784.html
   My bibliography  Save this paper

Managing the “Post Miracle” Economy in China:

Author

Listed:
  • Zhao Wei

    (ESSCA - Ecole Supérieure des Sciences Commerciales d'Angers)

  • Ruet Joël

    (i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - Université Paris-Saclay - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique)

Abstract

Combining some theoretical perspectives of economic development stages, a capital accumulation regime with Chinese characteristics and a techno-economic paradigm, this paper tries to explain how the Chinese growth miracle reached the edge of crisis after 2008. It argues that for 30 years, the ‘visible hand' managing the Chinese economy has progressively shifted from local governments' initiatives and experiments to central government's macro policy supplemented with industrial economics tools. This brought China's growth from the factor-driven to the investment-driven stage, and progressively decoupled the financial system from China's local, dominant, accumulation regime, directing finance into a technological accumulation regime. The Chinese central government attempts three macroeconomic approaches with which to readdress the growth pattern: rebalancing; supply-side reform; and innovation-driven development. The Belt and Road Initiative is an attempt to domestically recouple backward to coastal provinces, trade and investment to economic diversification, and to upgrade provinces. The current Chinese growth model is composed of different capital accumulation regimes: export, domestic infrastructure investment, financial market liberalisation, e-commerce platform economy, all based on the manufacturing economy built up over the last 40 years. China needs upgrading its manufacturing economy to an innovation level and build a new capital accumulation regime based upon it.

Suggested Citation

  • Zhao Wei & Ruet Joël, 2020. "Managing the “Post Miracle” Economy in China:," Post-Print hal-03085784, HAL.
    • Handle: RePEc:hal:journl:hal-03085784
    DOI: 10.1080/14631377.2020.1867427
    Note: View the original document on HAL open archive server: https://hal.science/hal-03085784v1
    as

    Download full text from publisher

    File URL: https://hal.science/hal-03085784v1/document
    Download Restriction: no
    File URL: https://libkey.io/10.1080/14631377.2020.1867427?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Jean Ruffier, 2010. "The knowledge of industrial development -," Post-Print halshs-00649736, HAL.
    2. Mark Beeson, 2018. "Geoeconomics with Chinese characteristics: the BRI and China’s evolving grand strategy," Economic and Political Studies, Taylor & Francis Journals, vol. 6(3), pages 240-256, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Thomas Christiansen & Bongchul Kim, 2023. "EU-Korea trade relations in the context of global disruption: political and legal perspectives," Asia Europe Journal, Springer, vol. 21(4), pages 527-544, December.
    2. Chau-Kiu Cheung & Eileen Yuk-Ha Tsang, 2015. "Political-Economic Coalition among Entrepreneurs, Professionals, and Cadres in Guangdong, China," Sociological Research Online, , vol. 20(4), pages 45-57, November.
    3. Thomas Christiansen, 2020. "The EU's New Normal: Consolidating European Integration in an Era of Populism and Geo‐Economics," Journal of Common Market Studies, Wiley Blackwell, vol. 58(S1), pages 13-27, September.
    4. Andrzej Jakubowski & Tomasz Komornicki & Karol Kowalczyk & Andrzej Miszczuk, 2020. "Poland as a hub of the Silk Road Economic Belt: is the narrative of opportunity supported by developments on the ground?," Asia Europe Journal, Springer, vol. 18(3), pages 367-396, September.
    5. Zhiheng Wu & Guisheng Hou & Baogui Xin, 2020. "Has the Belt and Road Initiative Brought New Opportunities to Countries Along the Routes to Participate in Global Value Chains?," SAGE Open, , vol. 10(1), pages 21582440209, January.
    6. Abdul Sattar & Muhammad Noshab Hussain & Muhammad Ilyas, 2022. "An Impact Evaluation of Belt and Road Initiative (BRI) on Environmental Degradation," SAGE Open, , vol. 12(1), pages 21582440221, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03085784. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.