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China’s Economic and Trade Development: Imbalance to Equilibrium

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Errata

This article is corrected by:

  1. Errata: Erratum Volume 35, Issue 3, 395, Article first published online: 7 March 2012

  • The paper is funded by Key Projects of Research of Ministry of Education (06JZD0014), Key Projects of National Natural Science Foundation (70933001), Key Projects of National Social Science Foundation (10ZD&003; 11&ZD013), International Cooperation and Communication Projects of National Natural Science Foundation (71161130175) and China Postdoctoral Scientific Foundation (2011M500978). For correspondence on questions about this paper, please contact Minghai Zhou, College of Public Administration, Zhejiang University, China, at hammingzmh@zju.edu.cn.

Abstract

The rapid pace of China’s economic and trade development has been considered as a great success since the entry of WTO in 2001. Most recently, China has succeeded in coping with the global financial crisis and achieved a rapid V-shaped recovery which rebounded to two digit growth rate and lead to strengthening its international status. Nevertheless, China has exposed many potential problems in face of the financial crisis which due to international and domestic unbalanced features of China’s economic operation system. The pattern of ‘China Manufacturing and World Consuming’ is a game with no winners, while the investment leaded economic development mode achieves high growth rate but without enriches its own residents. The current imbalanced economic development mode cannot be sustained and shall be changed in the future which is not only the consensus of economists at home and abroad, but also a striving goal for the Chinese government for its ‘12th Five-Year Plan’. However, China will face great and formidable challenges by changing the economic development mode to achieve an equilibrium state.

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