and over one million other books are available for Amazon Kindle. Learn more
Qty:1
  • List Price: $21.95
  • Save: $2.90 (13%)
FREE Shipping on orders over $35.
Only 13 left in stock (more on the way).
Ships from and sold by Amazon.com.
Gift-wrap available.
Sustaining China's Econom... has been added to your Cart
+ $3.99 shipping
Used: Very Good | Details
Condition: Used: Very Good
Comment: Very Clean Copy - Over 500,000 Amazon Sales - Buy with Confidence - Satisfaction Guaranteed! We Ship Daily!
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

Sustaining China's Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics - Publication) Paperback – January 15, 2012


See all 2 formats and editions Hide other formats and editions
Amazon Price New from Used from
Kindle
"Please retry"
Paperback
"Please retry"
$19.05
$13.30 $7.53

Best Books of the Month
See the Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.
$19.05 FREE Shipping on orders over $35. Only 13 left in stock (more on the way). Ships from and sold by Amazon.com. Gift-wrap available.

Frequently Bought Together

Sustaining China's Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics - Publication) + The Chinese Economy: Transitions and Growth + Demystifying the Chinese Economy
Price for all three: $66.67

Buy the selected items together


Editorial Reviews

Amazon.com Review

"There is no question more important for the global economy than China and no closer student of Chinese economic policy than Nick Lardy. It follows that this book should be read by anyone concerned with the future of the global economy."  —Lawrence H. Summers, former Director of the White House National Economic Council and Charles W. Eliot University Professor at Harvard University's Kennedy School of Government

 

"China does not get special dispensation from the rebalancing imperatives that all major economies face in this post-crisis era. Nick Lardy sheds considerable insight into the critical Chinese piece of this agenda—detailing the financial and currency reforms that will be required for the long-awaited transition to a pro-consumption growth dynamic. This book will undoubtedly elevate the debate over China's global economic impact."

Stephen Roach, Yale University, Non-Executive Chairman Morgan Stanley Asia

 

"Nicholas Lardy is one of most respected American scholars in China because of his admirable works on the Chinese economy. His new book Sustaining China's Economic Growth after the Financial Crisis is a must-read for those who are concerned with China's growth. So far as I have seen, this book is the most comprehensive, detailed, and well-structured account of the turns and twists of the Chinese government's policy in restructuring the imbalanced economy and responding to the global financial crisis in recent years. Nicholas Lardy's defense of China's stimulus program may raise some eyebrows, but his explanation certainly will inspire more in-depth discussions."Yu Yongding, President of the China Society of World Economics, and former member of the monetary policy committee of the Peoples' Bank of China

 

"Nick Lardy is one of the most knowledgeable people on China's economy I know. I always take his opinions on China very seriously, and the contents of this book is no exception. I believe it is a must read for anyone interested in today's economic policies in China." Bill Rhodes, President & CEO, William R. Rhodes Global Advisors, LLC

"Lardy's book is a masterful account of the policy reforms that China needs to put in place to rebalance its economy and sustain high growth. The book is rich in data and thoughtful analysis, making it essential reading for anyone interested in understanding China's growth prospects." Eswar Prasad, Brookings Institution

About the Author

Nicholas R. Lardy is the Anthony M. Solomon Senior Fellow at the Peterson Institute for International Economics. He joined the Institute in March 2003 from the Brookings Institution, where he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003 and served as interim director of Foreign Policy Studies in 2001. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.
NO_CONTENT_IN_FEATURE

Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Series: Peterson Institute for International Economics - Publication
  • Paperback: 200 pages
  • Publisher: Peterson Institute (January 15, 2012)
  • Language: English
  • ISBN-10: 0881326267
  • ISBN-13: 978-0881326260
  • Product Dimensions: 8.9 x 6 x 0.5 inches
  • Shipping Weight: 11.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #796,556 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

4.0 out of 5 stars
Share your thoughts with other customers

Most Helpful Customer Reviews

10 of 13 people found the following review helpful By Jiang Xueqin on April 5, 2012
Format: Paperback
Economist Nicholas Lardy's new book is a lucid and pithy exploration of China's economic weaknesses, and how Beijing can grapple with them.

In Lardy's analysis, the Chinese economy is "unbalanced"; it relies too much on exports and residential property prices to fuel its economy, two distortions and dependencies that favor certain interests at the expense of the nation.

Consider exports. China has created a global addiction to its cheap goods, but with consequences for its environment and to its economy, as well as the global economy. China subsidizes its exporters with cheap power and water, as well as easy access to bank loans. Then there's how China undervalues its currency, which in turn has led to distortions in the global economy. But despite government subsidies, China's export industries make little money if at all, which forces the government to subsidize them even more; the Chinese have raised "corporate welfare" to a whole new level.

Then there are the urban real estate bubbles, fueled by what Lardy calls "financial repression": low bank interest rates that tax depositors, and a scarcity of investment vehicles. To put in perspective the real estate bubble, consider this statistic: "After 2003, the urban population increased by an average of only 19 million annually, but average residential housing investment of 6.8 percent of GDP was two-thirds larger than in 2000-2003, and annual residential housing starts soared from 490 million square meters in 2004 to 1,290 million square meters in 2010."

These economic trends have led Premier Wen Jiabao himself to call China's growth "unsteady, imbalanced, uncoordinated, and unsustainable.
Read more ›
2 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
2 of 2 people found the following review helpful By James R. Maclean on April 1, 2013
Format: Paperback
This is a solid piece of scholarship, in which Lardy seriously examines the challenges facing the authorities in China. After the catastrophic collapse of asset prices in OECD nations, and its negative income effect, China was still reliant on its large but potentially endangered current account balance as the primary engine of economic growth (1). Despite excellent and well-executed fiscal strategies for responding to the GFC-2008, Lardy observes that the PRC's growth strategy is imbalanced and unsustainable.

First, it is universally acknowledged that China requires massive job creation.

Second: the saving rate actually rose sharply after 2001 in response to a decline in real rates of return for household deposits. In other words, Chinese households save a lot under economic necessity, and as the negative returns on deposits rose to over 6%, the rate of income saved rose to 50% of average household income. Saving is high because there is practically no social insurance (2).

This sounds virtuous, but it is unsustainable and immiserating. Requiring persistently high rates of GDP growth in order that the bottom 80% of households can barely stay alive, is a very poor economic model. Moreover, it depends on the renminbi (yuan) remaining at a very low rate of exchange, something which could end very abruptly.

Third, and most obviously, the Chinese economy relies on very high exports. The cheap yuan means imports like electrical machinery and equipment, fuel, power generation equipment, and metal ores are more expensive per unit of Chinese production.
Read more ›
3 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
Format: Paperback
Since market reforms championed by Deng Xiaoping began underway in the late 1970s, China has made impressive strides in economic development, sustaining double-digit growth for an extended period of time. While the world economy suffered the most severe decline in 60 years during the 2007-09 global financial crisis, China's economic growth only ticked down slightly to 9.2 percent in 2009. China was the fastest growing emerging market both during and immediately after the crisis, and has thus emerged as a critical engine for the entire global economy.

Despite China's economic success in the past three decades, Nicholas Lardy, renowned expert on the Chinese economy at the Peterson's Institute for International Economics, articulates China's economic challenges ahead and offers suggestions in his book Sustaining China's Economic Growth: After the Global Financial Crisis. Lardy seeks to explain China's economic policy during the global financial crisis and analyze challenges facing the Chinese leadership in sustaining growth rates in the coming decades. He suggests that China's economic imbalances will require fundamental market-oriented reforms; modest, marginal, and incremental reforms only provide lip service that cannot bring China onto a new growth path. Lardy examines the technical and political challenges that these comprehensive reforms entail.

Given the Chinese economy's heavy reliance on exports to foreign market, Lardy describes China's policy response to the global financial crisis as "early, large, and well designed" (5).
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Set up an Amazon Giveaway

Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more
Sustaining China's Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics - Publication)
This item: Sustaining China's Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics - Publication)
Price: $19.05
Ships from and sold by Amazon.com

What Other Items Do Customers Buy After Viewing This Item?