ECON 455 Lecture 1 - 1 1 Econ 455: Economic Development in...

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Unformatted text preview: 1 1 Econ 455: Economic Development in China Winter 2006 Sandra Poncet Lorch Hall, room 207 Email: sponcet@umich.edu Office Hours: Mondays 10:30-12 & Wednesdays 16:30-18:30 __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 2 2 Motivation (1/5) The Chinese economy attracts superlatives Very rapid growth: GDP growth over 9% per year to become the 4 th largest economy Chinas per capita GDP has more than quadrupled between 1978 and 2005 __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 3 3 Growth has been very rapid GDP growth at constant prices 2 4 6 8 10 12 14 16 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 4 4 Motivation (1/5) Not just another successful story because China is not a typical country-China is the most populous country in the world (over 1.3 billion people)-China has matched the growth record of all 8 high-performing East Asian economies with a population three times larger Moreover, two decades ago, few economists would have bet on the outcome in China today __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 5 5 Motivation (1/5) Chinas growth is unlikely to end any time soon-Untouched by the Asian Crisis, ignored the 2001 world slow down-Best part of Chinas growth may not have come yet Source: CEPII wp 2006-16...
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ECON 455 Lecture 1 - 1 1 Econ 455: Economic Development in...

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