China's Economy in Transformation under the New Normal

This book examines the recent development and prospect of the Chinese economy as the country adapts to changing domestic and external settings. After more than three decades of near double-digit annual expansion, the country's growth decelerated considerably to enter a new era of the so-called New Normal.

At the macro level, considerable amount of overhaul is required to improve governance and enhance regulatory effectiveness. These include monetary policy adjustment, financial sector development and taxation reforms.

As the Chinese government at both the central and local levels plays an important role in promoting growth, issues such as the role of local government and the reform of state-owned enterprises are examined in this book. Topics such as the development of private consumption and industrial upgrading are also assessed. The book discusses several matters considered important to China's social and economic cohesion including the management of agricultural product reserves, the development of a functioning social security system and regional development. To help project a long-term view of China's economic strength, the book also examines such factors as development in population and the labour market.

This book provides a comprehensive analysis of China's economy and identifies the recent developments that matter to China's economic future.

Readership: Policymakers, academics, professionals, undergraduate and graduate students interested in China's economic transformation under the New Normal.

Sarah Y TONG graduated from Beijing University of Aeronautics and Astronautics and worked at the Development Research Centre of China's State Council for several years. She obtained her PhD in Economics from the University of California at San Diego. She was assistant professor with the Department of Economics and research fellow of the East Asian Institute, both in the National University of Singapore. Currently, she is senior research fellow at the same institute. Her research interests concentrate on the recent development and transformation of Chinese economy, including development in trade and foreign investment, development of regions, financial sector reforms, reforms of state-owned enterprises, and industrial policies and restructuring. Her works appeared in journals such as Journal of International Economics, Global Economic Review, China: An International Journal, Review of Development Economics, China and the World Economy, Comparative Economic Studies and China Economic Review. In addition to contributing chapters to numerous books on contemporary China, she also edited and co-edited three books including China and Global Economic Crisis (2010), Trade, Investment and Economic Integration (2014) and China's Evolving Industrial Policies and Economic Restructure (2014).