學門類別
哈佛
- General Management
- Marketing
- Entrepreneurship
- International Business
- Accounting
- Finance
- Operations Management
- Strategy
- Human Resource Management
- Social Enterprise
- Business Ethics
- Organizational Behavior
- Information Technology
- Negotiation
- Business & Government Relations
- Service Management
- Sales
- Economics
- Teaching & the Case Method
最新個案
- A practical guide to SEC ï¬nancial reporting and disclosures for successful regulatory crowdfunding
- Quality shareholders versus transient investors: The alarming case of product recalls
- The Health Equity Accelerator at Boston Medical Center
- Monosha Biotech: Growth Challenges of a Social Enterprise Brand
- Assessing the Value of Unifying and De-duplicating Customer Data, Spreadsheet Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise, Data Supplement
- Building an AI First Snack Company: A Hands-on Generative AI Exercise
- Board Director Dilemmas: The Tradeoffs of Board Selection
- Barbie: Reviving a Cultural Icon at Mattel (Abridged)
- Happiness Capital: A Hundred-Year-Old Family Business's Quest to Create Happiness
What's Next for the Chinese Economy?
內容大綱
This is an MIT Sloan Management Review article. Since China began its economic reforms in 1978, it has transformed itself from an economically impoverished and politically unstable country to the second-largest economy in the world. But China faces monumental challenges, both economic and political, in the years ahead, notes author Yasheng Huang. One thing we know about economic growth is that it typically slows down after a period of robust performance. It is much more difficult for a country to grow at a sustainably fast pace when the per capita GDP is high than when per capita GDP is low. Despite more than three decades of reforms, Huang argues, China is still substantially statist in its basic orientation. The result is that for each percentage point of GDP growth, China requires more and more energy and investments, with worrisome implications for its environment and the health status of its population. There is increasing evidence that China is seeing diminishing returns with its existing growth model. Research shows that fast growth at an extremely low income level is relatively easy. However, Huang notes, being able to grow from what is known as "middle-income status" (between $6,000 and $8,000 dollars per capita, a level that China has just about reached) is much harder. Can China avoid the middle-income trap and grow at a sustained rate for another decade or more? Huang believes it can, but only if it undertakes significant reforms, especially political reforms. At GDP of $700, Huang argues, China didn't need to innovate-it could simply copy and transplant the technology and production methods of other countries. But it now needs to transition to a stronger, market-based economic system, a political system that is more open and democratic, and a legal system that is rule-based and offers strong IP protection. In other words, Huang says, China needs political reforms as well as economic reforms to enter the next stage of its growth model.