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Sejong Policy Series

Chinese Economy in Decline: Outburst of Contradictions in Politics and Economy
2018.12.06  Thursday
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Kisoo Kim

The Chinese economic growth began to recede. The economic reasons are already revealed. It is attributable to the distortion embedded in key economic sectors such as industry, finance, real estate, and regional economy. Distortion denotes inefficiency. Continuous inefficient economic management obviously leads to economic downfall. As the reasons are there, prescriptions also exist – rectify the distortion. However, the reforms to correct these distortions will entail pain, the large cost necessary for restructuring the economy and risks such as economic recession. Unfortunately, it is difficult to find evidences of visible economic reforms. If the reforms proceed poorly, the economic growth will recede and even lead to economic crisis. The larger problem is that the China’s authoritarian political system is the obstacle of economic reforms. Because of the state-run economic management principles, the peculiar structure of economic reforms violating pre-existing political interest have enrooted in socialist China for a long time. This is the logical explanation to consider political factors as well as the economy to understand the Chinese economy. The book introduced the traits and outlook of Chinese economy with the common points between economy and politics. I believe that this is the first attempt of researching politics and economy integrally in South Korea.

 

Volume: 2018-9

Publication Date: November 5, 2018

Paperback, 340 Pages​​​