China's Economic Prospects in New Normal
With stabilizing economic growth, China’s economy has stepped into the 'new-normal' stage. In this meeting organized in collaboration with the SIFL institute and the Liu Hongru Financial Education Foundation scholars and experts debated whether under the new macro conditions it faces, China will be able to achieve rapid growth for the next decade. What kind of economic growth will be appropriate? What economic reform policies that will be necessary? Also addressed was whether China will revert to the mean (as per Larry Summers’ recent predictions). Political, economic and demographic challenges that china will face in the years ahead were also discussed: 1) What will happen when workers start to have bargaining powers and see increases in wages? 2) The globalization process was very positive for China but now how will the country handle the enormous amount of work needed to counter the middle-income trap in order remain competitive? 3) How does China prepare for the dramatic change in demographics it will be facing in 5 years?