Abstract

The Chinese economy is undergoing substantial structural change to a model driven increasingly by consumption and services (rather than public investment and exports), with growth gradually slowing to a more sustainable pace. This transition is a desirable outcome that is good for China and good for the world, benefiting global growth and reducing tail risks in the long term. In the short term, however, this shift will likely be bumpy—as exemplified by recent market turbulence—and is likely to entail substantial spillovers.

Building on Asia's Strengths during Turbulent Times
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