Economic growth in China during the world financial crisis

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Published: Sep 10, 2021
Updated: 2021-09-10
DOI: https://doi.org/10.20983/noesis.2015.2.5
Keywords:
Chinese model economic growth world financial crisis

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Pedro A. Villezca Becerra
Universidad Autónoma de Nuevo León.
http://orcid.org/0000-0002-4064-7138

Abstract

Within the global scope, China is becoming increasingly strong. Overwhelming evidence is provided during the period 2008-2009 under the most serious global financial crisis environment since the Great Depression in the 1930’s. The Chinese economic performance was outstanding. Even though key economic indicators showed slower growth rates, China managed to achieve a speedy recovery reversing the negative effects of the crisis. In this context, the paper reviews China’s economic achievements and policy management in response to the crisis and attempts to explain economic success. The central government designed strong monetary and fiscal packages implementing expansionist measures to boost domestic demand and sustainable economic growth to cope with the reduced external demand. As a result, economic growth, industrial production, international trade, and foreign direct investment were much better than those in the us, the European Union, Japan and the rest of world economies. The differences in economic success lie in the varying Chinese and western systems characteristics, particularly the role played by the State. Economically, the Chinese system features a guided market economy in contrast with the western market economy of free enterprises.

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How to Cite
Villezca Becerra, P. A. (2021). Economic growth in China during the world financial crisis. Noesis. Journal of Social Sciences and Humanities, 24(48), 127–144. https://doi.org/10.20983/noesis.2015.2.5
Issue
Vol. 24 No. 48 (2015)
Section
Social Sciences
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Author Biography

Pedro A. Villezca Becerra, Universidad Autónoma de Nuevo León.

Profesor - investigador adscrito al Departamento de Economía.

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