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Seoul Journal of Economics
[ Article ]
Seoul Journal of Economics - Vol. 23, No. 1, pp.123-144
ISSN: 1225-0279 (Print)
Print publication date 28 Feb 2010
Received 31 Jan 2010 Revised 16 Feb 2010

The Role of Macroeconomic Policy in China’s High Economic Growth amidst the Global Financial Crisis

Xu Mingqi
Professor and Deputy Director, Institute of World Economy, Shanghai Academy of Social Sciences, 7/622 Huai Hai Road (C), Shanghai 200020, China, Tel: +86-21-6384-0821, Fax: +86-21-5306-3814 xmq@sass.org.cn

JEL Classification: E22, E50, E63

Abstract

On 22 January 2010, the Chinese State Statistical Bureau announced that the 2009 Chinese economic growth rate remained at 8.7 percent, which fulfilled the 8 percent target preset by the central government at the end of 2008. Many celebrated this achievement, attributing the stimulated economy to government economic policy. This paper analyzes how the macroeconomic policy of the Chinese government contributed to economic growth even under the global financial crisis. The present effects of this policy and its implications on the future are also examined.

Keywords:

China's economic growth, Macroeconomic policy, Stimulus package

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