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Towards A Common Future pp 21–41Cite as

Palgrave Macmillan

China’s ‘New Normal’: Explaining China’s Economic Development from Institutional and Marxian Perspectives

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Abstract

China is approaching to a new phase of economic development, termed as the 'new normal', which is characterized by slower but quality economic growth. This chapter aims to interpret China’s ‘new normal’ from the New Institutional Economics and Marxian viewpoint and also reviews the factors inducing China’s successful economic transformation to a new stage. The former school of thought is primarily concerned with the ‘supply-side’ driver of increasing economic output and efficiency and requires a free and open market for ideas to sustain China’s economic growth or advance itself into a global centre of technological innovation or scientific discovery. The latter school of thought, however, shares the Marxian concern of the 'demand-side' driver of increasing economic output and calls for an egalitarian pattern of income distribution for sustaining economic growth in the future. In light of these views, the chapter evaluates how far China has prepared itself for a soft landing to the 'new normal'.

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Acknowledgement

This chapter is a revised and updated version of Y. Suzuki and MD. Dulal Miah (2017) ‘China’s “New Normal”: An Interpretation from Institutional and Marxian Views’, Journal of Comparative Asian Development, 16(1) pp. 21–46.

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Authors and Affiliations

  1. College of International Management, Ritsumeikan Asia Pacific University, Beppu, Oita, Japan

    Yasushi Suzuki

  2. Department of Economics and Finance, University of Nizwa, Birkat Al Mawz, Oman

    Mohammad Dulal Miah

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  1. Yasushi Suzuki
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  2. Mohammad Dulal Miah
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Editors and Affiliations

  1. International Management Institute, Kolkata, India

    Arindam Banik

  2. Ritsumeikan Asia Pacific University, Beppu, Oita, Japan

    Munim Kumar Barai

  3. Ritsumeikan Asia Pacific University, Beppu, Oita, Japan

    Yasushi Suzuki

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Suzuki, Y., Miah, M.D. (2017). China’s ‘New Normal’: Explaining China’s Economic Development from Institutional and Marxian Perspectives. In: Banik, A., Barai, M., Suzuki, Y. (eds) Towards A Common Future. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-10-5592-8_2

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  • DOI: https://doi.org/10.1007/978-981-10-5592-8_2

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  • Publisher Name: Palgrave Macmillan, Singapore

  • Print ISBN: 978-981-10-5591-1

  • Online ISBN: 978-981-10-5592-8

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