The PRC's Long-Run Growth through the Lens of the Export-Led Growth Model
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This analysis has important implications to understand the People's Republic of China's transition to a “New Normal” of a lower growth rate.
Using the concept of the balance-of-payments equilibrium (BOPE) growth rate, this paper tests the proposition that the People’s Republic of China’s (PRC) remarkable growth performance over the last 3 decades was a case of export-led growth. Results indicate that the PRC’s actual long-run growth is well approximated by its BOPE growth rate.