ADB; Felipe, Jesus; Lanzafame, Matteo2021-10-052021-10-052018-08N/AN/A2313-65372313-6545https://www.adb.org/publications/prc-export-led-growth-modelhttps://hdl.handle.net/20.500.14540/5398This 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.32EconomicsIndustry and trade