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Published in:
2017 | OriginalPaper | Chapter
11. Conclusion
Authors : Dominique De Rambures, Felipe Escobar Duenas
Published in: China’s Financial System
Publisher: Springer International Publishing
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Abstract
When Deng Xiao ping said that one must “cross the river by feeling the stones” he did not mean that one must stop in the middle of the ford. That is exactly where the Chinese government is currently. Once again, interest rate liberalization is on the way, but the rate schedule has neither been cancelled nor withdrawn, only amended. This is in accordance with the traditional Chinese though that prioritizes the path (dao) over the final goal, learning by doing rather than doing by learning. Since China accounts for 23% of world GDP and has contributed to half of the world’s growth rate since 2008 (according to the World Bank), the Chinese economic transition is of primary importance to the rest of the world.