The role of macroeconomic policy in Chinas high economic growth amidst the global financial crisis

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.