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China's current growth model? which has delivered steady and robust growth for two decades and liftedsome 500 million individuals out of poverty?has become too reliant on credit and investment, and hasbegun to experience diminishing returns. Delays in advancing the government's reform agenda will meanthat vulnerabilities continue to grow and the probability of stalled convergence increases. On the other hand,with reforms to accelerate TFP growth and shift the economy away from its continued reliance on capitalaccumulation, China can grow at a healthy pace and maintain its convergence toward th

This paper studies structural changes underlying China's remarkable and unprecedented growth in recent years. While patterns of structural transformation across China's provinces are broadly in line with international experience, one important difference is in labor productivity differentials between services and the rest of the economy. Specifically, the gap between labor productivity in the rest of the economy and services has widened across China's provinces as they have moved from low to middle income, which is contrary to the trend observed in cross-country experience. Evidence from a pan

Chinaâ??s current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in Chinaâ??s external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of Chinaâ??s national economy. This increasing reliance on fixed investment as the main driver of Chinaâ??s growth raises questions about the durability of the compression in the externa

Cover -- Contents -- I. Introduction -- II. Empirical Approach and Data -- A. Growth Accelerations and Reversals -- B. Country-specific external conditions -- C. Domestic Attributes and Policies -- III. How Do Domestic Attributes Affect the Influence of External Conditions on Growth Episodes? -- A. Direct Effect of Domestic Policies and Attributes on the Likelihood of Growth Episodes -- B. Exploring How the Impact of External Conditions on the Likelihood of Growth Episodes Depends on Policies and Other Domestic Attributes -- IV. Conclusion -- References -- Annex.