China’s pragmatic attitude towards its own 30 years of reform can be used to similarly characterise its attitude toward the global fi nancial crisis of 2008 and the resultant push for further economic reforms. China was able to manage the downturn following 2008, and has a good chance of managing the consequences of Europe’s slowdown by undertaking fiscal and monetary stimulus. The debate over global imbalances has increased the need for nations to re-balance their economies, including China. The Chinese economy requires rebalancing to sustain strong growth rates in the coming decades, with the slowdown in the Westudmaking the re-orientation towards growth by domestic demand an even greater imperative.
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