How to Sustain China's Growth Miracle?

Earlier versions of this paper were presented at the American Enterprise Institute, the China Banking Regulatory Commission, the People's Bank of China, the China Center for Economic Research at Peking University, the EBRD, the Reserve Bank of India and the Peterson Institute. The author would like to thank Philip Levy, Justin Lin, Luo Ping, Li Ruogu, Andrew Sheng and numerous other colleagues for useful discussions and comments. He would also like to express his gratitude to Sun Tao for help in obtaining some of the data used in this paper. Rahul Anand provided able research assistance.