Cameron Hepburn

Driving Investments Toward Sustainable Economic Growth in the People’s Republic of China

Cameron Hepburn and Nicholas Stern (2019). Asian Development Bank working paper.

This paper explores the key investments, policies, and reforms needed for the People’s Republic of China (PRC) to achieve sustainable economic growth.

Over the last 40 years, substantial investments in physical and human capital yielded the PRC an impressive 10-fold increase in per capita output. In 2021, it’s 14th Five-Year Plan will initiate “New Era” reforms to modernize the economy and achieve advanced country status by 2050. This paper analyzes the human, natural, physical, and social capital investments necessary for the country to achieve higher quality, more sustainable economic growth and improved living standards. It also identifies the supporting policies and complementary reforms that will help PRC create its new growth story.