...high-productivity sectors the U.S. economy. And imports from China provide U.S. consumers and companies with greater consumer choices and access more efficient global supply chains. For China, access to the U.S. and international markets--and openness to international investment--has helped to create a world-class export sector and to drive the spectacular rates of economic growth that have turned this country into the global economic leader it is today.

But China's economy has changed fundamentally over the past thirty, and even ten years, and the Chinese now face a set of new and different challenges in sustaining future economic growth. The growth model that has transformed China from a largely homogeneous, agricultural economy into a dynamic, increasingly technologically sophisticated economy has been hugely successful to this point. But some of the policies developed for a far different China are now responsible for the buildup of large and rising imbalances.

China's most senior leaders have clearly identified these imbalances. They include imbalances in growth between rural and urban areas, between the coast and the interior, between economic and social advancement, between reliance on internal and external demand, between rich and poor households, and between economic development and environmental protection.

Based on China's current growth model, these challenges are likely to grow. China's growth model for the past several decades has featured high levels of investment in physical inputs to production,...

NOTE: All illustrations and photos have been removed from this article.




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