EVENTS

Abstract           

The Chinese authorities have described the recent moderation in China’s GDP growth rates as a ‘new normal’ for the country’s economy. They expect the main driver of China’s future economic growth to be the services sector, fuelled by greater household consumption. At the same time, the Chinese economy would be relying less on growth based on investment in manufacturing and construction. The slowing down of the Chinese demand for commodities will have adverse impacts on a world economy, which is already hurt by problems in other parts of the globe, mainly Europe. At the same time, China’s plans to direct its surplus savings to projects such as “One Belt, One Road” and the AIIB will have positive spillovers. India should try to enter into areas of manufacturing, which the Chinese may vacate, and also learn from China’s capabilities in building infrastructure. India should also seek to collaborate with, and gain from, China’s push into newer areas of services and technology.

About the Speaker

Dr. Jayan Jose Thomas is an Associate Professor of Economics at the Indian Institute of Technology Delhi. He holds a Bachelors degree in Industrial Engineering, and a PhD in Development Economics from the Indira Gandhi Institute of Development Research, Mumbai. His research deals with various issues related to development, mainly labour, industrialization and the macroeconomy. While India has been the primary focus of his research, Jayan has been maintaining a lively academic interest on China and East Asia as well. His research papers have appeared in journals including World Development, Development and Change and Economic and Political Weekly. Jayan teaches courses on Macroeconomics, Indian Economy and International Economics. His previous academic positions were at the National University of Singapore, Indian Statistical Institute, Madras School of Economics, and Central University of Kerala.