These two books have very different agendas: Rebalancing Growth in Asia is concerned with correcting economic imbalances, whereas Transforming the Chinese Economy recounts and celebrates China's economic successes, and—with the notable exception of one chapter—does not dwell on imbalances. Rebalancing generates its findings from econometric exercises, whereas Transforming focuses on institutions and policies. In these ways, the two books complement each other.
Rebalancing is an IMF study. It is concerned with excessively high dependence on external demand (exports) and very high rates of savings. The first three chapters (by Adil Mohommad, Papa N'Diaye, and Olaf Unteroberdoerster; Sonali Jain Chandra, Malhar Nabar, and Nathan Porter; and Malhar Nabar and Mutaza Syed, respectively) look at Asia as a whole. These establish the greater dependence on external demand in Asia than found elsewhere, the advisability of adopting rebalancing policies on a continent-wide basis, the importance of unusually high corporate saving as a component...
