1. Nicholas R. Lardy 1 National Committee on US-China Relations New York February 27, 2012 Nicholas R. Lardy Anthony M. Solomon Senior Fellow Peterson Institute for International Economics Sustaining China’s Economic Growth After the Global Financial Crisis

2. Nicholas R. Lardy 2 Investment Share of GDP, 1997-2010

3. Nicholas R. Lardy 3 Consumption Share of GDP, 1997-2010 44.9 36.6

4. Nicholas R. Lardy 4 Real Return on Household One-year Deposits, 1997-2011 3.04 -.54

5. Nicholas R. Lardy 5 Household Saving from Disposable Income, 1997-2008

6. Nicholas R. Lardy 6 Investment in Residential Housing, 1997-2011

7. Nicholas R. Lardy 7 Peak Investment in Residential Housing: China, United States, India, and Taiwan

8. Nicholas R. Lardy 8 Composition of Urban Household Wealth, 1997 and 2010

9. Nicholas R. Lardy 9 Household Debt and Mortgage Debt as a Percent of Disposable Income, 2003-2011

10. Nicholas R. Lardy 10 Bank Exposure to Real Estate, 2004-2011 Percent of Loan Book Percent Bank Capital

11. Nicholas R. Lardy 11 Current Account, 1997-2010

12. Nicholas R. Lardy 12 Additions to Foreign Exchange Reserves, 1997-2011

13. Nicholas R. Lardy 13 Sterilization Liabilities, 1997-2011 Percent of GDP

14. Nicholas R. Lardy 14 The Winners and Losers from Financial Repression Winners:Losers: Coastal Provinces Inland Provinces Exporters and Import Competing Industries Importers and Consumers Commercial Banks Savers Property Developers and Local Governments First-time Homebuyers Ministry of Commerce and Ministry of Finance Peoples Bank of China