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China's Economic Rise and Its Global Impact by Ken Moak,Miles W.N. Lee Pdf
Through a thorough analysis of China's recent history and economic development process, the authors of this book seek to explain the causes of China's economic rise and its impact on the rest of the world.
China's New Sources of Economic Growth: Vol. 1 by Ligang Song,Ross Garnaut,Cai Fang,Lauren Johnston Pdf
China’s change to a new model of growth, now called the ‘new normal’, was always going to be hard. Events over the past year show how hard it is. The attempts to moderate the extremes of high investment and low consumption, the correction of overcapacity in the heavy industries that were the mainstays of the old model of growth, the hauling in of the immense debt hangover from the fiscal and monetary expansion that pulled China out of the Great Crash of 2008 would all have been hard at any time. They are harder when changes in economic policy and structure coincide with stagnation in global trade and rising protectionist sentiment in developed countries, extraordinarily rapid demographic change and recognition of the urgency of easing the environmental damage from the old model. China’s economy has slowed and there are worries that the authorities will not be able to contain the slowdown within preferred limits. This year’s Update explores the challenge of the slowdown in growth and the change in economic structure. Leading experts on China’s economy and environment review change within China’s new model of growth, and its interaction with ageing, environmental pressure, new patterns of urbanisation, and debt problems at different levels of government. It illuminates some new developments in China’s economy, including the transformational potential of internet banking, and the dynamics of financial market instability. China’s economic development since 1978 is full of exciting change, and this year’s China Update is again the way to know it as it is happening.
China 2049 by David Dollar,Yiping Huang,Yang Yao Pdf
How will China reform its economy as it aspires to become the next economic superpower? It’s clear that China is the world’s next economic superpower. But what isn’t so clear is how China will get there by the middle of this century. It now faces tremendous challenges such as fostering innovation, dealing with ageing problem and coping with a less accommodative global environment. In this book, economists from China’s leading university and America’s best-known think tank offer in depth analyses of these challenges. Does China have enough talent and right policy and institutional mix to transit from input-driven to innovation-driven economy? What does ageing mean, in terms of labor supply, consumption demand and social welfare expenditure? Can China contain the environmental and climate change risks? How should the financial system be transformed in order to continuously support economic growth and keep financial risks under control? What fiscal reforms are required in order to balance between economic efficiency and social harmony? What roles should the state-owned enterprises play in the future Chinese economy? In addition, how will technological competition between the United States and China affect each country’s development? Will the Chinese yuan emerge as a major reserve currency, and would this destabilize the international financial system? What will be China’s role in the international economic institutions? And will the United States and other established powers accept a growing role for China and the rest of the developing world in the governance of global institutions such as the World Trade Organization and the International Monetary Fund, or will the world devolve into competing blocs? This book provides unique insights into independent analyses and policy recommendations by a group of top Chinese and American scholars. Whether China succeeds or fails in economic reform will have a large impact, not just on China’s development, but also on stability and prosperity for the whole world.
China's Economic Rise by Congressional Research Service Pdf
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
China in the Local and Global Economy by Steven Brakman,Charles van Marrewijk,Peter J. Morgan,Nimesh Salike Pdf
The history of China dates back thousands of years, with periods of decline followed by periods of growth and innovation. This book puts the last 50 years – China's most recent period of growth – into perspective. It explores the changing national and international connections within China and between China and other parts of the world, and their importance for understanding the past, current, and future developments of the Chinese economy. The book brings together leading international contributors from China, Japan and Europe to consider the historical developments of these connections, the importance of natural and man-made connections for the Chinese economy, the role of institutions and policies for understanding the connections and their sustainability. This book will be of interest to scholars and researchers focusing on China, economics, geography or international trade.
China and the World Economy by Yih-chyi Chuang,Simona Thomas Pdf
China's integration in the world economy is perceived as one of the major events in the world economy in recent decades. As a result of the large inflow of foreign direct investment (FDI), China has become one of the leading trade nations worldwide. China's opening to the outside world, privatization of state-owned enterprises, urban and rural industrial development, and pursuit of economic plus ecological policies (green GDP) are presented as key elements of the so-called socialist market economy of Chinese origin. The situation in China tends to present some very contradictory features: in terms of GDP per capita, China still belongs to the group of developing countries but, on the other hand, Chinese enterprises are set to become highly competitive - and active in the international business arena. China and the World Economy is a topic-oriented edition of the bi-annual journal, Berliner China-Hefte/Chinese History and Society, which analyzes issues related to China's integration in the world economy and the related impacts. Employing interdisciplinary approaches, the authors ask whether the driving force of global economic trends will lead to profound changes, not only in foreign and domestic business, but also in China's overall economic and societal development: what kinds of new trends can be identified, for example, in the fields of investment, innovation, trade and finance? How are institutional, regional and/or environmental changes observed at global and domestic levels? And, consequently, how do these trends introduce new analytical perspectives on China's economic rise after three decades of reform?
By 2015, China may well have the world's largest economy. In The Chinese Century, Oded Shenkar shows how China is restoring its imperial glory by infusing modern technology and market economics into a non-democratic system controlled by the Communist party and bureaucracy. Shenkar shows why China's quest for global success differs radically from predecessors such as Japan, India, and Mexico... why it represents a fundamental restructuring of the global business system... and why it will transform the roles of participants in the global economy. He previews tomorrow's new competitive ground rules, terms of employment, and consumption patterns, and shows how Chinese ascendancy is redrawing political, economic, and social battle lines. Learn why the U.S. is most vulnerable to China's ascent... how China's disregard for intellectual property creates sustainable competitive advantage... how China's growth impacts global businesses and individual purchasing decisions. Above all, Shenkar shows what you must do to survive and prosper in "The Chinese Century."
China’s Domestic Transformation in a Global Context by Ligang Song,Ross Garnaut,Cai Fang,Lauren Johnston Pdf
The phrase ‘New Normal’ captures the ongoing shift in the pattern and drivers of China’s economic growth. China’s new growth rate is both slower and imposing difficult structural change. These new economic conditions are challenging yet offer opportunities for China and its economic partners. Reforms must be deepened but also make growth more inclusive and environmentally sustainable, over this decade and beyond. This year’s Update offers both global context and domestic insight into this challenging new phase of China’s domestic economic transformation. How are policymakers elevating migrant workers concurrent with increasing consumption? Is China’s government spending enough on education and R&D to ensure it can achieve its aspirations to ascend the global manufacturing value chain and avoid the middle-income trap? Are energy market reforms reducing or increasing the price of gas and electricity in China? What are the consequences of China’s financial reforms and expanding Renminbi trading for foreign banks? What does China’s new growth model mean for the international resources economy and for Africa? Do SOEs face market conditions and are they dominating China’s fast-rising outbound investment? What is China’s strategy for navigating fragmented international trade policy negotiations?
China's Economic Transformation by Jeffrey J. Schott,Sean Miner,Jacob Funk Kirkegaard,Tomas Hellebrandt,Paolo Mauro ,Robert Z. Lawrence,Silvia Merler,Nicolas Veron Pdf
China's efforts to transition from an economy driven by investment and exports to one based on private consumption and services are roiling global markets. Its problems are compounded by an economic slowdown, rising debt levels, languishing real estate market, and lagging productivity growth. In these essays, scholars from the Peterson Institute for International Economics (PIIE) recommend a number of reforms for Chinese leaders to consider, including steps to further open up its capital account and develop its financial markets. This collection of papers is part of a series of interactions and discussions between PIIE and the China Finance 40 (CF40) Forum, which began in 2012. The papers are intended to illuminate the challenges facing China as it engages increasingly with the global economy and builds on its phenomenal economic success of the past three decades.
China’s New Role in the World Economy by Yiping Huang,Miaojie Yu Pdf
The remarkable rise of China over the past three decades has been unprecedented in both its scale and speed. Analysts around the world have attempted to understand the causes of this unique event and to predict how long it will last. China's rise has also raised two important questions. The first concerns the stability and the sustainability of China’s growth, which has been accompanied by growing internal and external imbalances, rising inequality at home, environmental degradation and an increased risk of catastrophic climate change, and has happened in spite of the continuing, if diminished, role of the state in many sectors of the economy. The second concerns trying to guess what the effect of China’s rise will be on its relations with the rest of the region, the world and the existing global order. It seems only a matter of time until China becomes the world’s largest economy, and history suggests that it is unthinkable that this event would be without geopolitical consequences. The chapters in this volume draw on papers originally presented to the 34th Pacific Trade and Development Conference held in Beijing in 2010 to discuss these two big questions and China’s changing role in the world economy. This book will be welcomed by students and scholars of Chinese economics, business and politics, and those interested in the pervasive impact of China’s development on the global economy.
China's Expansion in International Business by Peter Baláž,Stanislav Zábojník,Lukáš Harvánek Pdf
Capturing the overall development of the Chinese economy, this comprehensive book offers an introduction to one of the most astonishing economic growth stories of the last three decades. The authors identify the key stages and unique features of China’s development, exploring its geopolitical impact on the world economy, and in particular, on the European Union. Analysing factors such as education, urbanisation and innovation, this book highlights the reasons behind China’s success in the international market, and places a special focus on the country’s energy policy. By providing insights into such an important case of expansion and growth in international business, this innovative book will be of interest to those researching Asian business, internationalisation and the Chinese economy.
One of the most dramatic events in the global economy over the past few decades has been the rise of China as a global economic power. From humble beginnings in the late 1970s, the policy shift in China from a planned to market economy has led to economic growth of tremendous speed. This book examines the changes taking place in China’s economy today and the impacts of these changes in China and abroad. The central theme is that the rapid economic growth has come at a cost, as many problems have emerged as a result in China’s economy and society, including a dramatic rich-poor gap, labour issues, problems in the banking sector and severe inflation in the cost of housing, as well as challenges with respect to China’s external trade. The Chinese government recognizes these problems and is taking steps to rebalance its economy and society. The book takes a political economy perspective in order to investigate the interplay between the political system in China and the way in which the economy is structured, and the manner in which economic changes take place. Demonstrating that in order for China to achieve sustained economic growth and social improvement it must undertake serious policy changes, it also highlights that if countries are going to deal with China in a stable and productive manner, a thorough understanding of key contemporary developments in that country is vital. Covering a range of the most pertinent issues facing China today, this book will be of interest to students and scholars of Chinese Economics, Economic Development and Political Economy.
Author : Nicholas R. Lardy Publisher : Peterson Institute for International Economics Page : 258 pages File Size : 42,6 Mb Release : 2019-01-01 Category : Business & Economics ISBN : 9780881327380
China's extraordinarily rapid economic growth since 1978, driven by market-oriented reforms, has set world records and continued unabated, despite predictions of an inevitable slowdown. In The State Strikes Back: The End of Economic Reform in China?, renowned China scholar Nicholas R. Lardy argues that China's future growth prospects could be equally bright but are shadowed by the specter of resurgent state dominance, which has begun to diminish the vital role of the market and private firms in China's economy. Lardy's book arrives in timely fashion as a sequel to his pathbreaking Markets over Mao: The Rise of Private Business in China, published by PIIE in 2014. This book mobilizes new data to trace how President Xi Jinping has consistently championed state-owned or controlled enterprises, encouraging local political leaders and financial institutions to prop up ailing, underperforming companies that are a drag on China's potential. As with his previous book, Lardy's perspective departs from conventional wisdom, especially in its contention that China could achieve a high growth rate for the next two decades—if it reverses course and returns to the path of market-oriented reforms.
A New Economic Growth Engine for China by Wing Thye Woo,Ming Lu,Jeffrey D Sachs,Zhao Chen Pdf
This volume is a report by leading international economic experts on China's economic priorities in the coming years. From various aspects of the domestic and foreign situation, China has now reached a critical juncture in its economic development. Unless China is able to overcome the difficulties in undertaking further reforms in the next ten years, China would be caught in the middle-income trap and be unable to become a modern country. The future course of China's economic development is also of great concern to the rest of the world because the socio-political-economic conditions in China will have significant impact on global economic prosperity and on global political harmony. The book is a product of close collaboration between the School of Economics at Fudan University and the Earth Institute at Columbia University. They cover a new paradigm for growth, short-term demand management, institutional reforms for middle-term growth, and strengthening the fundamentals for long-term growth. Contents:A New Economic Growth Engine for the 21st Century: Change Out Not Scale Up the Present Policy Regime:The Major Types of Middle-income Trap That Threaten China (Wing Thye Woo)Short-term Demand Management: Working the Hardware Correctly:A Prediction of China's Economy in 2012: Soft Landing and Back to the Normal (Gang Fan and Liping He)The Correction of China's Twin Surpluses (Yongding Yu)The Long-run Growth and Short-run Fluctuations of the Chinese Economy (Zhigang Yuan and Yuxin Yu)Institutional Reforms for Middle-term Growth: Upgrading the Hardware and Software:Reforming China's Public Pension System: Coping Effectively with Aging, Urbanization and Globalization (Jin Feng and Lixin He)Unraveling the Gridlock on Fiscal Reform in China: Government, Market and Central-local Relations (Yan Zhang)China's Financial Sector Development: Understanding the Past and Shaping the Future (Liqing Zhang and Xiaofen Tan)On Regional and Inter-household Inequality in China (Guanghua Wan, Jingjing Ye and Juzhong Zhuang)Strengthening the Long-term Growth Fundamentals: Sustaining the Power Supply:Ensuring Efficiency and Equality in China's Urbanization and Regional Development Strategy (Zhao Chen and Ming Lu)China 2049: Energy Security and Climate Change (Klaus S Lackner and Sarah Brennan)The Sustainability of Water Resources in China (Ximing Cai and Upmanu Lall) Readership: Researchers, students and readers interested in China's economy. Keywords:China;Chinese Economy;Asian Economies;Policies;Economic ReformReviews: "China has enjoyed an unusually long run of high ‘catch-up’ economic growth. Continuing to close the income gap between China and the highest income countries, however, poses new and more demanding challenges. This book edited by Wing Thye Woo et al. and including essays by some of China's best economists is a first rate effort to both define these challenges and to suggest solutions." Dwight Perkins Professor Emeritus of Economics, Harvard University "Will China keep growing rapidly to become a high-income country? No question is more consequential for the world economy. In this book, some of the best analysts of China examine the challenges and give us important answers." Ross Garnaut Chair, China Studies Program, Crawford School of Public Policy, Australian National University Former Ambassador of Australia to China "The economic problems that China faces are very complicated. The boldly creative solutions offered deserve serious study by policy-makers not only in China but also in other large countries because of the broad applicability of the innovative policy perspective that guides the analyses." Yang Yuliang President, Fudan University