Economic Transformation And Income Distribution In China Over Three Decades
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Economic Transformation and Income Distribution in China Over Three Decades by Cai Meng,Bjorn Gustafsson,John Knight Pdf
It is arguable that the most important event in the world economy in recent decades has been the rise of China, from being on a par with Sub Sahara Africa at the start of economic reform to being an economic superpower today. That rise remains under-researched. Moreover, the great structural changes which accompanied economic growth require examination. The nationally representative China Household Income Project (CHIP) surveys, conducted for the years 1988, 1995, 2002, 2007, 2013, and 2018, permit a detailed examination of many important aspects of a country's economic development. Much of the analysis of this Element is closely related to, and largely caused by, China's remarkable economic growth and income distribution over the thirty years. This title is also available as Open Access on Cambridge Core.
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.
Income Disparity in China by Dianqing Xu,Xin Li Pdf
China has achieved remarkable economic success in the past three decades and has become the second-largest economy in the world after the United States. However, accompanying this rapid economic growth is an increasing income inequality. In recent years, China's income disparity has reached an alarming level, making it one of the countries with the most unequal income distribution in the world. The widening income gap is the root cause of many issues in contemporary China. How should China step up distribution system reform? How should China deepen the reforms to its fiscal and tax systems? Should the government increase wages to achieve the income multiplication plan? What is the fundamental measure to tackle income disparity issues in China? With in-depth analysis and empirical studies on these questions, this book provides comprehensive perspectives on China's income disparity issues that most international scholars are concerned about. Contents:The Widening Gap between the Rich and the Poor will Inevitably Divide the SocietyLewis Turning PointSurplus Rural LaborStory Behind the Labor ShortageRule of Industrial TransferConsumption and Expansion of Domestic DemandHow Long Can the High Savings Ratio Last?The Proportion of Labor CompensationIs the Gap Between Urban and Rural Areas Widening or Narrowing?The Minimum Wage Law is a Double-edged SwordThe Population Trap and the Demographic DividendTax Reform and the Gap between the Rich and the PoorPreparing for Danger in Times of Peace to Prevent a Financial CrisisPopulism Experiment of Latin AmericaWho Divides Thailand?Criticizing Populism and Depending on Market Mechanisms to Narrow the Gap between the Rich and the Poor Readership: Graduates, professionals, academics and researchers who are interested in Chinese economy, especially in China's urban-rural gap and income disparity. Keywords:Income Disparity;Tax Reform;Minimum Wage;Labor Shortage;Lewis Turning Point;Demographic Divided;PopulismKey Features:Income disparity is one of the biggest challenges faced by the Chinese governmentThis book gives recommendation of policies for the Chinese government to narrow the income gapThis book discusses populism based on case studies in Latin America and some Asian countries
The Quality of Growth and Poverty Reduction in China by Xiaolin Wang,Limin Wang,Yan Wang Pdf
The rapid growth over the past three decades has been instrumental in lifting over 600 million people in China out of poverty, and people want to know why and how it happened. International evidence has made it clear that a global economy based on current patterns of consumption and production is simply not sustainable. Policymakers have repeatedly been advised that economic growth, poverty reduction, equity, and environment and resource sustainability must be integrated into national development strategies. What about China? The principle limitation of existing China-focused economic studies lies in its imbalances from the perspective of analysis and the impact of growth on poverty and inequality. A limited number of studies are devoted to structural transformation and China’s structural imbalances, social disparities and the impact of science and technology on growth and productivity. This book addresses the alarming environmental consequences of China’s growth patterns within an overall quality growth framework. It contributes to the economic growth and development literature and current policy discourse on China by expanding the policy analysis to include several important new areas using the most recent data available. This includes analyzing the macroeconomic factors that underlie the need for China to advance its economic transformation; examining how social inequalities, including health, education and gender, have evolved and presenting the scale of environmental problems associated with China’s growth miracle. This report represents the first attempt to integrate the issue of environmental sustainability and climate change into the quality growth context, providing readers with a comprehensive account of China’s success and challenges in its three decades of rapid economic growth.
China's Three Decades of Economic Reforms by Xiaohui Liu,Wei Zhang Pdf
In the thirty years since China initiated economic reforms and its open-door policy, China has been transformed from a poor nation almost completely isolated from the global economy to an engine of growth of the world economy. China’s dynamic transition has been among the most dramatic developments of recent history; and its economy continues to grow rapidly, with important consequences for China’s own society and environment, as well as for the wider world. This book provides a fascinating insight into a wide range of issues on Chinese economy and its three decades of economic reforms. With well-researched, in-depth and comprehensive coverage of key topics, using the latest research findings, this book covers Chinese monetary policy and financial sector reforms; China’s income disparities; the emergence of China’s business groups; the implications of foreign direct investment and innovation and technological developments. The book will be an indispensable guide to scholars, entrepreneurs, policy-makers and all who are interested in China’s economic affairs.
The China Dream and the China Path by Tianyong Zhou Pdf
Since its reform and opening up, China has experienced unprecedented social and economic development. It is important to understand the biggest and fastest growing economy''s policy and strategy. As a key director in Party School of the Central Committee of the Communist Party of China, the author proposes a development path and reform strategies for China in the next three decades.This book suggests reform strategies not only for the economic structure but also for the political system in China. The author makes a sound analysis and exposition of OC Chinese dreamOCO, which reflects the vision of a better life in the future and the main indicators of social change. The book investigates China''s development path, political system, economic structure, people''s livelihood etc and suggests long-term strategies for China in this regard."
The State of China’s State Capitalism by Juann H. Hung,Yang Chen Pdf
This book comprises a collection of well-researched essays on selected contemporary economic and finance issues in China, making a timely contribution to the intellectual intercourse regarding the implications of China’s rise. These essays analyze issues related to the state of China’s ecology, real estate market, inbound and outbound FDI, income inequality, etc., and offer analysis on the policy and institutional causes of those issues. Readers will be able to infer their implications for business opportunities in China and the tradeoff / tension between economic growth and social welfare. Moreover, this book introduces an array of data and data sources useful to scholars and practitioners interested in studying the Chinese model of economic growth. This book will be a valuable resource to journalists and scholars trying to gain insight into China’s extraordinary pace of growth in the past three decades.
Economic development and a dramatic improvement in living standards in many parts of the People’s Republic of China during the past three decades of economic reforms have been hailed by the Chinese Communist Party and many commentators in the international arena as the most spectacular achievements in the history of humanity. However, three decades of economic reforms have also transformed China from one of the world’s most egalitarian societies into one of the most unequal. This book offers a comprehensive account of inequality in China from an interdisciplinary perspective. It both draws on, and speaks to, the existing body of literature that is generated mainly in the fields of economics and sociology, while extending its scope to also examine the political, social, moral and cultural dimensions of inequality. Each chapter addresses the question of inequality from a specific context of research, including housing, health care, social welfare, education, migration, land distribution, law, gender and sexuality. Moving beyond traditional socio-economic theories, the contributors to this volume explore a wide range of social, political, economic and cultural practices that result from, as well as further entrench, the inequalities in Chinese society. Importantly, the essays in Unequal China probe the hidden causes of inequality - namely, the role of state power and the importance of culture - and underline how both state power and cultural factors have a key part to play in legitimating inequality. With an innovative approach that moves beyond the economic and sociological roots of inequality in China, this volume is a welcome addition to what is a growing field of study, and will appeal to students and scholars interested in Chinese culture and society, Chinese politics and Asian social policy.
This book analyzes the decrease in labor share in China, which is a ratio of national income distribution to capital at three different levels (macro, meso, and micro) and from three different perspectives (growth, transition and opening up). The worsening income distribution has been a key issue for both Chinese and global economies in recent decades. The book shows that the decrease in labor share is closely related to economic growth, increasing extent of globalization, and firms with heterogeneous characteristics. Moreover, the book explains income inequality in detail, focusing on China’s increasingly important and emerging economy.
Decades ago, there was no distinct middle class in the People's Republic of China. Any meaningful discussion of China's economy, politics, or society must take into account the rapid emergence and explosive growth of the Chinese middle class. This book details the origins and characteristics of this dramatic change.
Inequality in China – Trends, Drivers and Policy Remedies by Ms.Sonali Jain-Chandra,Niny Khor,Rui Mano,Johanna Schauer,Mr.Philippe Wingender,Juzhong Zhuang Pdf
China has experienced rapid economic growth over the past two decades and is on the brink of eradicating poverty. However, income inequality increased sharply from the early 1980s and rendered China among the most unequal countries in the world. This trend has started to reverse as China has experienced a modest decline in inequality since 2008. This paper identifies various drivers behind these trends – including structural changes such as urbanization and aging and, more recently, policy initiatives to combat it. It finds that policies will need to play an important role in curbing inequality in the future, as projected structural trends will put further strain on equity considerations. In particular, fiscal policy reforms have the potential to enhance inclusiveness and equity, both on the tax and expenditure side.
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.
Inequality and Public Policy in China by Björn A. Gustafsson,Li Shi,Terry Sicular Pdf
This volume examines trends in inequality in the People's Republic of China. It contains findings on inequality nationwide, as well as within the rural and urban sectors, with an emphasis on public policy considerations. Several chapters focus on inequality of income; others analyse poverty, inequality in wealth, and the distribution of wages. Attention is given to groups such as migrants, women, and the elderly, as well as the relationship between income and health care funding and the impact of the rural tax reform. All contributors to this volume make use of a large, nationwide survey of Chinese households, the product of long-term co-operation between Chinese and international researchers that is unique in its scope and duration. Using these data, the contributors examine changes in inequality from 1988 to 2002.
