Download or read book Is China s Export Oriented Growth Sustainable written by Kai Guo and published by International Monetary Fund. This book was released on 2009-08 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the sustainability of China's export-oriented growth over the medium to longer term. It shows that maintaining the current export-oriented growth would require significant gains in market share through lower prices in a range of industries. This, in turn, could be achieved through a combination of increases in productivity, lower profits, and higher implicit or explicit subsidies to industry. However, the evidence suggest that it will prove difficult to accommodate such price reductions within existing profit margins or through productivity gains. Moving up the value-added chain, shifting the composition of exports, diversifying the export base, and increasing domestic value added of exports could give room to further export expansion. However, experiences from Asian economies that had similar export-oriented growth suggest there are limits to the global market share a country can occupy. Rebalancing growth toward private consumption would provide a large impetus to output growth and reduce the need for gaining further market share.
Download or read book On the Sustainability of China s Export Oriented Development Strategy written by Xiang Tang and published by . This book was released on 2010 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most western economists have denied the linkage between the rise in the skill premium in the North and North-South trade. Their main argument is that the volume of Southern exports is too small (about 2% of Northern GDP) to produce large labor-market effects. By exploring the nature of North-to-South outsourcing of low skill activities, we propose a CGE model in which a small volume of imports (e.g. 1% of Northern GDP) can cause the observed rise in skill premium. The implication of this is that trade may eventually be recognized as responsible for widening wage inequality, leading to heightened protectionist pressures in the west. Hence China's current export oriented development strategy is not sustainable.
Download or read book Sustaining Export Oriented Development written by Ross Garnaut and published by Cambridge University Press. This book was released on 1995-09-29 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, first published in 1995, looks at the East Asian economies' post-war development and assesses the possibilities of transferring East Asian development elsewhere. Written and edited by economists, Sustaining Export-Oriented Development traces the changes in the thinking of policy makers and advisers about the policies required for economic development - especially the changed emphasis from import-substitution to outward-orientation which coincided with the East Asian economies' success. Several contributors focus on identifying the key factors in the growth of these dynamic economies. Others look at future constraints such as the environmental limits to growth and the sustainability of export growth in China. This book makes a significant contribution to the discussion of economic growth and development issues and will be of interest to those in economics, trade and aid, and others concerned with public policy.
Download or read book China s Export Led Growth Strategy written by Yingfeng Xu and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A pressing challenge for China is determining where to accommodate millions of migrant workers displaced by the closing of many export-oriented factories. The current global financial crisis has exposed the fragility of the export-led growth strategy China has adopted over the past 30 years. Is there a better alternative for providing non-agricultural jobs than the sweatshops of cheap export production? In the present paper, international experience is reviewed to shed light on China's situation. Using pooled regression models, we analyze data from the World Bank for 209 economies. We investigate the experience of other economies to answer the following questions: What is the common process of expanding the non-agricultural economy? How is that process affected by the level of the real exchange rate? Is export production a common way of absorbing surplus rural labor? Finally, what are the ways that domestic demand and service employment can be expanded?
Download or read book Export Dependence and Sustainability of Growth in China written by Yilmaz Akyz and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the contribution of exports to growth in China since the early years of the decade. It is estimated that, despite a high import content ranging between 40 and 50 percent, approximately one-third of Chinese growth before the global crisis was a result of exports, due to their phenomenal growth of some 25 percent per annum. This figure increases to 50 percent if spillovers to consumption and investment are allowed for. The main reason for excessive dependence on foreign markets is underconsumption. This is due not so much to a high share of household savings in GDP as to a low share of household income and a high share of profits. It is argued that China can no longer maintain such high growth rates for its exports, and, therefore, needs to turn to consumption-led growth by expanding the share of wages and household income in GDP and accelerating public spending in social infrastructure.
Download or read book Geographical Dynamics and Firm Spatial Strategy in China written by Shengjun Zhu and published by Springer. This book was released on 2018-07-13 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers the first detailed account of the complex geographical dynamics currently restructuring China’s export-oriented industries. The topics covered are relevant to post-socialist geography, development studies, economics, economic sociology and international studies. It offers academics, international researchers, postgraduate and advanced undergraduate students in these fields an accessible, grounded, yet theoretically sophisticated account of the geographies of global production networks, value chains, and regional development in developing countries and emerging economies. It is of particular interest to economic geographers and economic sociologists involved in the growing debates over local clusters, embeddedness, global sourcing and global production, and over the global value chain/global production network. It also appeals to national policymakers, since it directly addresses economic and industrial policy issues, such as industrial competitiveness, regional and national development, industrial and employment restructuring and trade regulation.
Download or read book China 2049 written by David Dollar and published by Brookings Institution Press. This book was released on 2020-06-09 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book China s Economic Rise written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-09-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book China s Productivity Convergence and Growth Potential A Stocktaking and Sectoral Approach written by Min Zhu and published by International Monetary Fund. This book was released on 2019-11-27 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s growth potential has become a hotly debated topic as the economy has reached an income level susceptible to the “middle-income trap” and financial vulnerabilities are mounting after years of rapid credit expansion. However, the existing literature has largely focused on macro level aggregates, which are ill suited to understanding China’s significant structural transformation and its impact on economic growth. To fill the gap, this paper takes a deep dive into China’s convergence progress in 38 industrial sectors and 11 services sectors, examines past sectoral transitions, and predicts future shifts. We find that China’s productivity convergence remains at an early stage, with the industrial sector more advanced than services. Large variations exist among subsectors, with high-tech industrial sectors, in particular the ICT sector, lagging low-tech sectors. Going forward, ample room remains for further convergence, but the shrinking distance to the frontier, the structural shift from industry to services, and demographic changes will put sustained downward pressure on growth, which could slow to 5 percent by 2025 and 4 percent by 2030. Digitalization, SOE reform, and services sector opening up could be three major forces boosting future growth, while the risks of a financial crisis and a reversal in global integration in trade and technology could slow the pace of convergence.
Download or read book China and Asia in Global Trade Slowdown written by Gee Hee Hong and published by International Monetary Fund. This book was released on 2016-08-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia and China made disproportionate contributions to the slowdown of global trade growth in 2015. China’s import growth slowed starkly, driven by both external and domestic factors, including a rebalancing of demand. Econometric results point to weak investment and rebalancing as the main causes of the import slowdown. Spillover effects from China’s rebalancing are estimated for some 60 countries using value-added trade data, and are found to be more negative on Asia and commodity exporters than others.
Download or read book China s Growing Role in World Trade written by Robert C. Feenstra and published by University of Chicago Press. This book was released on 2010-03-10 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
Download or read book The Global Trade Slowdown and Its Implications for Emerging Asia written by Board of Governors of the Federal Reserv and published by Createspace Independent Publishing Platform. This book was released on 2016-11-18 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy is at a critical juncture today. According to the International Monetary Fund's latest World Economic Outlook, global gross domestic product (GDP) is set to grow at only 3.1 percent this year, the lowest rate of growth since the Global Financial Crisis. Investment and productivity remain subdued, despite extremely low and even negative interest rates in many economies. One key aspect of global weakness that is of particular relevance to emerging Asian economies is the sharp slowdown in global trade. This slowdown represents a notable departure from the "normal" times of the past few decades, and is the subject of my remarks today.
Download or read book China s Growth and Integration Into the World Economy written by Eswar Prasad and published by International Monetary Fund. This book was released on 2004-06-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
Download or read book China and Sustainable Development in Latin America written by Rebecca Ray and published by Anthem Press. This book was released on 2017-01-02 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: During Latin America’s China-led commodity boom, governments turned a blind eye to the inherent flaws in the region’s economic policy. Now that the commodity boom is coming to an end, those flaws cannot be ignored. High on the list of shortcomings is the fact that Latin American governments—and Chinese investors—largely fell short of mitigating the social and environmental impacts of commodity-led growth. The recent commodity boom exacerbated pressure on the region’s waterways and forests, accentuating threats to human health, biodiversity, global climate change and local livelihoods. China and Sustainable Development in Latin America documents the social and environmental impact of the China-led commodity boom in the region. It also highlights important areas of innovation, like Chile’s solar energy sector, in which governments, communities and investors worked together to harness the commodity boom for the benefit of the people and the planet.
Download or read book China s Economic Growth Towards Sustainable Economic Development and Social Justice written by John Joshua and published by Springer. This book was released on 2016-12-02 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume book addresses the economic transformation occurring in China at present. The author investigates China's domestic and international policies, the impact of these policies on economic growth, and their effect on the quality of life for the people of China. In the first volume, the author distinguishes between economic growth and sustainable economic development, and discusses China's current and past economic policies towards growth. Chapters also explore the structural transformation of China's economy and its increasingly consumer-oriented nature. The second volume looks more specifically at the result of domestic policies on the quality of life for people living in China. The author examines the distribution of income, the alleviation of poverty, the Chinese education system, and the environmental cost of economic growth. These volumes will be of particular interest to researchers and scholars concerned with China's emerging economic power.
Download or read book Developing China The Remarkable Impact of Foreign Direct Investment written by Michael J. Enright and published by Taylor & Francis. This book was released on 2016-09-12 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The importance of foreign investment to China goes well beyond the USD 1.6 trillion in investment received since its opening. The unique analysis in this book shows that the investments, operations, and supply chains of foreign enterprises have accounted for roughly one-third of China’s GDP in recent years, and that foreign enterprises have made numerous additional contributions to China through technological, managerial, business practice, supply chain, and other spillovers. This book shows how China’s leaders managed this process and provides lessons for policy makers interested in building their own economies and tools for companies to demonstrate their contribution to host countries.
Download or read book New Structural Economics written by Justin Yifu Lin and published by World Bank Publications. This book was released on 2012-01-01 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an innovative framework to analyze the process of industrial upgrading and diversification, a key feature of economic development. Based on this framework, it provides concrete advice to development practitioners and policy makers on how to unleash a country's growth potential.