Chinese and US S&T Innovation Policies and Their Effects on Economic Growth Potentials

Since the eruption of the recent global financial crisis, major countries have been pushing forward structural reforms with science and technology （S＆T） innovation at the heart. Since taking office, US President Donald Trump has adopted an ＂America First＂ strategy but has yet to specify a clear S＆T innovation policy. However, Trump＇s current policies have already affected S＆T innovation and his planned budget cuts will impact US growth potentials. Compared with the US, China is steadily implementing its innovation-driven development strategy with significant improvement in S＆ T innovation that increasingly supports economic growth. To spur future economic growth, China should steadfastly follow its S＆T innovation strategy, promote the utilization of S＆T innovation results, boost its economic growth potentials and make the most of global innovation resources.

China’s Potential Economic Growths during 2015-2025 under Different Scenarios~

China has entered a crucial period of further growth and restructuring that will last until 2025. Based on a review of the major factors affecting China＇s potential economic growth, this paper has created an integrated economic system model consisting of system dynamics, econometrics, and input-output for the forecast of China＇s economic size and structure by 2025. Analysis shows that prior to 2025, China will be able to maintain a potential annual economic growth rate of 5.7%-7.2%. Faced with an international environment of a possible slowdown of advanced economies and diminishing demographic dividends, China needs to further expedite its urbanization process, enhance R＆D and education spending, increase total factor productivity （TFP）, vigorously develop the tertiary sector, and expand consumption in order to achieve the optimistically estimated growth of 6.6%-7.4% during the period of 2015-2025. Economic growth should be accompanied by the upgrade of industry structure and improvement of investment and consumption structures.

China’s Economic Growth and High-Quality Development:2020-2035

The time period between 2020 and 2035 is vital for China to achieve its second centennial goal.During this period,China must avoid the middle-income trap and achieve socialist modernization.To accomplish this goal,China must maintain a certain pace of economic growth and strive to double its real GDP per capita by 2035.However,by the current growth trajectory,China’s average economic growth rate is expected to stay at approximately 3.8%over the period between 2020-2035.This makes the GDP per capita growth target hard to achieve.Even when in a high-quality development stage,China should speed up economic growth while enhancing growth quality.Speed and quality are interdependent rather than contradictory with each other.To ramp up economic growth potentials,China must proceed with market-oriented reforms and shift economic growth drivers.To improve economic growth quality,household consumption should be increased to unleash China’s full potential,not only as the factory floor of the world but also one of world’s biggest markets,i.e.“dual circulations.”With appropriate policy response,China’s economy will be poised to achieve the goal of doubling real GDP per capita by 2035,marking a large stride in its economic aggregate and urban and rural household per capita incomes.

Understanding the Past,Present,and Future of China's Economic Development——Based on A Unified Framework of Growth Theories

Through exploring the limitation of the neoclassical theory of economic growth,which classifies growth as a homogenous process,this paper reconciles various theories of economic development and explains the rises and falls of economic growth under a unified framework,focusing on incentives of the accumulation of physical and human capital.This paper classifies instances of economic growth into four categories—the Malthusian poverty trap,the Lewis dual model of economic development,the Lewis turning point,and Solow neoclassical growth model.This paper conducts empirical analysis of these categories of economic development as they are relevant to Chinese economic growth and discusses policy implications therein.

Causality between bank’s major activities and economic growth:evidences from Pakistan

Background:Banking is an important sector of Pakistan’s economy.It is general consideration that bank’s major activities saving and lending have positive impact on economic growth.So the aim of this study is to investigate this consideration and also investigate that either growth led deposits and credits,or deposit and credits led growth means the purpose of this study is to investigate the direction of this relationship.Methods:Johansen test of Co-integration and Granger Causality is employed by using time series data of Pakistan from 1961 to 2013.Results:The results show that two major activities of banking sector that are saving and lending don’t have any long run or short run causality towards economic growth so the general consideration of positive impact of these activities proved wrong in case of Pakistan.However there is unidirectional causality running from GDP growth to credit provided by banking sector which shows that economic prosperity or economic growth will have a major impact on lending activities of banks meaning that demand following hypothesis is true for Pakistan in case of GDP and Bank’s credit or we can say that growth led Bank’s credit in Pakistan.Conclusions:Hence Government and central bank should make policies by keeping this fact in consideration that bank’s two major activities that are saving and lending does not have impact on GDP growth.There might be other factors which influence economic growth of Pakistan more than banking sector these activities,which can be bank’s profitability,human resource,technology,infrastructure and other sectors of the economy.However GDP growth affects bank’s lending activities so during high economic growth year central bank and private bank’s management should introduce easy loans for businesses and industries and during poor economic growth years personal loan’s new schemes should be introduce by banks.

Special Economic Zones——New growth points in China's economy

It was approved by the State Council in1984 to establish economic andtechnological development zones in 14coastal port cities to function as windows forthose cities to attract foreign investment,introduce advanced technology andmanagement methods and expand the export-oriented economy. Since 1992, 18 otherdevelopment zones have been approved bythe Council, increasing the number of suchzones to 32.

Spatio-temporal characteristics of regional sustainable economic growth drivers of China

Intellectual capital(IC)has become a universal performance indicator for the socioeconomic development of countries and regions.Based on a review ofnational intellectualcapital(NIC)and regional intellectualcapital(RIC)evaluation literature,we used the regional intellectualcapitalindicator(RICI)as a model for China’s RIC evaluation to indirectly understand China’s potential economic growth drivers.Specifically,we collected statisticaldata of31 provinces(including municipalities and autonomous regions)in China from 2004 to 2016to measure RICI and analyze its dynamic characteristics from temporal and spatial perspectives.In this paper,Delphi analysis was used to construct RICI model,and cluster analysisand exploratory spatial data analysis were used to analyze the temporal and spatial characteristics of RICI in China.The results showedthat RICI,which represents China’s overall economic growth drivers,increases annuallyand is consistent with economic developmentlevelduring the study period.Regarding the geo-spatial space,RICI follows the trend of“high in the east and low in the west”,gradually decreasing from eastern to western China.ForRIC structure,the shape of the radar chart of IC structure located in the eastern coastal areas is usually biased towards strong external relational capital,while that in western China is generally biased towards structural capital.For spatial correlation,China’s RICI has dependence on geographical adjacent space and economic space.Our research can provide policy suggestions for the sustainable development of regional economy from an IC perspective.

Beijing's Steady Growth in Foreign Economic Relations and Trade

In 1995,Beijing’s foreign economic andtrade sector continued to deepen itsrestructuring,give play to its advantagesand overcome its difficulties,and maintainedsustained development in foreign trade,theutilization of foreign investment and foreigncooperation. The year 1995 saw an import andexport volume of US＄4.23 billion,5.4 percentup from the previous year,including animport volume of US＄1.74 billion,down 8percent,exports of US＄2.49 billion,17.3percent up from the previous year,whichsurpasses the required US＄2.3 billion ofexports by the municipal government.Specialforeign trade companies and industrial andtrade companies had exports of US＄1.441billion,4.8 percent up from the previousyear,accounting for 57.9 percent of the

China's economic growth pushed by domestic demand and relevant measures

By contrast to a slowdown in the world economy, China kept up a rapid growth rate, a relatively high quality of growth and low inflation for the year 2001. This is mainly due to the result of proactive fiscal policies that the Chinese Government adopted to stimulate domestic demand. Domestic demand can be divided into investment demand and consumption demand,

Slowly But Surely Despite a slump in growth,China’s economic restructuring is progressing as planned

China had entered a period of moderate economic growtht one that is moving at an appropriate pace. China＇s economy is bottoming out and seeking a new balance,

Logistic增长曲线在投资分析中的应用

利用经济分析方法,推导投资满足的常微分方程,并求其通解表达式,再结合S曲线,获得经济持续增长的条件。顺便纠正了文献[3]的一个错误的结论,指出了错误的原因,给出了一个反例。

Is China's Economic Growth Extraordinary or Mediocre?The Role of the Exchange Rate

Results derived from evaluations using different measures for China＇s economic growth are divergent, especially when the RMB exchange rate has experienced large depreciation. Focusing on the changes in the RMB exchange rate matching the demands of economic development, we offer some plausible explanations for the variations in the evaluation results. The significant gaps between different economic performance evaluation results before the mid-1990s, and evidence from international comparisons of factor productivity indicate that the quality of economic growth in China is different from that of other economies. Evaluation of economic development should take into account both quantitative expansion and qualitative improvement. From this perspective, evaluation results indicate qualitative improvement in the Chinese economy after the mid-1990s.

An Analysis of China’s Economic Growth Trend(1998-2002)

The growth of the world economy in 2001 featured significant slowdowns, with various developed countries plunging into economic recessions or economic downturns synchronously. Against this context, China was able to maintain a 7.3 percent growth. A simple direct comparison of economic growth of all countries shows that China outshone all the others.

China's Economic Growth: New Trends and Implications

I. IntroductionSince the "reform and opening up" policy began in 1978, China has sustained high growth. This success is associated with a gradual market-oriented reform. A central feature of this gradual reform is that the dominant state-owned enterprises have not been directly privatized; instead, the government chose to gradually introduce market forces into the economy, and at the same time, gradually reduce restrictions on the development of market-oriented non-state-owned enterprises, especially rural collective enterprises.

‘Middle-Income Trap’ and ‘High-Income Waft＇： Challenges and Opportunities to China

The history of international industrialization shows that Latin American countries and former Soviet Union and Eastern European countries experienced a siginificant drop in economic growth and fell into the middle-income trap when their per capita GDP reached 4,000-7,000 international dollar （based on the 1990 prices） as a result of long-term implemented import-oriented strategy and planned economic system. Fortunately, China adopted reform and opening-up policy beginning at a lower development phase and achieved sustained high-speed growth for more than thirty years. Currently, China has surpassed the phase which the above-mentioned countries fell into the middle-income trap. On the other side, experiences of successful runner-ups show that when per capita GDP reached II,000 international dollar （based on the 1990 prices）, economic growth speed will present regularly ＂natural drop ＂. Without internal and external shocks, China＇s economy is expected to reach this level by 2015 and the potential growth rate will possibly drop significantly. In this regard, China＇s toughest challenges will be whether it can effectively prevent and solve the financial risks accumulated during high-speed growth and make a shift to innovation-driven growth model Time is pressing for addressing the above challenges. A fundamental change in the growth model depends on the intensification of reform, in particular, the promotion of an ＂participatory and facilitative reform ＂approach.

China’s Economic Growth Is to Fall

The result of the macroeconomic climate index, released by the National Bureau of Statistics (NBS) on May 29, showed that in April the index remained stable for the fourth consecutive month. This contrasts with the four months from September 2007 onwards, when the index showed an "in-creasing" trend. Are the four "stable" indices after four "increasing" ones indications that China’s macroeconomy is moving "from a relatively fast growth to overheating?" When interviewed by China Economic Weekly, Xu Xianchun, Deputy Commissioner with the NBS, said that the Chinese economy is likely to enter a period of adjustment. In the next few years, China’s economic growth will drop gradually.

1991-2010─Golden Time for China's Economic Growth

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