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.

Regional Financial Development and Regional Economic Growth: An Empirical Analysis of Suzhou City, China

There are many defects in researches on the relationship of the regional financial development (FD) and economic growth of China, such as simply assuming the causality direction, not highlighting financial institution, using incomplete financial indicator, etc. This article, taking Suzhou City of Jiangsu Province, China as a case, builds a simple model to study the level of FD from three aspects of financial scale, structure and institution. Three original indicators of PRIVY (private investment/aggregate investment), DEPTH (aggregate loan/GDP) and FDIVG (FDI/GDP) are used to construct the FD economic indicator through Principal Component Analysis approach. Then we use Granger method to analyze the relationship between the FD and the economic growth of Suzhou. Empirical test results show that the FD of Suzhou is the Granger reason of economic growth, while economic growth is not the reason for FD, because the relationship between the FD and the economic growth of Suzhou is just in the ″supply-leading″ period. In terms of Suzhou experiences, the local government should strengthen the protection of private investment, improve the institutional environment, and establish the reasonable financial structure. So we can concluded that FD could play a great role in promoting economic growth at the economy takeoff stage.

Thailand's economic growth and structural development projections in the context of environmental control

Projections for 20 years of economic growth and change in the structure of the Thai economy were made for 180 sectors using a computable general equilibrium(CGE) model to compare the following four scenarios:(1) standard growth with infinite supply of factors,(2) finite land supply,(3) fixed use of agricultural chemicals,and(4) combined finite land supply with fixed use of agricultural chemicals.The computable projections suggest that the economic cost of hypothetical environmental control in agriculture is small and further weakened by urbanization.The computed structural development points to efficiency improvements specific to sectors to return the economy to balanced growth.

Financial sector development and economic growth:evidence from Cameroon

For decades,African economies have embarked on financial sector reforms.However,the empirical implications of these reforms have been divergent.This paper investigates the impact of financial development on Economic growth using time series data in Cameroon.This investigation was carried out using three common indicators of financial development(broad money,deposit/GDP and domestic credit to private sector).Using the Auto Regressive Distributive Lag(ARDL)technique of estimation,it was discovered that there exist a short-run positive relationship between monetary mass(M2),government expenditure and economic growth,a short run negative relationship between bank deposits,private investment and economic growth equally exists.However in the long run,all indicators of financial development show a positive and significant impact on economic growth.This paper thus confirms the existence of a positive and long-term impact of all the indicators of financial development on economic growth through bound test.It is therefore proposed that the financial reforms in Cameroon should be pushed forward in order to boost the development of the financial sector thus an increase in its role on economic growth.

The Impacts of Lower Population Growth on the Quality of Life and Economic Development：China＇s Experience

China is the most populous country in the world.The total Population on the mainland of China has in-creased from 540 million in 1949 to 1.18 billion by the end of 1993.China adopted a population policy by namc of"controlling population growth and im-proving the quality of the human resources',which has been deeply rooted in the hearts of the Chinese pcoplc.The overw helming majority of the Chinese people have recognized the necessity for implementing the family planning programme not only for the sustained devel-opment of the country,but also for the benefits of their own familie cs.

The impact of financial sector development on the economic growth of emerging countries： An empirical study for E-7 countries

Globalization, financial liberalization, financial integration, financial sector, and economic growth have been significant issues for many researchers. The studies have investigated the effects of the above issues to the economic growth of countries both theoretically and empirically. Since there has been conducted an enormous body of work, each of them may be grouped and studied separately. This paper focuses on the impact of financial sector development to economic growth and empirically studies the potential effect on the emerging E-7 countries, consisting of Brazil, China, India, Indonesia, Mexico, the Russian Federation, and Turkey. The study employs panel regression methodology and the data set for modeling Gross Domestic Product （GDP） comprises annual data over 2001-2007, using basic variables which resemble financial sector development, namely market capitalization of listed companies （stock market capitalization）, bank capital to asset ratio, stocks traded, total debt service, foreign direct investments, portfolio investments, real interest rates, and claims on private sector. The analysis indicates that the GDP may be modeled using the above stated macroeconomic variables with considerably high explanatory power, except for the real interest rates and bank capital to asset ratios.

Financial Development, Trade Openness, and Economic Growth in Zambia

This study investigates the causal relationship among financial development, trade openness, and economic growth in Zambia from 1965 to 2011. Two measures of financial development were used： broad money and domestic credit to the private sector, each as a ratio of gross domestic product （GDP）. In this regard, two models were developed for each indicator. The Augmented Dickey-Fuller （ADF） and Phillips-Perron （PP） tests were used to determine stationarity of all the variables. Furthermore, Johansen test was employed to ascertain possible cointegration among variables. The vector error correction model （VECM） was employed to examine the short-run and long-run dynamics among the variables in each model. The results indicate that the relationship among financial development, trade openness, and economic growth is sensitive to the financial development indicator chosen.

Correlation analysis of economic growth and development of electric power

China＇ s economic growth and the demand for electricity are to analyze two important indicators of a country＇ s economic situation. Some research institutions internationally determine the status of economic growth through the analysis of actual consumption. The power industry has an important impact on the development of basic industries of the national economy, the development of other sectors of various industries play an essential supporting role. Production of electricity supply for economic development improves people＇ s livelihood and social progress, it provides a necessary condition, and power shortages, in turn it seriously affects the country＇ s economic development and living. Therefore, the power and economic growth （GDP） is to study the relationship, it will be under conditions of scarce resources saving energy, electric power development plan to develop the scientific and industrial policy system, and promote the healthy and rapid economic growth.

Assessing the Contribution of Ecotourism to Economic Growth and Rural Development Offered by Wildlife Resources to People Living in Communities around Matusadonha National Park

Ecotourism is one of the major drivers of economic growth and rural development in many countries involved in wildlife resource management.The objective was to assess the contribution of ecotourism to economic growth and rural development offered to people living in communities around Matusadonha National Park.A total of 140 participants were interviewed and questionnaires were administered to the same number of people.Data were analysed using both qualitative and quantitative methods.Results show that the majority of participants(57%)were females.Safari operations were the major(54.7%)ecotourism activity in Matusadonha National Park.Above half(58.8%)of participants indicated that ecotourism contributed toward economic growth in communities around Matusadonha National Park.Most people(343)were employed on a part-time basis from 2000 to 2022.Participants indicated that the standard of living in most communities increased by more than 50%.Above 50%of participants were satisfied with the contribution of ecotourism towards rural development.It can be concluded that ecotourism has the potential to improve economic growth and rural development if close monitoring and accountability of funds are monitored closely.Local people should be included in the accountability of funds and management of wildlife resources to improve economic benefits to local people.

Revisiting the Relationship Between Urbanization and Economic Development in China Since the Reform and Opening-up

The relationship between urbanization and economic development has become a hot topic in the scientific community due to its great practical significance,and economic and social value.However,this relationship continues to change dynamically.In the new stage of urbanization,it is urgent to reveal the causal relationship quantitatively and diagnose the future direction systematically.Based on this,this paper calculates the contribution rate of China’s urbanization to economic development from 1978 to 2019 and uses the panel data cointegration test method to explore the causal relationship between urbanization and economic development in China.The study has three principal results.First,the contribution rate of urbanization to economic growth has maintained the overall growth trend from1978 to 2019,but the growth rate of urbanization’s contribution to economic growth has been relatively low since 2012.It is an important reason that the real estate sector has moved into a new stage of transformation.Second,the cointegration test shows that economic development is a significant factor in advancing urbanization and the urbanization is the product of economic development.Urbanization has a positive feedback effect on economic development,but this effect does not pass the 5%significance level test.The impulse response function shows that the impact of urbanization on economic development is relatively small and stable,indicating that it is limited that the boost of economic development by land-centered urbanization.Third,China’s urbanization and economic development have both shown rapid growth for some time,but their relationship is still the low level of coordination,which has also led to a downward trend in the contribution of new-type,people-oriented urbanization to economic growth in recent years.In the future,China’s urbanization and economy need to maintain relatively medium-low speed growth in the medium-long term,and we should boost the coordinated development of urbanization and economy from low level to high level.

Balancing Carbon Emission Reductions and Social Economic Development for Sustainable Development: Experience from 24 Countries

The impact of human carbon emissions on climate has generated widespread global concern. We selected 24 countries as research objects and analysed the changes in carbon emissions in different countries between the establishment of emission reduction actions in 1990 and 2014. Then, we selected 19 factors representing four categories(economy, population, technology and energy) to explore the key factors that led to changes in carbon dioxide(CO2) emissions in different countries. Emission reduction actions since 1990 did not lead to marked improvements, and only five countries(Russia, Germany, the United Kingdom, Italy and France) achieved reductions in carbon emissions. The factors that influenced CO2 emissions varied among countries. In most developing countries, reductions in CO2 emissions were caused by reductions in poverty and inherent natural conditions. Moreover, the extent of influence of a given factor on CO2 emissions differed among countries. The global economic crisis may cause similar fluctuations in CO2 emissions in many countries. Adjustments to energy and industrial structures are the main reason for the reduction in carbon emissions, whereas economic growth and urbanization are the two major contributors to the growth of carbon emissions. According to historical carbon emissions data, a green energy revolution must be implemented to address global climate change and ensure the sustainable development of human societies.

Economic reform, open-door policy and changes in spatial development patterns in China

The study profiles and explains the significant changes that have taken place in China's spatial development patterns since the inception of its economic reform and opening two decades ago. Principal component analysis is used to delineate spatial patterns. The analyses show that prior to the reform China's spatial development pattern was characterized by the dominance of the three municipalities and the Northeast, as well as by both the coast-interior and the north-south disparities. Northern provinces were generally more industrialized and economically powerful than the southern ones. After two decades of reform, regional development has become multi-centered with South China, the Yangtze Delta and the Beijing-Tianjin area being the three most important regions of the country. The coastal provinces as a whole rose to prominence on China's economic map while the Northeast has diminished its clout. The coast-interior gap not only remains but may have widened. The north-south disparity also still exists but there has been a role reversal with the south now in the lead position. Virtually all inland provinces now find themselves at or near the low end of the development spectrum. We argue that the major reason for the recent shifts in Chinese space economy is the spatially differentiated economic growth resulted from the reform and open door policy and from the new, uneven development strategy adopted by the Chinese government. The paper discusses four specific factors that have reshaped China's spatial development patterns.

Economists’Judgement on China’s Socio-Economic Development in the 14th Five-Year Plan Period

2020 is the final year of China’s 13th Five-Year Plan period and an intersection between the“two centennial goals.”It is also a vital year for drafting the 14th Five-year Plan and embarking on a new journey of socialist modernization.What socio-economic progress has China achieved during the 13th Five-Year Plan period and what are the opportunities,challenges and countermeasures for the 14th Five-Year Plan period?In May 2020,the China Economist conducted a questionnaire survey among economists.Results suggest that during the 13th Five-Year Plan period,China has achieved remarkable progress in the following areas:significant socio-economic development,deepening industry-ICT integration,and rapid growth of new economy;mass entrepreneurship and mass innovation,and enhanced R&D capabilities for cutting-edge technologies;green production and the abatement of air and water pollution;and poverty reduction.In the 14th Five-Year Plan period,opportunities co-exist with challenges for China’s socio-economic development,which brims with resiliency.Surveyed economists felt sanguine about China’s development outlook.Based on the results,surveyed economists believed that the Chinese government should focus on the following priorities during the 14th Five-Year Plan period:expediting industrial transition,strengthening the real economy,and exploring domestic consumption potentials;ramping up research in fundamental science,and accelerating the research of critical technologies;increasing equal access to basic public services;and promoting green development in all respects,including green consumption,production,distribution,innovation,and finance.

Human Resource Management Theory in the Context of Economic Development Transformation from the Perspective of the Social Productive Forces

This paper explores the development of the human resource management theory from the perspective of social productive forces,deeply analyzing the development of the current social productive forces and the characteristics of the socio-economic development.It can be concluded that the development of the human resource management theory is closely related to the socio-economic development pattern.The twenty first century is a knowledge-driven era,and"eco-friendly"and"low-carbon"are the basic characteristics of the socio-economic development of the era of the knowledge-driven economy,which has great influence on the subject,aim and content of human resource management.Green human resource management conforms to the trend of the transformation of the socio-economic development.Based on the management of"human",it creates an eco-friendly,low-carbon and sustainable environment for enterprises,which promotes the transformation from extensive growth to intensive growth of the macro management of enterprises.

Banking Sector Development and Agricultural Productivity in Central African Economic and Monetary Community (CEMAC)

There is high pressure for investment capital and financial services for agricultural activities necessary for poverty reduction,economic growth,sustainable development and food security.This study investigated the long-term causation between banking sector development and agricultural productivity in the six Central African Economic and Monetary Community(CEMAC)states from 1990 to 2018,hypothesizing no causation between banking sector and agriculture output.With the autoregressive distributed lag(ARDL)model and vector error correction model(VECM),the study demonstrates that banking sector and agricultural productivity in the CEMAC region are related.It implies long-run relationship exists between banking sector and agricultural productivity in the CEMAC zone.The results reveal that bidirectional causality exists between banking sector and agricultural productivity in the CEMAC region.This is insinuating that in the CEMAC region,agricultural productivity and banking sector development are operating in mutualism.The findings indicate the reason to establish the banking sector using proper macroeconomic,legal and regulatory policies to boost agricultural productivity by creating incentive systems that channel more credit to agricultural investment and promoting the banking system.

The New Normal from the Perspective of Macro History and Grand Logic of China's Economic Development

This paper attempts to explain the "new normal" of China's economic development put forward by XI Jinping, the General Secretary of the Central Committee of the Communist Party of China, from three perspectives. First, as the new normal is a natural phase of long-term development in the country's renaissance, recognition of it helps policy-making to hold a historical perspective and maintain a patience in the face of growth slowdown. Second, the new normal as the logic of China's economic development underlines the necessity and urgency of transforming growth patterns and growth drivers. Third, different from the "new mediocre" of the world economy, the new normal reveals great potentials of sustainable growth of the Chinese economy that must be tapped through structural reforms.

China’s Outward Foreign Direct Investment and Economic Growth in Developing Countries

The implementation of China’s open development strategy has unveiled a wave of outward foreign direct investment(OFDI)by Chinese companies,with global implications.Based on panel data from 146 developing countries from 2003 to 2017,we investigate the growth effects of China’s OFDI.We find that China’s OFDI has promoted significant economic growth in developing countries.Not only could China’s OFDI increase GDP per capita of a country in a short time but raise the country’s long-run equilibrium value as well.In addition,the growth effects of China’s OFDI were more significant for countries with weak governance,rich resource,and modest human capital,and were above the average level for Belt and Road Initiative(BRI)countries,African countries,and in the post-crisis era.Our research helps unravel the global significance of Chinese companies investing overseas and contributes to research on the growth effects of direct investment between developing countries.

The Determining Factors of Economic Development

We live in a world of rich and poor. The 7 billion people who inhabit the earth exits under a vast range of economic circumstances. With the developing of the world economics differences among capital between rich and poor countries still is a mystery. This paper aims to analyze the influence factors over economic development.

Economic Resilience in Bangladesh: Analyzing Household Well-Being amidst Price Hikes through ANOVA and Paired Sample t-Test Insights

This study delves into the multifaceted impact of price hikes on the standard of living in Bangladesh, with a specific focus on distinct socioeconomic segments. Amidst Bangladesh’s economic growth, the challenges of rising inflation and increased living costs have become pressing concerns. Employing a mixed-methods approach combines quantitative data from a structured survey with qualitative insights from in-depth interviews and focused group discussions to analyze the repercussions of price hikes. Stratified random sampling ensures representation across affluent, middle-class, and economically disadvantaged groups. Utilizing data [1] from 2020 to November 2023 on the yearly change in retail prices of essential commodities, analysis reveals significant demographic shifts, occupational changes, and altered asset ownership patterns among households. The vulnerable population, including daily wage laborers and low-income individuals, is disproportionately affected by adjustments in consumption, income generation, and living arrangements. Statistical analyses, including One-Way ANOVA and Paired Sample t-tests, illuminate significant mean differences in strategies employed during price hikes. Despite challenges, the prioritization of education remains evident, emphasizing its resilience in the face of economic hardships. The result shows that price hikes, especially in essential items, lead to substantial adjustments in living costs, with items like onions, garlic, and ginger experiencing significant increases of 275%, 108%, and 483%, respectively.

The role of R&D and economic policy uncertainty in Sri Lanka’s economic growth

In this paper,we assess the role of investment in research and development(R&D)and economic policy uncertainty(EPU)in Sri Lanka’s economic growth experience.We do this by first determining which endogenous growth theories best explain the evolution of total factor productivity(TFP)in the country.Using historical time series data(1980–2018),we find that semi-endogenous growth theories best explain the evolution of TFP in Sri Lanka.This evidence suggests that R&D is critical to the country’s TFP expansion.We find that,through R&D,EPU has a crucial detrimental impact on TFP growth,although it is short-lived.Our findings are robust and have important implications for R&D investment and for moderating EPU.