China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU hav...China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU have risen rapidly, reaching US$144bn and US$91bn in 2006, respectively. On the other hand, China is importing heavily from its Asian neighbors. This diverging pattern of trade relations between China and its main trading partners reflects the continuous expansion and intensification of a complex cross-border production network in Asia, particularly for consumer electronics. In the process of deepening manufacturing sharing, China serves as an essential export platform for firms headquartered in the more advanced economies. These firms export intermediate goods from the relatively more advanced Asian economies to their affiliates in China where these inputs are assembled and then shipped to key export markets, including primarily the USA and the EU. One apparent outcome of the growing processing and assembly trade is the increased interdependency among Asian economies, which are now more dependent on each other than ever. It has also led to substantial structural changes and technological upgrading in China＇ s traded goods.展开更多
With the official implementation of the Belt and Road Initiative,China has developed its grand diplomacy featuring'two pillars'(new type of major-country relationship and the Belt and Road Initiative)and'o...With the official implementation of the Belt and Road Initiative,China has developed its grand diplomacy featuring'two pillars'(new type of major-country relationship and the Belt and Road Initiative)and'one circle'(peripheral diplomacy).The international strategic significance of the Belt and Road Initiative is reflected in the following two aspects:breaking through the security dilemma among nations,and assuming the responsibilities of a ma-展开更多
Deng Xiaoping said'We should allow some people to get rich first,and the rest will follow.'Now it’s time for the rest to follow,as the Chinese government has put it on the top
Former Chinese leader Deng Xiaoping was known as the chief architect of China’s reform and opening-up drive,and his inspection tour of southern China in 1992 ushered in a new chapter of history characterized by“thre...Former Chinese leader Deng Xiaoping was known as the chief architect of China’s reform and opening-up drive,and his inspection tour of southern China in 1992 ushered in a new chapter of history characterized by“three sustainables”:sustainable economic development,sustainable social stability,and sustainable institutional support and leadership.Fundamentally,the“three sustainables”deftly balanced relationships among economic,social,and political entities.Enterprises represent economic entities,the people are the social entity,and the CPC is the political entity.How exactly has the CPC promoted the modernity of China?展开更多
Since the reform and opening up in the late 1970s,China has gradually developed its own model of development.The fact that China has effectively resisted the negative impact of the global financial crisis points to th...Since the reform and opening up in the late 1970s,China has gradually developed its own model of development.The fact that China has effectively resisted the negative impact of the global financial crisis points to the uniqueness of the China model.While the term"China model"has been widely used in the media and policy circles,not enough scholarly attention has been paid to China’s developmental experience.This paper attempts to look into the China model from a political economic perspective.In discussing the China model,most people will refer to China’s experience in economic development.However,the author argues that center to the China model is the country’s political development.The author believes that it is not correct to argue that the China model is characterized by"economic reform without political reform."The author shows how changes have taken place in Chinese politics in order to promote economic growth.The paper highlights many characteristics of the China political model and economic model and demonstrates how politics and economics are interlinked.展开更多
Based on one of the most widely used datasets by foreign-based sociologists,this paper examines the rate of returns to education in rural China.Compared with the previous studies that showed rather low rates in rural ...Based on one of the most widely used datasets by foreign-based sociologists,this paper examines the rate of returns to education in rural China.Compared with the previous studies that showed rather low rates in rural areas throughout the 1980s,this study finds a considerably higher rate in 1996.A chief contributor is the rapid non-agricultural development,which creates enormous upward mobility opportunities,particularly for the more educated.Due to the uneven economic development nationwide,the rate of returns to education varies widely across regions.In areas with less developed non-agricultural sectors,it remains low.In contrast,where off-farm employment is widespread,it is much higher.In addition,the labor market is functioning to allocate the more educated to better-paid jobs,but has yet to produce higher returns to education in non-agricultural sectors than in the agricultural sector.However,changes may be occurring in coastal regions.展开更多
China＇s economy in 2005 chalked up another year of 9.9 percent surging growth. In 2005 the government＇s attention was focused on the many negative consequences of China＇s past unbridled economic growth, from rural ...China＇s economy in 2005 chalked up another year of 9.9 percent surging growth. In 2005 the government＇s attention was focused on the many negative consequences of China＇s past unbridled economic growth, from rural poverty to environmental degradation and wide income disparities, calling for more ＂sustainable growth＂ or ＂balanced development ＂. The new development paradigm fit nicely into President Hu Jintao＇s concept of ＂scientific development＂ and was embraced by the 11th Five-Year Program （2006- 2010）. The year 2006 might go down in China＇s economic history as an important turning point, as the Hu-Wen leadership will start new development strategies to fix problems previously associated with strong economic growth. Strictly speaking, many of China＇s ＂growth problems ＂ from regional disparities to environmental degradation, are actually quite inevitable - as a part of the development process. But their gravity has often been aggravated by poor governance, blatantly pro-growth policies, and local corruption. Overall, the Chinese leadership has come to realize that its past development patterns are physically unsustainable, and politically and socially unacceptable. It has embraced the need to change. But all development changes will take a long time to yield concrete results.展开更多
Fuelled by high domestic investment and rapid export expansion, China ＂s economy grew by ll.4 pereent in 2007, the highest increase since 1994 and the fifth eonseeutive year of double-digit growth. Such spectacular g...Fuelled by high domestic investment and rapid export expansion, China ＂s economy grew by ll.4 pereent in 2007, the highest increase since 1994 and the fifth eonseeutive year of double-digit growth. Such spectacular growth performance is unprecedented in the world＇s economic history. However, the Chinese Government is again worried about a possible ＂hard landing＂for the economy, as no economy can sustain very strong growth for extremely long period without overheating. Cracks in China ＂s economy are indeed emerging. The eonsumer priee index shot up to 6.9percent in November 2007, the highest level in a decade, with the annual inflation for 2007 rising to 4.S pereent, well above the government＇s ＂comfort level＂ of 3 percent. This prompted China＇s top leadership to declare that reducing economic overheating and curbing inflation would be the top poliey priorities for 2008. To contain such cost-push inflation, the government has to tackle its root causes, such as excessive liquidity, which is caused by the undervaluation of the renminbi, which in turn is attributable to China＇s chronic external and internal maeroeeonomie imbalances~ High growth is likely to continue in 2008, at around l O pereent, with inflation of S-6 pereent expected, despite the anticipated tighter maeroeeonomie control measures and the more troubled external economic environment （e.g. the expected US economic slowdown）. Regardless, China ＂s fundamental problems associated with runaway growth will largely remain. In addition, if the US economy slips into a serious recession, the Chinese economy will not be able to deeouple from it and escape unscathed.展开更多
China ＇ s economy in 2006 continued to register high growth of l 0. 5 to 10. 7percent with low inflation （CPI at 1.3 percenO, dissipating fears of a hard landing. Since its accession to the WTO, China has become a s...China ＇ s economy in 2006 continued to register high growth of l 0. 5 to 10. 7percent with low inflation （CPI at 1.3 percenO, dissipating fears of a hard landing. Since its accession to the WTO, China has become a significant global economic player, and is the favorite destination for many regional and global production networks. China is now a truly economic power （jingji daguo）. China ＇s economic leadership is also increasingly confident of its ability to manage China ＇s domestic economic growth and its growing relations with the outside world. Although China＇s growth is expected to slow down in 2007 to approximately 9.5 percent, the national mood now is one of ＂more balanced＂ growth rather than ＂＇fast growth ＂. Therefore, the building of a ＂harmonious society＂ is to be emphasized in China, while letting economic growth solve the burning social and environmental issues. In 2007, the government will also need to deal with various internal and external imbalances. The renminbi will be under even stronger pressure to revalue, given China ＂s record trade surplus of US$160bn and foreign reserves of US$1tn.展开更多
China has experienced a dramatic swing from net capital inflows to large net outflows in recent years.The recent capital exodus to some extent reflects policy difficulties and obstacles that China’s authorities face ...China has experienced a dramatic swing from net capital inflows to large net outflows in recent years.The recent capital exodus to some extent reflects policy difficulties and obstacles that China’s authorities face in managing economic reforms.In particular,China faces tough challenges in balancing the benefit/risk trade-off from capital account opening and attempting to introduce more flexibility to the currency.Moreover,the lack of policy clarity highlights policy inconsistencies and ambiguities among Chinese leaders in macroeconomic management,as more often than not,government policies seem to alternate between emphasizing reform and growth.This may cast doubt on the Chinese leadership’s commitment to reform,undermine confidence in the economy and cause further capital outflows that will have significant repercussions both for China as well as for the world.展开更多
Today’s world situation is unpredictable and full of uncertainty. Comparatively speaking, the uncertainty comes from the inside of the Western world, while China is providing certainty for the uncertain world with po...Today’s world situation is unpredictable and full of uncertainty. Comparatively speaking, the uncertainty comes from the inside of the Western world, while China is providing certainty for the uncertain world with posture of a responsible major power. Since the 1980s, economic globalization and technological progress have created huge wealth for mankind.展开更多
文摘China＇s recent surge in trade has been associated with its deepening but contrasting trade relations with its two groups of key trading partners. On the one hand, China＇ s trade surpluses with the USA and the EU have risen rapidly, reaching US$144bn and US$91bn in 2006, respectively. On the other hand, China is importing heavily from its Asian neighbors. This diverging pattern of trade relations between China and its main trading partners reflects the continuous expansion and intensification of a complex cross-border production network in Asia, particularly for consumer electronics. In the process of deepening manufacturing sharing, China serves as an essential export platform for firms headquartered in the more advanced economies. These firms export intermediate goods from the relatively more advanced Asian economies to their affiliates in China where these inputs are assembled and then shipped to key export markets, including primarily the USA and the EU. One apparent outcome of the growing processing and assembly trade is the increased interdependency among Asian economies, which are now more dependent on each other than ever. It has also led to substantial structural changes and technological upgrading in China＇ s traded goods.
文摘With the official implementation of the Belt and Road Initiative,China has developed its grand diplomacy featuring'two pillars'(new type of major-country relationship and the Belt and Road Initiative)and'one circle'(peripheral diplomacy).The international strategic significance of the Belt and Road Initiative is reflected in the following two aspects:breaking through the security dilemma among nations,and assuming the responsibilities of a ma-
文摘Deng Xiaoping said'We should allow some people to get rich first,and the rest will follow.'Now it’s time for the rest to follow,as the Chinese government has put it on the top
文摘Former Chinese leader Deng Xiaoping was known as the chief architect of China’s reform and opening-up drive,and his inspection tour of southern China in 1992 ushered in a new chapter of history characterized by“three sustainables”:sustainable economic development,sustainable social stability,and sustainable institutional support and leadership.Fundamentally,the“three sustainables”deftly balanced relationships among economic,social,and political entities.Enterprises represent economic entities,the people are the social entity,and the CPC is the political entity.How exactly has the CPC promoted the modernity of China?
文摘Since the reform and opening up in the late 1970s,China has gradually developed its own model of development.The fact that China has effectively resisted the negative impact of the global financial crisis points to the uniqueness of the China model.While the term"China model"has been widely used in the media and policy circles,not enough scholarly attention has been paid to China’s developmental experience.This paper attempts to look into the China model from a political economic perspective.In discussing the China model,most people will refer to China’s experience in economic development.However,the author argues that center to the China model is the country’s political development.The author believes that it is not correct to argue that the China model is characterized by"economic reform without political reform."The author shows how changes have taken place in Chinese politics in order to promote economic growth.The paper highlights many characteristics of the China political model and economic model and demonstrates how politics and economics are interlinked.
文摘Based on one of the most widely used datasets by foreign-based sociologists,this paper examines the rate of returns to education in rural China.Compared with the previous studies that showed rather low rates in rural areas throughout the 1980s,this study finds a considerably higher rate in 1996.A chief contributor is the rapid non-agricultural development,which creates enormous upward mobility opportunities,particularly for the more educated.Due to the uneven economic development nationwide,the rate of returns to education varies widely across regions.In areas with less developed non-agricultural sectors,it remains low.In contrast,where off-farm employment is widespread,it is much higher.In addition,the labor market is functioning to allocate the more educated to better-paid jobs,but has yet to produce higher returns to education in non-agricultural sectors than in the agricultural sector.However,changes may be occurring in coastal regions.
文摘China＇s economy in 2005 chalked up another year of 9.9 percent surging growth. In 2005 the government＇s attention was focused on the many negative consequences of China＇s past unbridled economic growth, from rural poverty to environmental degradation and wide income disparities, calling for more ＂sustainable growth＂ or ＂balanced development ＂. The new development paradigm fit nicely into President Hu Jintao＇s concept of ＂scientific development＂ and was embraced by the 11th Five-Year Program （2006- 2010）. The year 2006 might go down in China＇s economic history as an important turning point, as the Hu-Wen leadership will start new development strategies to fix problems previously associated with strong economic growth. Strictly speaking, many of China＇s ＂growth problems ＂ from regional disparities to environmental degradation, are actually quite inevitable - as a part of the development process. But their gravity has often been aggravated by poor governance, blatantly pro-growth policies, and local corruption. Overall, the Chinese leadership has come to realize that its past development patterns are physically unsustainable, and politically and socially unacceptable. It has embraced the need to change. But all development changes will take a long time to yield concrete results.
文摘Fuelled by high domestic investment and rapid export expansion, China ＂s economy grew by ll.4 pereent in 2007, the highest increase since 1994 and the fifth eonseeutive year of double-digit growth. Such spectacular growth performance is unprecedented in the world＇s economic history. However, the Chinese Government is again worried about a possible ＂hard landing＂for the economy, as no economy can sustain very strong growth for extremely long period without overheating. Cracks in China ＂s economy are indeed emerging. The eonsumer priee index shot up to 6.9percent in November 2007, the highest level in a decade, with the annual inflation for 2007 rising to 4.S pereent, well above the government＇s ＂comfort level＂ of 3 percent. This prompted China＇s top leadership to declare that reducing economic overheating and curbing inflation would be the top poliey priorities for 2008. To contain such cost-push inflation, the government has to tackle its root causes, such as excessive liquidity, which is caused by the undervaluation of the renminbi, which in turn is attributable to China＇s chronic external and internal maeroeeonomie imbalances~ High growth is likely to continue in 2008, at around l O pereent, with inflation of S-6 pereent expected, despite the anticipated tighter maeroeeonomie control measures and the more troubled external economic environment （e.g. the expected US economic slowdown）. Regardless, China ＂s fundamental problems associated with runaway growth will largely remain. In addition, if the US economy slips into a serious recession, the Chinese economy will not be able to deeouple from it and escape unscathed.
文摘China ＇ s economy in 2006 continued to register high growth of l 0. 5 to 10. 7percent with low inflation （CPI at 1.3 percenO, dissipating fears of a hard landing. Since its accession to the WTO, China has become a significant global economic player, and is the favorite destination for many regional and global production networks. China is now a truly economic power （jingji daguo）. China ＇s economic leadership is also increasingly confident of its ability to manage China ＇s domestic economic growth and its growing relations with the outside world. Although China＇s growth is expected to slow down in 2007 to approximately 9.5 percent, the national mood now is one of ＂more balanced＂ growth rather than ＂＇fast growth ＂. Therefore, the building of a ＂harmonious society＂ is to be emphasized in China, while letting economic growth solve the burning social and environmental issues. In 2007, the government will also need to deal with various internal and external imbalances. The renminbi will be under even stronger pressure to revalue, given China ＂s record trade surplus of US$160bn and foreign reserves of US$1tn.
文摘China has experienced a dramatic swing from net capital inflows to large net outflows in recent years.The recent capital exodus to some extent reflects policy difficulties and obstacles that China’s authorities face in managing economic reforms.In particular,China faces tough challenges in balancing the benefit/risk trade-off from capital account opening and attempting to introduce more flexibility to the currency.Moreover,the lack of policy clarity highlights policy inconsistencies and ambiguities among Chinese leaders in macroeconomic management,as more often than not,government policies seem to alternate between emphasizing reform and growth.This may cast doubt on the Chinese leadership’s commitment to reform,undermine confidence in the economy and cause further capital outflows that will have significant repercussions both for China as well as for the world.
文摘Today’s world situation is unpredictable and full of uncertainty. Comparatively speaking, the uncertainty comes from the inside of the Western world, while China is providing certainty for the uncertain world with posture of a responsible major power. Since the 1980s, economic globalization and technological progress have created huge wealth for mankind.
