In 1978,China began to open its door to the outside world.After three decades of step-by-step reform,the country has developed into the world's fourth largest economy with a growth rate continuing in the double di...In 1978,China began to open its door to the outside world.After three decades of step-by-step reform,the country has developed into the world's fourth largest economy with a growth rate continuing in the double digits.What has been the nature of China's reform? What achievements have been made? In this article,the author takes an in-depth look at these questions,delivering an analysis of China's 30-year transformation.展开更多
China has experienced the unique"twin-surplus"phenomenon since the 1990s.Under the existing policy environment,"twin surpluses"have been intertwined with RMB exchange rate volatility and excess flu...China has experienced the unique"twin-surplus"phenomenon since the 1990s.Under the existing policy environment,"twin surpluses"have been intertwined with RMB exchange rate volatility and excess fluidity to arouse broader attention and discussion from home and abroad.The academia is currently disposed to depict China’s"twin surpluses"as a"genetic freak"resulting from policy distortion.Many people have therefore lashed out at China’s foreign trade and FD1 policies.However,such criticisms are both theoretically indefensible and out of line with reality.China’s twin-surplus issue is not simply due to"excess of export over import"and FDI size,but has more complicated structural contradictions and problems hidden underneath. Such problems stem from China’s unique path of economic growth and merger into economic globalization,and cannot be fundamentally solved through such economic leverages as exchange rate.展开更多
文摘In 1978,China began to open its door to the outside world.After three decades of step-by-step reform,the country has developed into the world's fourth largest economy with a growth rate continuing in the double digits.What has been the nature of China's reform? What achievements have been made? In this article,the author takes an in-depth look at these questions,delivering an analysis of China's 30-year transformation.
文摘China has experienced the unique"twin-surplus"phenomenon since the 1990s.Under the existing policy environment,"twin surpluses"have been intertwined with RMB exchange rate volatility and excess fluidity to arouse broader attention and discussion from home and abroad.The academia is currently disposed to depict China’s"twin surpluses"as a"genetic freak"resulting from policy distortion.Many people have therefore lashed out at China’s foreign trade and FD1 policies.However,such criticisms are both theoretically indefensible and out of line with reality.China’s twin-surplus issue is not simply due to"excess of export over import"and FDI size,but has more complicated structural contradictions and problems hidden underneath. Such problems stem from China’s unique path of economic growth and merger into economic globalization,and cannot be fundamentally solved through such economic leverages as exchange rate.
