A Lesson for the West

While China trims the sails to meet temporary economic headwinds head-on by unveiling a package of incremental policies,some Western countries must realize anti-China measures like increased tariffs will only lead to their own higher inflation.

Why China’s Socialist “Supply Side Reform” Outperforms the West’s “Half Keynes” Model

AS the end of 2016 approaches,the results of the two main international approaches taken this year by major economies to deal with the negative trends in the global economy which have continued since the international financial crisis can be compared.These are China’s"supply side"policies compared to the G7’s"demand side"ones-

Population Ageing,Financial Leverage and Systemic Risk

Population ageing and high financial leverage are two common problems .faced by the worM＇s major economies. The recent financial crisis proved that the two issues could lead to systemic risk if not handled properly. Based on dynamic panel data from 1980 to 2012 in 119 countries, this paper examines the impact of population ageing on financial leverage J？om an empirical point of view and finds that there is a signOqcant inverted U-shape relationship between the two. In addition, empirical studies show that after passing the ＂turning point＂ of ageing, there will be a marked increase in the probability of financial crisis during the ＂deleveraging＂ process. It can be projected from the empirical conclusions of this paper that China will likely enter the range of a turning point between 2019 and 2028. After that, population ageing, deleveraging and asset price collapse may have a ＂resonance＂ effect to severely impact the stability of the financial system. Therefore, China should shift to more proactive macro financial regulations as quickly as possible, as dynamic and robust management of financial leverage and forward-looking control of bubbles could ensure that the financial system remain flexible enough to avoid systemic risk to the greatest extent.

CAMBODIA AS A NEW MODEL FOR BELT AND ROAD INTERNATIONAL COOPERATION：A FIELD RESEARCH REPORT ON CAMBODIAN ECONOMY AND FUTURE DEVELOPMENT

Cambodia is an important coopera- tion partner for China in building the ＂Belt and Road＂, Along with the pro- gress of the ＂Belt and Road＂ initiative over the past few years, the country has been given great dynamics for develop- ment transformation and upgrading. China-Cambodia cooperation is friut- full. Looking into the future, it is neces- sary for China to envisage and control risks in China-Cambodia cooperation, intensify cooperation, innovate on coop- eration mode and deepen cooperation areas so as to make it a new model for international cooperation within the Belt and Road framework

How China’s Socialism Outperforms Capitalist Development Strategies

CHINA has followed an economic development strategy, as analyzed below, that is radically different from the neo-liberal ＂Washington Consensus＂ advocated by the IMF. The latter is the dominant development strategy advocated by capitalist countries. This article therefore factually compares the results of what will be termed China＇s ＂socialist development strategy＂ versus the Washington Consensus.

New Prospects for China, Central & Eastern Europe Cooperation

CHINA’S diplomatic ties with Europe witnessed remarkable achievements in 2015.During Chinese President Xi Jinping’s visit to the U.K.last October the two sides agreed to build a global comprehensive strategic partnership in the 21st century,so ushering in a"golden era"of China-Britain relations.Chinese Premier Li

Why China Will Grow Rich Before It Grows Old

THE announcement of the relaxation of China’s one child policy created great discussion in China and internationally.But its significance was widely misunderstood.Contrary to myth,the increase in China’s labor supply plays little role in China’s rapid economic growth.In reality,96 percent of China’s economic growth comes from factors other than a rising labor supply.Therefore,there is no reason why China’s economy should slow significantly because China’s working age population stopped growing in 2012.The mistaken view,sometimes expressed,that China will grow old before it becomes rich is therefore the reverse of the reality:China will grow rich before it grows old.To demonstrate clearly why,first the facts will be stated and then their implications analysed.

Studying the Real Forces Driving Innovation Is Vital for China

INNOVATION is rightly seen as key to China’s economic future.But because it is so crucial it is vital to study the real facts regarding the forces determining innovation-rather than myths.These will also determine the impact of China’s innovation on the global economy.A Specific Feature of China’s Growth Economic fundamentals illustrate clearly why innovation is so critical for China.Analyzing in terms of classi-

Reforming China’s SOEs

CHINA is currently carrying out major changes in its State-owned Enterprises(SOEs)in a framework set by the third plenum of the Chinese Communist Party’s current Central Committee.This resolved:"We must unswervingly consolidate and develop the public economy,persist in the dominant position of public ownership,and

The Global Impact of China’s Continued Reform and Opening-up

CHINA’s 13th Five-Year Plan running from2016-2020,presented to this year’s National People’s Congress,sets the framework not only for China’s domestic development but thereby for other countries’economic interaction with it.Consequently,it is important for other states to accurately judge the main effects that continuation

A Testing Time for U.S.-China Relations

While the unipolar world is still orbiting in the sphere of influence of Anglo-American elite and some of their allies,the rest of the world is marching in a different direction.THE year 2022 proved to be a turbulent one for U.S.-China relations.

Laying Out a Pathway for China and the World

Setting out the agenda to transform China into a modern socialist society,the 20th CPC National Congress sent a clear message to the world that China will deepen and expand global partnerships based on equality,openness and cooperation.

LAYING OUT A PATHWAY FOR CHINA AND THE WORLD

China strives to create new opportunities for the world with its own development General Secretary of the CPC Central Committee Xi Jinping delivered a report to the 20th National Congress of the Communist Party of China(CPC)on October 16.

RCEP: A Boost for Asia-Pacific Regional Economic Integration

AFTER eight years of negotiations,15 countries of the Asia-Pacific region signed a free trade agreement on the Regional Comprehensive Economic Partnership(RCEP)on November 15,2020,which was initiated by the Association of Southeast Asian Nations(ASEAN)in 2012.Thus the world’s largest free trade area came into being.In the midst of the COVID-19 pandemic,the signing of this agreement gives a strong impetus to Asia-Pacific regional economic integration and injects a powerful new stimulus to the global economic recovery.

Blueprint for Medium-and Long-term Development of the World Economy

THE 11th Summit of the Group of 20（G20）major economies concluded in Hangzhou on September 5,2016.The G20 Leaders’Communiqué,released after the meeting,stated that the participating countries are determined to take into account the UN 2030 Agenda for Sustainable Development and lead the way in transforming their economies in a more innovative and sustainable manner.

China Is the Main International Force Supporting Globalization

DECEMBER 2016 marks the first anniversary of China’s major free trade agreements(FTAs)with South Korea and Australia.So far China has signed 14 free trade pacts with22 countries and regions in Asia,Latin America,Oceania,and Europe.The rise of protectionist rhetoric in some countries has made China the largest

International Production Capacity Cooperation–a New Stage in China’s Globalization

CHINA has recently emphasized a policy of international ＂production capacity coopera- tion.＂ The specific feature of this, as Gu Dawei at China＇s National Development and ReformCommission （NDRC） put it, is： ＂Capacity cooperation means more than export of finished products, but also the transfer of the whole industrial chain to help other countries beef up their manufacturing capability.＂

Why China Won’t Suffer a “Debt Crisis”

INACCURATE articles sometimes appear in the Western media claiming China faces a"severe debt crisis."Factually these are easily refuted.Changyong Rhee,the IMF’s Asia and Pacific Department director,recently pointed out that China’s national and local government debt is only 53 percent of GDP,while the U.S.government’s debt is

The Development of Chinese Think Tanks Is A Mixed Bag

In the spring of 2013,Chinese President Xi Jinping issued an important order on'building new think tanks with Chinese characteristics'.Subsequently,heads of central ministries and commissions and provincial governors all applied to launch their own think tanks;numerous plans and papers on the reform and building of think tanks have been published;

Clarifying Misunderstandings,Conveying the Essence

THIS year marks the sixth anniversary of the inception of the Belt and Road Initiative (BRI). In April 2019, China will host the second Belt and Road Forum for International Cooperation in Beijing. While welcoming guests from all over the world, we also need to make clarifications on some internationally prevalent misunderstandings about the initiative.