Innovative Development: The New Power Behind a Revitalized Economy

ACCORDING to President Xi Jinping,the basic ingredient that makes a nation competitive is innovation.Since the 18th National Congress of the Communist Party of China in 2012,China has deployed several major policies to implement an"innovation-driven development strategy."This move will foster innovation in the Chinese people–innovation that will be the new fuel for China’s

Reserve Accumulation not the Culprit of Instability in the International Monetary System

The emphasis placed on reserve accumulation as a risk to the international monetary system has led to a loss of clarity in discussing options to reduce such risks.THE global economy took a nosedive as the financial crisis hit in 2008. The U.S. dollar and the Euro saw their value fall precipitously in world currency markets, triggering worries about the stability of the international monetary system. Some officials in the developed world put

The Promise of Fruitful Sino-British Cooperation

RELATIONS between Britain and China date back to antiquity,founded on ancient trade and missionary contacts.Beginning in the 1830s,Britain was the first country to industrialize and become a world economic power.In the Opium Wars Britain forced China to open its doors,bringing the country

The New Situation of Sino-U.S.Economic and Trade Cooperation

SINCE China and the U.S.officially established diplomatic relations on January 1,1979,their trade ties have developed rapidly.Bilateral trade increased from US$2.45 billion to US$555 billion in 2014,a growth of more than 220-fold.In addition,the scale and scope of cooperation

China – Leader of the Third Industrial Revolution?

CHINA’s industrial output,which includes 220 of world major products such as steel,coal,cotton and cement,continues to accelerate.Statistics show that China’s yarn output rose from6.57 million tons in 2000 to 28.7 million tons in 2011 while that of its cloth rose from 27.7billion meters to 81.4 billion meters over the same period.Even in the shadow of the

Tax Reforms under the Principle of Transparency, Efficiency and Equity

CHINA has been comprehensively deepening reforms since the convening last November of the Third Plenary Session of the 18th CPC Central Committee.Tax reforms affect the interests of each citizen and every enterprise,and are inextricable from economic development and social stability.As one of the world’s main emerging economies,China operates a fiscal system under the principle of high fiscal revenues and high fiscal expenditure,thus

The Role of China’s Imports in the Global Economy

ENTERING the WTO in 2001 has not only brought China a share in trade dividends but also opened up greater opportunities for the world economy.China’s imports of primary commodities have dramatically overtaken those of manufactured goods.

Deepening Reforms to Accelerate the Construction of a Moderately Prosperous Society

CHINESE leaders reiterated the goal of building a moderately prosperous society at the 18th CPC National Congress in November,2012.At the very onset of China’s opening-up and reform,the Chinese government set the goal of common prosperity for the people.Under the economic and social circumstances of that time,China,nevertheless,wisely accepted the reality that it had to allow part

The Impact of Euro Depreciation on the Chinese Economy

THE Eurozone,one of the world’s largest economies,has become a runner in the United States,Japan,and Britain’s QE"relay race."In late January 2015,the European Central Bank(ECB)announced its launch of QE(Quantitative Easing),so ending longstanding conjecture.But the scale of more than€one trillion was way beyond anyone’s expectations.This monetary program creates more abundant global market liquidity and

China Accelerates Transformation of Its Economic Development Model

SINGAPORE,China’s Hong Kong,China’s Taiwan and South Korea all achieved miraculous economic development as early as the 1970s.These so-called"Four Little Dragons"rapidly became high-income economies with signifi cantly improved living standards.Since the 1990s,however,Asian developing countries such as China have experienced faster,more conspicuous economic growth than any other region in the world.

Exploration and Practice in the Shanghai FTZ

CHINA(Shanghai)Pilot Free Trade Zone(FTZ)offi cially opened on September 29,2013,having gained State Council approval on August 22.The new 28.78 sq km zone encompasses four bonded trade zones–Waigaoqiao FTZ,Waigaoqiao Bonded Logistics Park,Yangshan Free Trade Port Area,and Pudong Airport Comprehensive FTZ–in Shanghai’s Pudong New Area.The zone’s international standards promote investment and trade,unfettered currency exchange,effi cient and fast regulation,and a

The TPP and the Chinese Economy

THE Trans-Pacific Partnership(TPP),with its ambitious core objective of trade liberalization characterized by comprehensively advanced standards in all areas,has polarized international attention.Upon conclusion of negotiations,the TPP becomes the world’s largest free trade zone,and so considerably infl uences the current restructuring of international trade rules and reforms to global

What Will the SH-HK Stock Connect Bring?

THE Shanghai-Hong Kong Stock Connect Program is a strategic decision the Chinese government has taken to meet the needs of equity markets on the mainland and in Hong Kong Special Administrative Region.It represents an institutional innovation in the country’s capital market.During the first 25 trading days after the launch of the program on November 17,2014,more than RMB 71billion flowed into the mainland’s A-share market and RMB 9.5-plus billion into the Hong Kong market via the Stock Connect.Although the trade volume did not show explosive growth,it remained stable and orderly.It will take time for investors to warm to this scheme.In the long term,however,the Shanghai-Hong Kong

China’s FDI on the Go

CHINA has been a recipient of foreign direct investment (FDI)for some time, starting when the country embarked on reforms and opened-up in the late 1970s.Inflows of FDI were US $1.956 billion in 1985 and by last year had risen to a staggering US $111.716 billion, with an annual increase of 15.54 percent.

Who Has the Upper Hand, China or the U.S.?

THE U.S.is spearheading economic recovery of the developed world,while China is at the fore of the emerging economies.Throughout this unbalanced,slower than expected resuscitation,China and the U.S.thus remain the two leading engines of global economic growth–a phenomenon that has given rise to debates on which economy is more successful.Quarterly data over the past five years show strong

China and Asia Grow Together

China is both the largest export market for other Asian countries and the most important import market for Asia as a whole.THE world has witnessed rapid economic development in China and other Asian countries, especially since the 1997 financial crisis. It is now clear that, regardless of the present or the future, China and its Asian counterparts will grow together.

Private Business Boosts China’s Economic Development

SINCE the policy of reform and opening-up in 1978,China has traveled a course of high-speed development on its way to becoming the economic power it is today.In 2013,as the world’s second largest economy,China not only ranked second in receiving

Aggregation of BRICS Financial Strength

INDIA’S K.V.Kamath’s nomination last May as president-designate of the New Development Bank(NDB)signified the BRICS-led bank’s entry into its substantive operational stage.The NDB board of governors will call its first meeting and officially appoint the bank’s president and vice presidents during the BRICS summit in early July in Ufa,Russia.