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Author: U.S.-China Economic and Security Review Commission
Publisher:
ISBN:
Category : China
Languages : en
Pages : 256
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Book Description
Author: U.S.-China Economic and Security Review Commission
Publisher:
ISBN:
Category : China
Languages : en
Pages : 256
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: U.S.-China Economic and Security Review Commission
Publisher:
ISBN:
Category : China
Languages : en
Pages : 0
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Author: Roger W. Robinson, Jr.
Publisher:
ISBN: 9780756739232
Category :
Languages : en
Pages : 244
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Witnesses: Grant Aldonas, Under Sec. of Commerce for Internat. Trade Admin.; C. Fred Bergsten, Dir., Internat. Inst. for Econ.; Thea Lee, Assist. Dir. of Public Policy, AFL-CIO; Peter Nolan, Sinyi Prof. of Chinese Mgmt., Univ. of Cambridge; Ernest Preeg, Sr. Fellow in Trade and Productivity, Manufacturers Alliance/MAPI; Stephen Roach, Chief Economist, Morgan Stanley; Paul Roberts, Chmn., Inst. for Political Economy, and former Assist. Sec. of the Treasury for Econ. Policy; Edward Steinfeld, Assoc. Prof. of Political Science, MIT; Franklin Vargo, V.P., Internat. Econ. Affairs, Nat. Assoc. of Manufacturers; Kathleen Walsh, Sr. Assoc., Henry L. Stimson Center; and Willard Workman, Sr. V.P., Internat. Policy and Econ. Reform, U.S. Chamber of Commerce.
Author:
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ISBN:
Category :
Languages : en
Pages : 0
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Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 120
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Author:
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ISBN:
Category : Foreign exchange rates
Languages : en
Pages :
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Author: Mary Jo Devaland
Publisher:
ISBN: 9781606921944
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Since the initiation of economic reforms in 1979, China has become one of the world's fastest-growing economies. From 1979 to 2007 China's real gross domestic product (GDP) grew at an average annual rate of 9.8%. Real GDP grew 11.4% in 2007 (the fastest annual growth since 1994). While China is expected to continue to enjoy rapid economic growth in the years ahead and could become the world's largest economy within a decade or so, it faces a number of challenges, including widespread corruption, an inefficient banking system, over-dependence on exports and fixed investment for growth, pollution, widening income disparities, and growing inflationary pressures. The Chinese government has indicated that it intends, over the coming years, to create a "harmonious society" that would promote more balanced economic growth and address a number of economic and social issues. Trade and foreign investment continues to play a major role in China's booming economy. From 2004 to 2007, the value of total Chinese merchandise trade nearly doubled. In 2007, China's exports (at $1,218 billion) exceeded U.S. exports (1,162 billion) for the first time. China's imports were $956 billion and its trade surplus was $262 billion (a historic high). Well over half of China's trade is conducted by foreign firms operating in China. The combination of large trade surpluses, foreign direct investment flows, and large-scale purchases of foreign currency have helped make China the world's largest holder of foreign exchange reserves at $1.5 trillion at the end 2007. China's economy continues to be a concern to many U.S. policymakers. On the one hand, U.S. consumers, exporters, and investors have greatly benefited from China's rapid economic and trade growth. On the other hand, the surge in Chinese exports to the United States has put competitive pressures on various U.S. industries. Many U.S. policymakers have argued that China often does not play by the rules when it comes to trade and they have called for greater efforts to pressure China to fully implement its World Trade Organization (WTO) commitments and to change various economic policies deemed harmful to U.S. economic interests, such as its currency policy, its use of subsidies to support state-owned firms, trade and investment barriers to U.S. goods and services, and failure to ensure the safety of its exports to the United States. Concerns have also been raised over China's rising demand for energy and raw materials, its impact on world prices for such commodities, increased pollution levels, and efforts China has made to invest in energy and raw materials around the world, including countries (such as Iran, North Korea, and Sudan) where the United States has political and human rights concerns. This book provides an overview of China's economic development, challenges China faces to maintain growth, and the implications of China's rise as a major economic power for the United States.
Author: Congressional Research Service
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52
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Book Description
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
Author: Wayne M. Wayne M. Morrison
Publisher:
ISBN: 9781502507884
Category :
Languages : en
Pages : 56
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Book Description
U.S.-China economic ties have expanded substantially over the past three decades. Total U.S.- China trade rose from $2 billion in 1979 to $562 billion in 2013. China is currently the United States' second-largest trading partner, its third-largest export market, and its biggest source of imports. China is estimated to be a $300 billion market for U.S. firms (based on U.S. exports to China and sales by U.S.-invested firms in China). Many U.S. firms view participation in China's market as critical to staying globally competitive. General Motors (GM), for example, which has invested heavily in China, sold more cars in China than in the United States each year from 2010 to 2013. In addition, U.S. imports of low-cost goods from China greatly benefit U.S. consumers, and U.S. firms that use China as the final point of assembly for their products, or use Chinese made inputs for production in the United States, are able to lower costs. China is the largest foreign holder of U.S. Treasury securities (nearly $1.3 trillion as of June 2014). China's purchases of U.S. government debt help keep U.S. interest rates low.Despite growing commercial ties, the bilateral economic relationship has become increasingly complex and often fraught with tension. From the U.S. perspective, many trade tensions stem from China's incomplete transition to a free market economy. While China has significantly liberalized it's economic and trade regimes over the past three decades, it continues to maintain (or has recently imposed) a number of state-directed policies that appear to distort trade and investment flows. Major areas of concern expressed by U.S. policy makers and stakeholders include China's relatively poor record of intellectual property rights (IPR) enforcement and alleged widespread cyber economic espionage against U.S. firms by Chinese government entities; its mixed record on implementing its World Trade Organization (WTO) obligations; its extensive use of industrial policies (such as financial support of state-owned firms, trade and investment barriers, and pressure on foreign-invested firms in China to transfer technology in exchange for market access) in order to promote the development of industries favored by the government and protect them from foreign competition; and its policies to maintain an undervalued currency. Many U.S. policy makers argue that such policies negatively impact U.S. economic interests and have contributed to U.S. job losses.
