China's Economic Rise

China's Economic Rise PDF 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.

China's Economic Rise

China's Economic Rise PDF Author: Congressional Research Service
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52

Get Book Here

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.

Industrial Dynamics in China and India

Industrial Dynamics in China and India PDF Author: M. Ohara
Publisher: Springer
ISBN: 0230308309
Category : Political Science
Languages : en
Pages : 282

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Book Description
This book is one of the first fully-fledged studies to examine the next world-class industrial leaders emerging from China and India; exploring the domestic and international factors that have led to their rise, and comparing their experiences with other East Asian late-comers such as Japan.

The Economy of Lower Yangzi Delta in Late Imperial China

The Economy of Lower Yangzi Delta in Late Imperial China PDF Author: Billy Kee Long So
Publisher: Routledge
ISBN: 0415508967
Category : Business & Economics
Languages : en
Pages : 330

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Book Description
This book explores aspects of this vibrant market economy in late imperial China, and by presenting a reconstructed narrative of economic development in the early modern Jiangnan, provides new perspectives on established theories of Chinese economic development. Further, by examining economic values alongside social structures, this book produces a historically comprehensive account of the contemporary Chinese economy which engenders a deeper and broader understanding of China's current economic success.

The Rise of China and India in Africa

The Rise of China and India in Africa PDF Author: Fantu Cheru
Publisher: Zed Books Ltd.
ISBN: 184813827X
Category : Political Science
Languages : en
Pages : 300

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Book Description
In recent years, China and India have become the most important economic partners of Africa and their footprints are growing by leaps and bounds, transforming Africa's international relations in a dramatic way. Although the overall impact of China and India's engagement in Africa has been positive in the short-term, partly as a result of higher returns from commodity exports fuelled by excessive demands from both countries, little research exists on the actual impact of China and India's growing involvement on Africa's economic transformation. This book examines in detail the opportunities and challenges posed by the increasing presence of China and India in Africa, and proposes critical interventions that African governments must undertake in order to negotiate with China and India from a stronger and more informed platform.

Civilization, Nation and Modernity in East Asia

Civilization, Nation and Modernity in East Asia PDF Author: Chih-Yu Shih
Publisher: Routledge
ISBN: 1136307109
Category : Social Science
Languages : en
Pages : 258

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Book Description
This book explores the crisis of cultural identity which has assaulted Asian countries since Western countries began to have a profound impact on Asia in the nineteenth century. Confronted by Western 'civilization' and by 'modernity', Asian countries have been compelled to rethink their identity, and to consider how they should relate to Western 'civilization' and 'modernity'. The result, the author argues, has been a redefining by Asian countries of their own character as nations, and an adaptation of 'civilization' and 'modernity' to their own special conditions. Asian nations, the author contends, have thereby engaged with the West and with modernity, but on their own terms, occasionally, and in various inconsistent ways in which they could assert a sense of difference, forcing changes in the Western concept of civilization. Drawing on postmodern theory, the Kyoto School, Confucian and other traditional Asian thought, and the actual experiences of Asian countries, especially China and Japan, the author demonstrates that Asian countries’ redefining of the concept of civilization in the course of their quest for an appropriate postmodern national identity is every bit as key a part of 'the rise of Asia' as economic growth or greater international political activity.

Making Of An Economic Superpower, The: Unlocking China's Secret Of Rapid Industrialization

Making Of An Economic Superpower, The: Unlocking China's Secret Of Rapid Industrialization PDF Author: Yi Wen
Publisher: World Scientific
ISBN: 9814733741
Category : Business & Economics
Languages : en
Pages : 336

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Book Description
The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.

Rome and the Distant East

Rome and the Distant East PDF Author: Raoul McLaughlin
Publisher: A&C Black
ISBN: 1847252354
Category : History
Languages : en
Pages : 262

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Book Description
Studies the complex system of trade exchanges and commerce that profoundly changed Roman society.

The Sacred Routes of Uyghur History

The Sacred Routes of Uyghur History PDF Author: Rian Thum
Publisher: Harvard University Press
ISBN: 067496702X
Category : History
Languages : en
Pages : 332

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Book Description
For 250 years, the Turkic Muslims of Altishahr—the vast desert region to the northwest of Tibet—have led an uneasy existence under Chinese rule. Today they call themselves Uyghurs, and they have cultivated a sense of history and identity that challenges Beijing’s official national narrative. Rian Thum argues that the roots of this history run deeper than recent conflicts, to a time when manuscripts and pilgrimage dominated understandings of the past. Beyond broadening our knowledge of tensions between the Uyghurs and the Chinese government, this meditation on the very concept of history probes the limits of human interaction with the past. Uyghur historical practice emerged from the circulation of books and people during the Qing Dynasty, when crowds of pilgrims listened to history readings at the tombs of Islamic saints. Over time, amid long journeys and moving rituals, at oasis markets and desert shrines, ordinary readers adapted community-authored manuscripts to their own needs. In the process they created a window into a forgotten Islam, shaped by the veneration of local saints. Partly insulated from the rest of the Islamic world, the Uyghurs constructed a local history that is at once unique and assimilates elements of Semitic, Iranic, Turkic, and Indic traditions—the cultural imports of Silk Road travelers. Through both ethnographic and historical analysis, The Sacred Routes of Uyghur History offers a new understanding of Uyghur historical practices, detailing the remarkable means by which this people reckons with its past and confronts its nationalist aspirations in the present day.

Economic Reform in India

Economic Reform in India PDF Author:
Publisher: Cambridge University Press
ISBN: 1107020042
Category : Business & Economics
Languages : en
Pages : 545

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Book Description
In this volume, leading economists assess India's economic performance, policies and institutions.

A Political History of the World

A Political History of the World PDF Author: Jonathan Holslag
Publisher: Penguin UK
ISBN: 0241352053
Category : Political Science
Languages : en
Pages : 324

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Book Description
A three-thousand year history of the world that examines the causes of war and the search for peace In three thousand years of history, China has spent at least eleven centuries at war. The Roman Empire was in conflict during at least 50 per cent of its lifetime. Since 1776, the United States has spent over one hundred years at war. The dream of peace has been universal in the history of humanity. So why have we so rarely been able to achieve it? In A Political History of the World, Jonathan Holslag has produced a sweeping history of the world, from the Iron Age to the present, that investigates the causes of conflict between empires, nations and peoples and the attempts at diplomacy and cosmopolitanism. A birds-eye view of three thousand years of history, the book illuminates the forces shaping world politics from Ancient Egypt to the Han Dynasty, the Pax Romana to the rise of Islam, the Peace of Westphalia to the creation of the United Nations. This truly global approach enables Holslag to search for patterns across different eras and regions, and explore larger questions about war, diplomacy, and power. Has trade fostered peace? What are the limits of diplomacy? How does environmental change affect stability? Is war a universal sin of power? At a time when the threat of nuclear war looms again, this is a much-needed history intended for students of international politics, and anyone looking for a background on current events.