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By applying modern monetary theories to China's reality, this book reviews the development practice of China's monetary policy and discusses the transitional goals of China's monetary policy in the new stage of high-quality economic development.The book focuses on the formation mechanism of China's inflation from the perspective of learning expectations, adaptive learning and dual labor market structure. It examines the monetary policy objectives of inflation management in an open economy, analyzes the causes of China's price fluctuations from a global perspective and discusses the optimal policy space of the optimal RME exchange rate regime and the synergy between finance and business cycles. The author proposes a policy framework of capital regulation to deal with financial shocks and provides monetary policy options to deal with financial and business cycles. This work helps readers to understand the internal theoretical logic of the target transition of China's monetary policy framework and points out that China's monetary policy reforms are driven by the economic contradictions it faces at different stages of development.The title will provide references for scholars, students and policymakers interested in China's monetary policy and provide experience and guidance for other developing countries to set their monetary policy targets and promote the transition of the monetary system.

This book, a bestseller in China with over a million copies sold, depicts the role played by the Chinese government in China‘s economic development. It explains how the Chinese government has gradually established and improved market mechanisms while promoting economic growth. The book particularly points out that the Chinese government not only governs the economy through policy guidance but also directly participates in the process of urbanization and industrialization as part of the market. It also introduces the specific mechanisms of government involvement in economic activities, which forms a bridge between economic theory and the reality of China. This book, a winner of the Wenjin Book Award by the National Library of China, will be an invaluable reference for scholars seeking to understand China‘s economic policy and government system reform in the years to come.

In The Latecomer's Rise, Muyang Chen reveals the nature and impact of a rapidly growing form of international lending: Chinese development finance.Over the past few decades, China has become the world's largest provider of bilateral development finance. Through its two national policy banks, the China Development Bank (CDB) and the Export-Import Bank of China (China Exim), it has funded infrastructure and industrial projects in numerous emerging markets and developing countries. Yet this very surge and magnitude of capital has raised questions about the characteristics of Chinese bilateral lending and its repercussions on the international order. Drawing on a variety of novel Chinese primary sources, including interviews and official bank documents, Chen pinpoints the distinctiveness of Chinese bilateral development finance, explains its origins, and analyzes its effects. She compares Chinese policy banks with their foreign counterparts to show that the CDB and China Exim, while state-supported, are in fact also market-oriented—they are as much government organs as they are profit-driven financial agencies that serve both state and firms'interests. This approach, which emerged out of China's particular economic history, suggests that Chinese overseas lending is not merely a tool of economic statecraft that challenges Western-led economic regimes. Instead, China's responses to extant rules, norms, and practices across given issue areas have varied between contestation and convergence.Rich with empirical detail and penetrating insights, The Latecomer's Rise demystifies the little-known workings of Chinese development finance to revise our conceptions of China's role in the international financial system.

China is caught in the rapids of the largest policy crackdown in history. The ferocity of this far-reaching crackdown, dispersed across every market sector, has cast into scrutiny a newly emerging era of development and raised new questions about what it means for the future of Chinese governance and development. Has China abandoned its modern commitment to market-oriented reforms? Is this a reversion to the bygone days of Maoist Communism? The ongoing crackdown, this book argues, is not a break from but a continuation of the legacy of development initiated 50 years ago under Deng Xiaoping. Drawing on rich economic and developmental data, the book recasts old ideas about Chinese governance with cutting-edge insights into the economic machinery and policy regime that drive modern China. As it shows, the seemingly unconnected parts of the ongoing crackdown across China – the shadow banking network, real estate, Internet technology, entertainment, housing, private education – can all be understood in terms of a consistent, continuous economic model. It explores the social structure of this economic model, from an ideological foundation that is not political but cultural in nature, to its institutional arrangements and macroeconomic and fiscal policies. The book discusses the policy interventions and development goals motivated by these social structures, offering a major new contribution to understanding the social and economic challenges that face China today – and its next 50 years. The book will appeal to a broad academic audience, especially given the growing prominence of Chinese development in the context of development in the Asia-Pacific at large.

This book is a collection of articles that delve into important topics related to the national economy and people's livelihood in China's development. The authors are 16 renowned scholars from Renmin University of China and other universities and research institutions in China and other foreign countries. They summarize and review the path China has taken and the tremendous achievements it has made over the past 40 years of reform and opening-up, while also deeply analyzing the challenges we face and strategies we use, covering aspects such as financial reform, trade and technology wars, peripheral security, environmental governance, government-enterprise relations, and political and economic reforms. With their profound academic foundation combined with in-depth field research, solid concepts combined with vivid stories, these sixteen scholars offer both rational thinking and passionate debate. With a pragmatic exploration spirit and a deep sense of historical responsibility, they vividly interpret the Chinese road, Chinese problems, and China's development.

How the world's largest e-commerce market highlights a digital path to developmentHow do states build vital institutions for market development? Too often, governments confront technical or political barriers to providing the rule of law, contract enforcement, and loan access. In From Click to Boom, Lizhi Liu examines a digital solution: governments strategically outsourcing tasks of institutional development and enforcement to digital platforms—a process she calls “institutional outsourcing.”China's e-commerce boom showcases this digital path to development. In merely two decades, China built from scratch a two-trillion-dollar e-commerce market, with 800 million users, seventy million jobs, and nearly fifty percent of global online retail sales. Contrary to conventional wisdom, Liu argues, this market boom occurred because of weak government institutions, not despite them. Gaps in government institutions compelled e-commerce platforms to build powerful private institutions for contract enforcement, fraud detection, and dispute resolution. For a surprisingly long period, the authoritarian government acquiesced, endorsed, and even partnered with this private institutional building despite its disruptive nature. Drawing on a plethora of interviews, original surveys, proprietary data, and a field experiment, Liu shows that the resulting e-commerce boom had far-reaching effects on China.Institutional outsourcing nonetheless harbors its own challenges. With inadequate regulation, platforms may abuse market power, while excessive regulation stifles institutional innovation. China's regulatory oscillations toward platforms—from laissez-faire to crackdown and back to support—underscore the struggle to strike the right balance.

This book explains China's new common prosperity policies—their significance, connotations, and goals—and explains the economic logic behind these often misunderstood policies. First, the authors explain the theory behind common prosperity. Why is the Chinese government changing its economic policies now, and what is its objectives and metrics? The authors then go on to explain how the new policies are being designed, what the test cases are across the country, and how the government, businesses, families, and individuals are working together to promote common prosperity. An important book that will help scholars around the world understand China's new economic bottom line. This book will be of interest to economists, sociologists, and sinologists.

This is an open access book. CCICED has been woven into the fabric of China's environmental development for the past 30 years—the length of an entire generation. It is also consistent with the most rapid modernization shift of the nation's economy–environment relationship. This report provides insights into how CCICED operates and its success stories. It also presents a general picture of how changes of China in environmental development have taken place. CCICED at 30 is therefore a helpful account for future directions of sustainable environment.

This open access book provokes critical thinking regarding the most ambitious Chinese project since the founding of the People's Republic of China, The Belt and Road Initiative (BRI). The book presents extensive quality research and original insights in assessing the status of China's outbound investment and construction projects under the BRI umbrella. Referring to case studies and projects of selected countries from Southeast Asia, Central Asia, and the Middle East, the author sheds new light on the issues and problems associated with the BRI's implementation and discusses both the readjustments and prospects for the BRI. Finally, this book demarcates the limits and potential of the world's second largest economy in pushing for the BRI, which is challenged by enormous domestic tensions and external pressures. It also identifies and analyzes potential new collaboration areas between the Belt and Road countries and China under the BRI framework in the context of the post-COVID-19 era. It provides an outstanding reference for academics, students, policymakers, and the business community working in areas of international affairs and Asian economics and development, particularly those interested in Sino-relations and Chinese power dynamics in the global world order.

A country's culture influences its economic growth, which in turn influences its international position. Confucian heritage appears to be the common factor explaining the rapid economic growth of East Asian countries, including China's meteoric rise in recent years. Ironically, Confucianism has been criticized not too long ago for hindering progress in these countries. At the same time, Protestant countries, once the vanguards of economic development, have seen weak growth., These developed economies are undergoing a cultural transformation from an emphasis on materialist concerns to postmaterialist ones. What do these trends augur for their economic growth and international competitiveness, particularly in the context of ongoing power shifts between China and the United States?

This book first analyzes the institutional changes and historical value orientations brought about by China's economic reforms and then explores the justice and progressiveness of changes in social production relations, as well as the uniqueness of economic growth and macro control in China's institutional changes. It further delves into the effectiveness and qualitative improvement during the growth process, including the evolution of structural height, the formation of structural benefits, and the improvement of factor productivity and input–output efficiency. Finally, the book dissects the systemic motivation of China's economic growth and development and proposes the requirements for systemic changes to achieve sustainable development. The main innovation of this book lies in revealing the basic driving factors of the debate on the justice of institutional change from the perspective of value theory, deepening the understanding of China's reform and development experience,and emphasizing the importance of economic growth structure efficiency and total factor efficiency.

This book offers a multidisciplinary redefinition of China's model of crony comprador capitalism. The author argues that this model emerged through the fusion of market Leninism and global capitalism in the early 1990s within the post-Cold War and post-Communist global context. While driving robust export-led growth, this approach hindered China's structural transformation and limited its ascent, ironically leading to the regime's accelerating totalitarian turn and the onset of a new Cold War. In line with the call for ‘Capitalism 3.0,'the book advocates Western decoupling from China and promoting the country's transition to a democratic developmental state, fostering a safer world for democracy over autocracy. It will be of interest to academics and policy-makers in a wide range of fields, including political economy, political studies, international relations, and economic history.

This open access book offers a comprehensive analysis of China's way of economic development balancing between efficiency and equity, striving to investigate existing challenges and to discuss the role of fiscal policies and philanthropy to mitigate social inequality. The book analyzes the current overall state and challenges of China's income and wealth distribution and describes the social inequality in specific fields such as labor market, housing markets, education, public health, infrastructure building and carbon emission. This book also explores the implications of long-run trends of macro-asset pricing. The book is both academically rigorous and readable. This valuable reference will attract readers in economics, public finance and social policy who seek to better understand China's path of combating social inequality.

This is an open access book.As the world continues to recover from the fear and uncertainty of the Covid-19 pandemic, a new set of challenges like increased geopolitical tensions and climate change have become increasingly prominent. This open access book, which contains the views of ambassadors to Beijing on topics ranging from bilateral relations to potential cooperation, global development and even more of the most immediate issues, aims to help readers make sense of our changing world and China's role in it. Building on the success of our previous volume China and the World in a Changing Context: Perspectives from Ambassadors to China, the Center for China and Globalization (CCG) has invited 27 ambassadors to examine China's role in this context of constant flux, focusing specifically on China's perspective, including its trade and investment ties with other countries, as well as its role in multilateral regional relations and global governance. These diplomatic envoys from countries around the world serve as pivotal contact points between nations across a wide range of fields, from economics and culture to health and the environment. Their perspectives, representing both developing and industrialized countries, are both invaluable and illuminating—not only in conveying the views and experiences of their own country, but also for their insights into global affairs and China's development. It is our hope that the views expressed in this volume will inspire even more discussion on the next best step to take in finding solutions to the problems we face, and in particular how China can use its own experience and wisdom to better contribute and engage with the world in finding solutions together. This book provides a wealth of perspective and insight that we hope will benefit not only academics and policy makers, but also the private sector and individuals.

This book unravels China's new megaregional structure, new megaregional planning and development, new megaregional governance, and new regional planning system. It draws upon a diversity of megaregional cases: city clusters of the Beijing–Tianjin–Hebei region, Yangtze River delta region, and Greater Bay Area; and metropolitan circles of Chengdu, Hangzhou, Hong Kong, Shanghai, Shenzhen, and Zhengzhou.Megaregions are the new form of Chinese-style urbanisation. China's new discourse of ‘high-quality development'and ‘new-type urbanisation'is reshaping its megaregional strategy. Imbalance and fragmentation characterise the diversity of megaregions - developed or developing, coastal or inland. The central goal of megaregional planning and governance is to achieve integrated, balanced development of them. Hu challenges the official notion of ‘top-level design'that dominates the planning, governance, and development of China's megaregions. Instead, he argues for the importance of engaging nongovernmental stakeholders, rebalancing the government-market relationality, encouraging bottom-up initiatives, and enabling grassroots ingenuity.The volume offers the first and most comprehensive study of megaregional China in the new contexts of both national development and urban development. It will be of interest to anyone looking into urban and regional development, and Chinese studies.

This book provides an overview of the history, basic concepts, and provision models of infrastructure, significant theories on infrastructure economics, practices at home and abroad that reflect the economic development effects of infrastructure, and four infrastructure economic growth models. Great attention is placed on the domestic front. This book describes and discusses in detail the historical background, development trends, achievements, and challenges of China's infrastructure from 1949 to 2019, under the classic “supply and demand” analysis framework. From the four perspectives of market integration, open development, people's livelihood, and endogenous growth, this book carries out an empirical study on how to quantify and make causal inferences about the economic development effects of infrastructure. Based on the conclusion that national governance is of important help to infrastructure provision, this book interprets China's governance system and its impact on infrastructure provision from the angle of decentralization and offers suggestions on policy optimizing.

In September 2013, Xi Jinping announced the launch of a Chinese-led megaproject, the Belt and Road Initiative, that would transform Asia's position within the global economy. Some ten years on, the BRI, while facing significant obstacles, has gone from strength to strength. How has China's BRI diplomacy affected its image across Asia? What does the BRI mean for Sino-US competition? Will Russia's invasion of Ukraine and footprint in the region hinder the BRI's success? Addressing these questions and more, the authors of China Moves West offer a critical appraisal of how the BRI is progressing, how it is being perceived, and how it is navigating challenges in the geopolitically sensitive regions of Central, South, and West Asia.

Since the Reform and Opening up, China's economy has maintained high growth rates, known as the ‘Chinese growth miracle'. Over this period, the stability of economic growth has also gradually improved. According to Lin Jianhao and Wang Jinmei (2013), Since 1996, the Chinese economy has been oscillating between relative volatility and relative stability achieving a kind of ‘overall stability'. By contrast, consumption rate, the most important measure of the national economic welfare and of the stabilizing effects of steady economic growth, has declined year by year between 1978 and 2016. What does this mean for the role of consumption in China's long-term economic growth? Is there an optimal consumption rate, under which the economy can achieve long-term steady growth? What is the optimal consumption rate for China? Is the optimal consumption rate conducive to sustainable economic growth? These are some of the important theoretical and practical questions to be answered in this book.

Western business leaders make two key assumptions about China: that China is always copying the West, and that the West is the seat of innovation. The truth is surprising: China is both copying and innovating, and while Western businesses are busy looking for the next new thing, China is rapidly iterating on what's already been done and pushing ahead. While businesses in the West are getting disrupted and left behind, the savvy leaders among them can learn, innovate, and excel – by copying China's playbook! Chinafy distils the key lessons from China to unlock business potential anywhere in the world. These lessons serve as catalysts for how to “Chinafy” innovation for growth. Taking a deep dive into the workings of China's most successful brands – from Haier to ByteDance – author Joanna Hutchins reveals what it takes to get ahead in the world of business and innovation.

This book introduces how China plans and implements to achieve the goal of common prosperity. As the internal essential requirement by Chinese social and economic system, common prosperity is a coherent national strategy to combine economic growth and poverty reduction. It explains the path as how to make the'pie'bigger and better, and how to cut and divide the'pie'well. This book also expounds the development thought with Chinese characteristics, which is people-centered and promotes all-round human development, and its achievements. This book helps readers understand China's path and experience to achieve the common prosperity goal.

This book offers insights into the scholarly debates on formal and informal finance in rural China and fills a gap in the existing literature.The book provides an overview of the overall development of rural finance in China and explains the necessity of embarking on the pathway toward rural financial pluralization through the'Local Knowledge Paradigm'. The authors also analyze formal and informal financial development and inclusive finance (including digital inclusive finance) in rural China in various dimensions.This book aids the understanding of the structure of the rural financial system and the operations of rural financial service providers in China. It will be a useful reference for those researching and interested in rural economy and rural finance.

This book provides deep insight into the emergent Chinese innovation economy, as we head towards the Fourth Industrial Revolution. It describes, discusses and analyzes the period from China's opening up to foreign investment in the 1980s until the New Silk Road project, from 2013 onwards. The developments are assessed from a systemic thinking and evolutionary economic standpoint. The book presents the latest research findings on the direction and achievements of the Belt and Road Initiative, and the results both for China, the countries along the new Silk Road, as well as for Europe and the United States are brought to light. The author asserts that the phenomenon of the New Silk Road as an innovation generator can be understood and explained through the effects of various social mechanisms. He labels these five social mechanisms as: the locomotive force; the explosive force of the butterfly effect; the force of co-creation; the force of expectation; and the force of competence. The book presents 20 cases to substantiate the descriptions, analysis, theoretical reflections and the practical utility of the questions examined in each chapter. It utilizes economic history research methods, scenario thinking, futures research and conceptual generalization to offer different views on the research problem under investigation. Further, the book offers policy suggestions, which include promoting effective macroeconomic policies, and extending microeconomic cooperation schemes, related to the innovation economy. The book will appeal to academics, researchers and graduate students concerned with Chinese economic expansion, Chinese foreign policy and US- and Europe-China relations, as well as policymakers and political advisors.

Cai Fang is one of China's most distinguished economists. This book elucidates the worldwide significance of China's economic development over the past 70 years from the perspectives of economic history and growth theory.The Chinese economy has undergone an unprecedented period of growth and development since the reform and opening-up in the late 1970s; a process which the hallmarks of neoclassic economic theory have often proved inadequate to explain. Examining the Chinese economy in the light of Chinese history and the development of the world economy as a whole, the book charts the milestones and critical reforms of China's economic development, providing insights into unique attributes as well as more generic patterns. The discussion covers multiple hot topics in the field, including the so-called Great Divergence, dual-sector economic development, real-world experience of the reform and opening-up, rural reform, urbanization, economic reform, poverty reduction, the latter day slowdown of China's economic growth, and China¡¯s role in and response to globalization, global supply domination and other headwinds.The book will be a must-read for students, scholars and general readers interested in the Chinese economy, economic development, political economy, and development economics.

This book interprets China's development and the opportunities it can leverage in the context of unprecedented change and the COVID-19 pandemic. It aims to provide case studies and insights for researchers and offer authoritative information for those interested in China's development. In this book, 20 distinguished experts and researchers contribute their wisdom around five topics: science and technology innovation, ecological environment, the global and Chinese economies, high-tech industry development, and international and Chinese media research.

This book discusses economic development of contemporary China from multiple perspectives. China was historically the world's largest economy and enjoyed one of the most splendid civilizations. China's GDP consisted of about one third of the world's total by 1820. However, because of the stagnation in national science and technology development and the impact of war, China fell behind the world economic development soon after. Since the founding of the People's Republic of China and especially since the initiation of the Reform and Opening Up, China's strong economic growth and development has made the country the focus of world attention. People all over the world are curious to know more about contemporary China and its economic development: how the Chinese economy is and where it is going. Such issues not only concern everyone's vital interests, but also have important influences on the whole world economy. This book discusses related issues and strives to suggest answers to a host of important questions. The book is divided into eleven connected chapters that collectively provide a comprehensive and coherent discussion of the book's central focus. Each of the eleven chapters is also sufficiently self-contained and can be read on its own, which potentially enhances the usefulness of the book.

This book uses football as a lens through which to examine China's economic development, its political economy, and its political thought.Focusing on the Chinese Football Development Plan, this book opens up new perspectives on the concepts of hegemony, soft power, socialism with Chinese characteristics, and China's rise to the position of geopolitical superpower. Presenting a critical Marxist analysis of “soft power”, and drawing on Gramsci's conceptualisation of hegemony, this book argues that football can be seen as a resource for seduction and persuasion, and therefore as an instrument to be used in the “hegemonic clash”. Reflecting on the idea of soft power in relation to imperialism and ideology, and standing in contrast to prevailing Western orthodox analyses of Chinese development, this book shows how the “Chinese Football Dream” is a significant component of the “Chinese Dream” of “rejuvenation of the nation” and shows how football can help us to better understand the role of the state as an inducer of development and creative destruction.This is fascinating reading for anybody with an interest in sport policy, public policy, sport and society, football, development studies, political economy, or political thought.

This book is an overview of the development status of China's special economic zones in 2020, including the reform pilot zones and some new special zones over the past year. It analyzes the challenges during the transformation faced by special zones, the use of resources and sustainable development, economic and social development, social security, science and technology innovation, financial system reform, and cultural industry. Also it includes a record and review of the development status of the five traditional special economic zones and Shanghai Pudong New Area and Tianjin Binhai New Area over the past year, with emphasis on case studies of different special zones.

China's Belt and Road Initiatives (BRI) is an ambitious infrastructure project conceived in 2013 by President Xi Jinping with development and investment initiatives stretching from Asia and Europe that reflect the original Silk Road with business networks through countries such as Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, as well as India and Pakistan, spanning a route of more than 4,000 miles and history that can be dated back more than 2,200 years. Given the background of China's unique approach in fighting COVID-19, and against the backdrop of sluggish economic growth, innovation, and management, sustainable development of BRI will be the key and the driving force for the post-pandemic economic recovery of many countries, especially as BRI countries now account for nearly 30% of China's foreign trade and 15% of outward direct investment. The vision to create a vast network of railways, energy pipelines, highways, and streamlined border crossings to expand the international use of Chinese currency and improve connectivity to China is good foresight and proved fortuitous when the COVID-19 pandemic came to plague the world, and amid the conflicts between the United States and China as well as the war between Russia and Ukraine. Since the inception of BRI, many books have been written to cover topics ranging from globalization to detailing how China's business and politics are a major motivation for China's overseas economic activities with case studies and practices, yet few of these books provide a structured approach to the sustainable management of BRI projects. This book is about how to manage the innovation, sustainability, and business necessary to make BRI work and how to handle the issues, problems, and crises that may arise in the process. Participants of BRI projects can take on many different roles, but ultimately, it is team effort and leadership that creates successful projects. Here, readers will find guidelines and insights to survive and prosper in a myriad of BRI opportunities and risks. Most important of all, this book provides a glimpse of different approaches for success in BRI projects, including sustainability, environmental issues, social and political aspects, technology, choice of industry, project management, education and training, governance, and many more.

This book identifies differing approaches to the issues of conceptualising hegemony, hegemony-building processes and the relationship between a hegemonic state and a rising power. It focuses on transformations of the Chinese state, society and political-economy, China's rapidly ascending status in the world order and changing relations with the outside world, in particular with the US. Bringing together mainstream and critical approaches from Anglo-America and China, which occupy different positions in the core-periphery structure of social sciences knowledge production and provide diverging standpoints to understanding the phenomenon of a rising China, the book questions the existing division of labour in IR and in general social sciences knowledge production. Through the lenses of multiple Anglo-American and Chinese scholars, it offers a nuanced and multifaceted view on the issue and focuses on a direct comparison of different localized perspectives. The author scrutinizes the heterogeneity of knowledge, the relationship between power and knowledge production and the region-centricity, in particular the Western-centricity, of knowledge production by analysing the discourse on the'(re-) rising'status of China in the world. The book problematizes the close link between power and knowledge production and presents a more critical view on the conclusions drawn by each approach. Offering an understanding of the nexus between knowledge production and power structures, the heterogeneity and multiplicity of knowledge and the influence of locality on the knowledge produced in social sciences, the book will be of interest to academics working in the fields of International Relations theories, critical approaches, non-Western theories, Euro- or Western-centrism, and social sciences in China, Area Studies, in particularly China and East Asia.

China's Long and Winding Road to Modernization: Uncertainty, Learning, and Policy Change interprets contemporary China's economic transformation from Austrian and evolutionary perspectives. Fu-Lai Tony Yu and Diana S. Kwan incorporate culture, institutions, government agents and entrepreneurship to understand economic change in China. In this book, the authors emphasize the roles of uncertainty, learning, and experimentation in policy making. Topics discussed range from a presentation of theoretical frameworks to understand China's economic transformation, an account of China's economic management during 1950-1978, the economic reformation after 1979 concurrent with Deng Xiaoping's Open Door Policy, and China's rise as a global power. These topics culminate in the final section of the book which suggests a path for China's modernization.

A regular feature in almost publication has been a comparison of India's slow economic growth and, until recently, China's rapid progress. Yet, in 1988, both countries had similar living standards. As things stand, it is undoubtedly a tale of two countries and two systems. Supporters of India can point to the democratic nature of the country's development while ignoring the slow pace of change. China's supporters point to exceptional poverty reduction, urbanization, and infrastructure developments while ignoring the social, religious, and environmental costs these efforts have created.However, popular media has ignored the fact the individual starting points of the two nations, a gap which this book fills. This study examines how China's economic reforms was initiated with Deng Xiaoping's fang-shou (‘letting go'and ‘tightening up') efforts between 1978 and 1989. However, until 1989 China had nothing much to demonstrate compare with India. Both countries had similar per head national income but India was technologically much superior to China. The reforms in China then accelerated in a sustained manner—be it the Family Responsibility System that transformed agriculture, the opening up of the industrial sector for the growth of local enterprises and foreign investments, or the substantial effort to make state-owned enterprises more efficient.

Currently, much is said about the directions of development of modern China. However, we still do not know what will determine the expected superpower position of the Middle Kingdom. The book is an attempt to answer questions about China's main development challenges from a regional perspective. China aspires to become the country with the largest economy and development potential. This intention may turn out to be in vain if such significant disparities and development imbalances in the regional system are still present in China. The key to understanding the transformation of contemporary China is to recognize the internal determinants of the functioning of both the state and the economy from a regional perspective. A better understanding of the ways of managing regional development disparities may contribute to a more accurate assessment of the dynamics and directions of China's socio-economic development.

This book brings one of China's most renowned economists'views on systemic reform of the land system- the pillar of China's economic growth. This book goes through the fundamental logic of China's land system reform and introduces the methods the author uses to study land system. Specifically, this book covers topics ranging from the logic of China's land system reform, including China's rural land system reform and China's land expropriation system reform, to the relationship between China's urbanization and land system reform. This book is an invaluable introduction to China's land system, and to its economy more broadly.

In a complex political and environmental global landscape, it has never been more critical for global organizations to understand the past, present, and future of Chinese corporate governance: this book is the key. Leveraging her dual-cultural background and using a board-level practitioner's lens, Lyndsey Zhang offers insights that will help the global business community better understand Chinese companies'corporate governance practices and economic development journeys, shorten the learning curve for global business leaders and investors, and explore different economic models that better suit emerging markets. She addresses important questions such as:• How does the Chinese government manage to retain its controlling position in Chinese companies while still making them attractive to global investors?• What are the drivers for Chinese companies'future corporate governance improvement?• What is China's position on the worldwide ESG and climate change movements?• How can global practitioners feel less like'navigating in the dark'when working with Chinese companies?This book will be an invaluable resource for anyone seeking to understand the rapidly changing world of Chinese corporate governance, including global investors, senior executives in multinational corporations, consultants, financial and political policymakers, business and law students, and researchers.

How China's economic development combines a veneer of unprecedented progress with the increasingly despotic rule of surveillance over all aspects of lifeSince the mid-2000s, the Chinese state has increasingly shifted away from labor-intensive, export-oriented manufacturing to a process of socioeconomic development centered on science and technology. Ya-Wen Lei traces the contours of this techno-developmental regime and its resulting form of techno-state capitalism, telling the stories of those whose lives have been transformed—for better and worse—by China's rapid rise to economic and technological dominance.Drawing on groundbreaking fieldwork and a wealth of in-depth interviews with managers, business owners, workers, software engineers, and local government officials, Lei describes the vastly unequal values assigned to economic sectors deemed “high-end” versus “low-end,” and the massive expansion of technical and legal instruments used to measure and control workers and capital. She shows how China's rise has been uniquely shaped by its time-compressed development, the complex relationship between the nation's authoritarian state and its increasingly powerful but unruly tech companies, and an ideology that fuses nationalism with high modernism, technological fetishism, and meritocracy.Some have compared China's extraordinary transformation to America's Gilded Age. This provocative book reveals how it is more like a gilded cage, one in which the Chinese state and tech capital are producing rising inequality and new forms of social exclusion.

This book explores the challenges China has faced during its economic restructuring, including trade wars, rising costs of labor and land, climate change, recalcitrant state-owned enterprises, an aging population and other problems. Since its historic reform and opening up, China has achieved and sustained remarkable economic growth driven primarily by manufacturing and the real estate industry. As the country continues to move up the supply chain,'Made in China,'once synonymous with poor quality, but has come to mean advanced technologies. China's future economic growth and its success in economic restructure will depend crucially on the dynamic evolution of the country's comparative advantages. Contributors examine how the dynamic evolution of China's comparative advantages can help the country overcome two closely related problems: heavy dependence on low value-added exports and the prospects of falling into the middle-income trap. The book willbe of value to researchers interested in China's economic development and policies.

This book gives a panoramic review of China's 70 years of modernization, reveals the historical process and logic of the formation of the modernization path with Chinese characteristics, especially focuses on the key decision-making process in the history of China's modernization, theoretically compares the Chinese model and the western mainstream model and summarizes the characteristics and experience of China's development model. At the same time, it reveals the causes of the global crisis from a historical perspective and puts forward the future of China based on historical experience. The book tries to answer the following hot-debating questions: What is the core of Chinese experience? Is China model a new model of modernization? Is China's model sustainable? Is this model compatible with the mainstream model? What is the relationship between China's revolution and modernization? How will China's development affect the world? This book will be found helpful by all scholars, students and the public who are interested in China's development path.

This book summarizes recent Chinese discussions about Internet finance—a new financial business type resulting from an innovative thinking under the new normal—in the light of the actual situation of China in transformation, especially the thirst of the grass-roots economy including medium-small and micro-sized enterprises as well as residents for financial services. The Internet finance is of great significance for optimizing and upgrading the industrial structure, improving the demand structure and reshaping the economic growth mode in China. This book will interest scholars, journalists, and businesspeople.

In the last 40 years of China's economic reforms, the country has made unprecedented progress in its economic development and its position in the global stage. As a result, interest in China has resulted in numerous books focusing on the world's second largest economy. A single volume, however, cannot possibly explain the complex nature of China's economic system and its relationship with the rest of the world. China's Economic Reforms: Successes and Challenges contributes to the understanding of China's reforms by offering a detailed analysis of critical components of the country's economic architecture.Within the context of the global economy, the book illustrates the performance of the Chinese economy at both the aggregate and individual sector levels before and after reforms. Comparisons and contrasts are made with the economies of the US, Japan, South Korea, India, and Russia. The book presents the challenges facing the Chinese reform process, and explain how these challenges affect the domestic economy, the rest of the world, and the overall success of China's reforms.

In Varieties of State Regulation, Yukyung Yeo explores how, despite China's increasing integration into the global market, the Chinese central party-state continues to oversee the most strategic sectors of its economy. Since the 1990s, as major state firms were spun off from the ministries that managed them under the central planning system, the nature of the state in governing the economy has been remarkably transformed into that of a regulator. Based on over a hundred interviews conducted with Chinese central and local officials, firms, scholars, journalists, and consultants, the book demonstrates that the form of central state control varies considerably across leading industrial sectors, depending on the dominant mode of state ownership, conception of control, and governing structure. By analyzing and comparing institutional dynamics across various sectors, Yeo explains variations in the pattern of China's regulation of its economy. She contrasts the regulation of the automobile industry, a relatively decentralized sector, with the highly-centralized telecommunications industry, and demonstrates how China's central party-state maintains regulatory authority over key local state-owned enterprises. Placing these findings in historical and comparative contexts, the book presents the evolution and current practice of state regulation in China and examines its compatibility with other contemporary government practices.

China's rise as an economic power has posed some challenging questions: how did China achieve GDP growth that was even faster than the Four Asian Tigers? Is the'Chinese model'superior? Why hasn't the rapid economic growth lead to democracy in the country as many observers expected? And can China sustain its rapid economic growth with its existing social system? Institutions and Chinese Economic Development: A Comparative Historical Approach explores these questions by studying the historical relationship between institutions and economic development in China, drawing comparisons with England, Japan and other Asian economies as appropriate. The investigation focuses on several junctures in China's economic development: the starting point of the divergence between China and the West; the externally-provoked industrial development in the late 19th century; and the contemporary Chinese Miracle. The analysis foregrounds the role played by Chinese institutions and examines their effects on both the country's failure to industrialize in the past and its economic achievements in recent time. The book also asks whether, without reform to the existing state institutions, China might still be subject to the historical dynastic cycles today, despite its recent economic success.This work is of great interest to students and scholars of the Chinese economy, economic history and institutional economics, as well as comparative history and Chinese studies more broadly.

This book investigates the trajectory and evolutionary mechanisms of China's urban–rural economic relationships, seeking to explore how a developing socialist country can attain sustainable development and common prosperity.Grounded in a deep literature review and a practical analysis of real-world conditions in China, the study challenges the dual economy theory of development economics that has prevailed in discussion of Chinese urban–rural economic relationships and puts forward an alternative analytical framework based on political economy. Considering the role political and social factors have played in China's economic development since 1949, the author divides the evolution of China's urban–rural economic relationship into two stages. In the first stage the relationship is seen to be a “separated” one, a situation that led to several repercussions; but the reform and opening-up of the late 1970s marked a turning point leading to a second stage featured by “imbalanced integration”. Through empirical research, the book analyses the momentum, economic effects, and problems of this turn, thereby envisaging an upgraded stage marked out by “collaborative integration”, integral to further economic development and a more prosperous society in all respects.The title will appeal to scholars and student studying political economy, urban–rural economic relationships, development economics, and the Chinese economy.

This book examines China's new development policies, which seek to reposition China from export platform for a diverse array of low-cost consumer goods to technological leader in sectors linked to advanced manufacturing, artificial intelligence, electric vehicles, e-commerce, and new internet-related production networks oriented to China's large domestic market. Focusing on the post-2010 period, the book shows how China's central government programs and reforms (“upgrading from above”) are coupled with a wide variety of local government policies, firm strategies, and domestic economy shifts (“upgrading from below”) that link China's top-down programs into industrial growth on the ground. Placing China's current development push within a global value chain (GVC) context shows how Chinese development strategies and the global economy remain intertwined. This volume brings together international GVC experts and China-based researchers who have carried out detailed fieldwork and industry specific quantitative analyses of GVCs and development with important implications for policymakers in both developed and developing economies.

This book deals with the dynamics of local-level politics in China and India. China introduced new policies to restructure local politics in 1978. In place of communes, civil society organizations and cooperatives were introduced in villages. More changes came about with the introduction of the Organic Law of the Villagers'Committees of the People's Republic of China in 1998. The new local power structure includes state-sponsored institutions like Villagers Committees and the traditional civil society organizations (CSOs) and non-government organizations (NGOs). As in China, local politics in India undergoes considerable changes during the last few decades. Panchayati Raj Institutions (PRIs) were reformed in 1992 with a constitutional amendment act. CSOs and NGOs were allowed to function. Against this background, the present book is undertaken with the objectives first, to present two different models of local politics and second, to compare the two, finally to focus on the two different models of development. This book will interest scholars of rural governance, rural transformation, and the role of the grassroots CSOs and NGOs in shaping development program and growth in the two large countries in Asia.

This book identifies “development-oriented poverty reduction” as a crucial part of what is now often billed as China's unique development path, experience and model. China's success serves as an example for any society aiming to eradicate poverty. However, there is still a tough road ahead as the country enters a new phase of the war on poverty.In addition to a systematic overview of the country's development-oriented poverty reduction experiences over recent decades, the book also offers an outlook for poverty reduction in the coming years, including challenges the country will face as it enters the final stretch in the race to achieve moderate prosperity for all. It also discusses policy options for meeting the government's poverty-reduction targets by 2020 within the precision-targeting strategy framework.

This book analyzes economic strategies responsible for China's 40 years of 40-fold growth, suggesting how such strategies might be applied elsewhere. It combines a seven-chapter chronological analysis of China's growth with three additional chapters on the government's leadership role, success in poverty reduction, and China's combined international finance and trade experience. The book recaps why China's success challenges the United States and the field of development economics. One of its emphases, the 1980s, reports how generous rural price and land-tenure reforms caused a rural income boom that threatened urban subsidized livelihoods and underpinned consequent violence. It describes how China will likely face a similar challenge moving forward, during the planned merger of rural and urban workforces.The book includes an analysis of the US-China trade war and China's economic prospects in the wake of COVID-19. It is a clear and timely account for anyone interested in understanding the institutions and policies responsible for China's successful development and its likely continuation.

China's extraordinary economic development is explained in large part by the way it innovates. Contrary to widely held views, China's innovation machine is not created and controlled by an all-powerful government. Instead, it is a complex, interdependent system composed of various elements, involving bottom-up innovation driven by innovators and entrepreneurs and highly pragmatic and adaptive top-down policy. Using case studies of leading firms and industries, along with statistics and policy analysis, this book argues that China's innovation machine is similar to a natural ecosystem. Innovations in technology, organization, and business models resemble genetic mutations which are initially random, self-serving, and isolated, but the best fitting are selected by the market and their impacts are amplified by the innovation machine. This machine draws on China's multitude manufacturers, supply chains, innovation clusters, and digitally literate population, connected through super-sized digital platforms. China's innovation suffers from a lack of basic research and reliance upon certain critical technologies from overseas, yet its scale (size) and scope (diversity) possess attributes that make it self-correcting and stronger in the face of challenges. China's innovation machine is most effective in a policy environment where the market prevails; policy intervention plays a significant role when market mechanisms are premature or fail. The future success of China's innovation will depend on continuing policy pragmatism, mass innovation, and entrepreneurship, and the development of the'new infrastructures'.

In The China Paradox: At the Front Line of Economic Transformation, Harvard University-based historian of modern China and business strategist Dr. Paul G. Clifford documents the twists and turns of China's dramatic and unforeseen rise over the last four decades. He sheds light on the delicate and fragile balance of forces at the heart of the success of China's hybrid model, explaining how the ruling Communist Party boldly led the nation's economic reforms as the surest way to preserve its grip on political power. Five years after this book was first published, much has changed within China and in its relationship with the world. This second edition provides extensive fresh new material. It explains how China has raised its game, moving from a catch-up mode to technological innovation in some areas, while still languishing in technology dependence in other respects. Earlier, China had shown signs that its driving spirit was faltering with its sails flapping. Under Xi Jinping, renewed energy has been injected. But at the same time Xi and his party have strongly reinforced their control across society and the economy, posing the question of whether Xi's New Era in fact marks a retreat from the reforms. This second edition contains two new chapters. One profiles Huawei, a national champion in advanced technology. Another focuses on China's frictions with the world which have been fueled by a perception that its technology progress threatens US global dominance, coupled with China's human rights record. In addition, against a background of the challenges faced by Alibaba and other firms, there is analysis of this watershed in China's private sector's autonomy. There is also extensive new insight into Xi Jinping's rule. As it celebrates its 100th anniversary in 2021, the Chinese Communist Party displays strong optimism over its continued governance of China. But that should not mask the longer-term risks to China's development and stability if its hybrid model continues to unravel as reforms are abandoned in favor of heightened autocracy.

In Innovate to Dominate, Tai Ming Cheung offers insight into why, how, and whether China will overtake the United States to become the world's preeminent technological and security power. This examination of the means and ends of China's quest for techno-security supremacy is required reading for anyone looking for clues as to the long-term direction of the global order. The techno-security domain, Cheung argues, is where national security, innovation, and economic development converge, and it has become the center of power and prosperity in the twenty-first century. China's paramount leader Xi Jinping recognizes that effectively harnessing the complex interactions among security, innovation, and development is essential in enabling China to compete for global dominance. Cheung offers a richly detailed account of how China is building a potent techno-security state. In Innovate to Dominate he takes readers from the strategic vision guiding this transformation to the nuts-and-bolts of policy implementation. The state-led top-down mobilizational model that China is pursuing has been a winning formula so far, but the sternest test is ahead as China begins to compete head-to-head with the United States and aims to surpass its archrival by mid-century if not sooner. Innovate to Dominate is a timely and analytically rigorous examination of the key strategies guiding China's transformation of its capabilities in the national, technological, military, and security spheres and how this is taking place. Cheung authoritatively addresses the burning questions being asked in capitals around the world: Can China become the dominant global techno-security power? And if so, when?

China's continuous, rapid economic growth since the Reform and Opening up of the country in the early 1980s has been praised as a miracle of the world economy. However, since 2012, the rate of growth has slowed down, rendering some people pessimistic about the country's economic prospects. This title is a collection of a leading Chinese economists'views on China's economic growth and structural reform. The author argues that China's economy has entered “the new normal”, meaning that slowed growth rate is not a cyclical phenomenon but a change in the stage of economic development. Therefore, there is a need to enact supply-side structural reforms, such as improved efficiency of resource reallocation, while shifting the mode of development from one of inputs to innovation. In addition, the author discusses the five major concepts of development proposed for the “13th Five-Year Plan”, as well as some critical topics related to supply-side structural reform, such as agricultural development, labor employment, and product quality. Scholars and students of macroeconomics, development economics, and the Chinese economy will find this book to be essential reading.