Sustaining China's Economic Growth in the Twenty-first Century

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ISBN: 9780415297264 | 0415297265
Cover: Hardcover
Copyright: 6/10/2003

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Economic growth in China has been exceptionally strong in recent decades, but the country still faces enormous economic problems, including huge poverty, uneven regional development, the problems associated with strengthening capital formation, and modernising and making more productive the very large former state sector. This book presents the work of a wide range of leading economists of China, all members of the prestigious Chinese Economics Association, who put forward new research findings and new thinking on a wide range of issues connected with the problem of sustaining China's economic growth.

List of figures

Lit of tables

List of contributors

xiv

Preface

xix

Acknowledgements

Abbreviations

xxi

Introduction

(10)

SHUJIE YAO AND XIAMING LIU

General economic development issues

(2)

Industry, agriculture and financial markets

(2)

Openness and social issues

(5)

Part I General economic issues

(64)

1 China: confronting restructuring and stability

(28)

WING THYE WOO

Introduction

The restructuring imperative

(3)

The marcroeconomic situation

(3)

Responding to the post-1997 deflation

(6)

Susceptibility of China to a financial crisis

(8)

The importance of financial intermediation for stabilization and growth 3O

The many disappointments of state enterprise reform

(2)

Concluding remarks

(1)

Notes

(2)

Bibliography

(1)

2 China's economic reform and development: the impact on the Asia-Pacific region

(14)

JOIN WONG

Introduction

(7)

Common growth-inducing characteristics

(2)

China's competitive pressures for ASEAN

(2)

The WTO effect

(2)

Bibliography

(1)

3 China's economic growth and the development of popular understanding and knowledge

(20)

XIAOBAI SHEN

Introduction

(2)

New prospects - knowledge for development

(1)

National strategies for learning and innovation

(2)

Knowledge development and supportive institutional infrastructures

(2)

The importance of mass participation and incentives

(1)

Changing contexts and incentives I - the first 50 years of the PRC

(1)

Changing contexts and incentives II - China's strengths and weaknesses today

(4)

Conclusions

(3)

Notes

(1)

Bibliography

(3)

PART II Industry, agriculture and the financial market

(90)

4 China's telecommunications industry: poised to grow after WTO

(19)

JOHN WONG AND CHEF KONG WONG

Introduction

(1)

Explosive growth in the 1990s

(3)

Reform and corporatization

(6)

Technology spurs further growth

(4)

Preparing for WTO

(3)

Potential problems after WTO

(1)

Bibliography

(2)

5 Private enterprise: the engine for sustaining growth in the Chinese economy?

(21)

QIHAI HUANG

Introduction

(2)

The re-emergence of the private economy and the recognition of private enterprise

(3)

Obstacles to the development of private enterprises

101

(3)

The vigour and rapid development of private enterprises

104

(6)

Some reasons for the rapid growth of private enterprises

110

(2)

Prospects for private enterprises

112

(2)

Notes

114

(1)

Bibliography

115

(2)

6 Institutional constraints on changes in ownership and control within Chinese publicly listed companies

117

(16)

YANG CHEN AND RICHARD SANDERS

Introduction

117

(1)

China's stock markets: the first ten years

118

(5)

Institutional analysis

123

(6)

Conclusions

129

(2)

Notes

131

(1)

Bibliography

131

(2)

7 Chinese grain market efficiency in the post-reform period

133

(17)

ZIPING WU AND SEAMUS McERLEAN

Introduction

133

(1)

Reform in the Chinese grain marketing system

134

(2)

Methodology for testing market efficiency of Chinese grain markets in the presence of non-stationary prices

136

(9)

Discussion and conclusions

145

(2)

Notes

147

(1)

Bibliography

148

(2)

8 Volatility and volatility spillovers in Chinese stock markets

150

(15)

PING WANG AND AYING LIU

Introduction

150

(1)

Data and preliminary analysis

151

(2)

Univariate models

153

(2)

Multivariate setting

155

(2)

Results and implications

157

(5)

Conclusions

162

(1)

Notes

162

(1)

Bibliography

163

(2)

PART III Openness and social issues

165

(122)

9 The development of the Chinese-EU trade relations

167

(23)

HAICO EBBERS AND JIANHONG ZHANG

Introduction

167

(2)

Chinese-EU trade linkage

169

(9)

Chinese-EU trade structure

178

(9)

Conclusions

187

(1)

Bibliography

188

(2)

10 Comparative productivity of foreign and local firms in Chinese industry

190

(15)

XIAMING LIU

Introduction

190

(1)

Literature review

191

(4)

Methodology and data

195

(2)

Empirical results

197

(4)

Conclusions

201

(1)

References

202

(3)

11 Total factor productivity in Chinese industries: does foreign direct investment matter?

205

(13)

XIAOHUI LIU AND CHENGANG WANG

Introduction

205

(1)

Literature review

206

(2)

Models and data

208

(4)

Empirical results

212

(2)

Conclusions

214

(1)

Acknowledgements

215

(1)

References

215

(3)

12 Openness and economic performance in China

218

(29)

SHUJIE YAO AND ZONGYI ZHANG

Introduction

218

(2)

Economic performance and openness: a brief review

220

(3)

How does openness affect growth?

223

(9)

Asian economic crisis and recovery

232

(4)

Conclusions

236

(1)

Appendix

237

(6)

Notes

243

(1)

Bibliography

244

(3)

13 Financing long-term care: a challenge to China's social welfare reform

247

(17)

JANE ZHANG, SIMON GAO AND SHANYOU GAO

Introduction

247

(2)

Long-term care and challenges to China

249

(3)

Financing long-term care

252

(3)

Long-term care insurance and its applicability to China

255

(5)

Conclusions

260

(1)

Notes

261

(1)

References

261

(3)

14 Micro-intervention for poverty reduction: the case of Guizhou, China

264

(23)

AJIT S. BHALLA AND SHUFANG QIU

Introduction

264

(1)

Micro-interventions for poverty reduction in Guizhou

265

(3)

Food-for-work programme (Yigong-daizhen)

268

(4)

From subsidized loans to the micro-credit programme

272

(2)

The experiences of Guizhou versus Guangxi and Yunnan

274

(4)

The labour mobility programme

278

(5)

Conclusions

283

(1)

Notes

283

(2)

References

285

(2)

Index

287

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Sustaining China's Economic Growth in the Twenty-first Century

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Table of Contents

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