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| china's economic miracle: China's Economic Miracle Sumei Tang, E. Antony Selvanathan, Saroja Selvanathan, 2012 This insightful book analyses the impact of Foreign Direct Investment (FDI) in China as well as making valuable contributions to the theory of FDI more broadly. the authors provide empirical analysis of key factors including the location-specific determinants of FDI; the impact of FDI on domestic investment, income distribution, consumption and tourism; the relationship between FDI inflows and income inequality; causality between FDI, domestic investment and economic growth; and causality between FDI and tourism. the study concludes that FDI plays a crucial and positive role in the economic development of China. Rather than crowding out domestic investment, FDI is found to stimulate economic growth by complementing it. |
| china's economic miracle: China Thomas Orlik, 2020 A provocative perspective on the fragile fundamentals, and forces for resilience, in the Chinese economy, and a forecast for the future on alternate scenarios of collapse and ascendance. |
| china's economic miracle: The China Miracle Justin Yifu Lin, Fang Cai, Zhou Li, 2004-03-15 The tremendous success of China's economic reform, in contrast with the vast difficulties encountered by the former Soviet Union and Eastern European countries in their transition, has attracted worldwide attention. Using a historical, comparative and analytic approach grounded in mainstream economics, the authors develop a consistent and rational framework of state-owned enterprises and individual agents to analyze the internal logic of the traditional planning system. They also explain why the Chinese economy grew slowly before the market-oriented reform in 1979 but became one of the fastest growing economies afterwards, and why the vigour/chaos cycle became part of China's reform process. The book also addresses to the questions that whether China can continue its trend of reform and development and become the largest economy in the world in the early 21st century, and what the general implications of China's experience of development and reform are for other developing and transition economies. The first edition has been well-received and is the standard textbook or reference for students and researchers of China studies. In this thoroughly revised edition, the authors have updated the data and information in the book and include a new chapter on the impact of China's WTO accession on its economic reforms and causes of the current deflation. |
| china's economic miracle: Unmade in China Jeremy R. Haft, 2015-07-27 If you look carefully at how things are actually made in China - from shirts to toys, apple juice to oil rigs - you see a reality that contradicts every widely-held notion about the world's so-called economic powerhouse. From the inside looking out, China is not a manufacturing juggernaut. It's a Lilliputian. Nor is it a killer of American jobs. It's a huge job creator. Rising China is importing goods from America in such volume that millions of U.S. jobs are sustained through Chinese trade and investment. In Unmade in China, entrepreneur and Georgetown University business professor Jeremy Haft lifts the lid on the hidden world of China's intricate supply chains. Informed by years of experience building new companies in China, Haft's unique, insider’s view reveals a startling picture of an economy which struggles to make baby formula safely, much less a nuclear power plant. Using firm-level data and recent case studies, Unmade in China tells the story of systemic risk in Chinese manufacturing and why this is both really bad and really good news for America. |
| china's economic miracle: China’s Miracle in Foreign Trade Miaojie Yu, 2022-01-13 This book mainly focuses on the miracle of China’s foreign trade in the past 40 years from five perspectives: first, it briefly reviews the import substitution strategy China adopted before its opening-up; second, it analyzes the export-oriented strategy that contributes a lot to China’s economic growth since 1980s; third, it discusses the impacts of trade liberalization and China’s participation in WTO on Chinese firms; forth, it addresses the deepening opening-up in the context of global financial crisis; last, it provides policy advice on China’s newly conducted all-around opening-up strategy. By dividing China’s opening-up into five stages, this book offers a comprehensive discussion to understand and analyze the reason, performance and challenge of China’s economic growth from the perspective of foreign trade. |
| china's economic miracle: State Capitalism, Institutional Adaptation, and the Chinese Miracle Barry Naughton, Kellee S. Tsai, 2015-06-09 This volume explores how Chinese institutions have adapted to the new challenges of 'state capitalism'. |
| china's economic miracle: The Chinese Economy, second edition Barry J. Naughton, 2018-03-23 The new edition of a comprehensive overview of the modern Chinese economy, revised to reflect the end of the “miracle growth” period. This comprehensive overview of the modern Chinese economy by a noted expert on China's economic development offers a quality and breadth of coverage not found in any other English-language text. In The Chinese Economy, Barry Naughton provides both a broadly focused introduction to China's economy since 1949 and original insights based on his own extensive research. This second edition has been thoroughly revised to reflect a decade of developments in China's economy, notably the end of the period of “miracle growth” and the multiple transitions it now confronts—demographic, technological, macroeconomic, and institutional. Coverage of macroeconomic and financial policy has been significantly expanded. After covering endowments, legacies, economic systems, and general issues of economic structure, labor, and living standards, the book examines specific economic sectors, including agriculture, industry, technology, and foreign trade and investment. It then treats financial, macroeconomic, and environmental issues. The book covers such topics as patterns of growth and development, including population growth and the one-child family policy; the rural and urban economies, including rural industrialization and urban technological development; incoming and outgoing foreign investment; and environmental quality and the sustainability of growth. The book will be an essential resource for students, teachers, scholars, business practitioners, and policymakers. It is suitable for classroom use for undergraduate or graduate courses. |
| china's economic miracle: China’s 40 Years of Economic Reform and Development Xinli Zheng, 2018-10-12 This book aims to explain the secret to China’s rapid growth over the last 40 years from the viewpoint of a firsthand witness. Zheng Xinli was enrolled as a graduate student of economics 40 years ago, at a time when very few Chinese people could enroll in higher-level education, let alone graduate school. Since 1978, he has been engaged in the study of macroeconomic theory and economic policy. He has worked with the economic group of the Research Section of the Secretariat of the Central Committee of the Communist Party of China, the State Information Center, and the Policy Research Office of the State Planning Commission, as well as other organizations. His work serves to help Chinese leaders in making economic decisions. In 2013, Zheng Xinli appeared on the list of China’s Top Ten Economists. With the addition of several up-to-date articles, this book is mainly a condensed version of a 16-volume collection of essays selected from among the more-than-500 articles published by Zheng between 1981 and 2016. Addressing some of the major issues in China, namely, Reform and Development, Development Patterns, Macro Regulation, Balanced Urban and Rural Development, Innovation, and Industry Revitalization, the book, as Zheng himself puts it, visualizes the birth process of different policies and measures which have catered to the different stages of reform. As an insider, and also partly as a designer and architect, Zheng Xinli provides readers with a view of China’s reform from the top. |
| china's economic miracle: China's Great Wall of Debt Dinny McMahon, 2018-03-13 A stunning inside look at how and why the foundations upon which China has built the world’s second largest economy, have started to crumble. Over the course of a decade spent reporting in China as a financial journalist, Dinny McMahon came to the conclusion that the widely held belief in China’s inevitable economic ascent is dangerously wrong. In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, China’s economic growth has been built on a staggering mountain of debt. While stories of newly built but empty cities, white elephant state projects, and a byzantine shadow banking system have all become a regular fixture in the press, McMahon goes beyond the headlines to explain how such waste has been allowed to flourish, and why one of the most powerful governments in the world has been at a loss to stop it. Through the stories of ordinary Chinese citizens, McMahon tries to make sense of the unique—and often bizarre—mechanics of the nation’s economy, whether it be the state’s addiction to appropriating land from poor farmers; or why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina; or why ambitious Chinese mayors build ghost cities; or why the Chinese bureaucracy was able to stare down Beijing’s attempts to break up the state’s pointless monopoly over table salt distribution. Debt, entrenched vested interests, a frenzy of speculation, and an aging population are all pushing China toward an economic reckoning. China’s Great Wall of Debt unravels an incredibly complex and opaque economy, one whose fortunes—for better or worse—will shape the globe like never before. |
| china's economic miracle: Understanding East Asia's Economic "miracles" Zhiqun Zhu, 2009 There has been no miracle, says Zhu at least in the sense of divine intervention. He attributes the rapid economic growth in East Asia to decades of hard work by people in the region, though admittedly aided somewhat by favorable international and domestic conditions, sound government policies, and a few far-sighted leaders. He begins by profiling countries in the order they emerged into the world spotlight: Japan, South Korea, China and Taiwan. Then he compares their economies, concludes with a comprehensive explanation for the overall phenomenon and its internal variations. |
| china's economic miracle: China's Economy Arthur R. Kroeber, 2020-06-05 China's economic growth has been revolutionary, and is the foundation of its increasingly prominent role in world affairs. It is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America. Multinational companies make billions of dollars in profits in China each year, while traders around the world shudder at every gyration of the country's unruly stock markets. Perhaps paradoxically, its capitalist economy is governed by an authoritarian Communist Party that shows no sign of loosening its grip. China is frequently in the news, whether because of trade disputes, the challenges of its Belt and Road initiative for global infrastructure, or its increasing military strength. China's political and technological challenges, created by a country whose political system and values differ dramatically from most of the other major world economies, creates uncertainty and even fear. China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic and political story of the last three decades. Arthur Kroeber enhances our understanding of China's changes and their implications. Among the essential questions he answers are: How did China grow so fast for so long? Can it keep growing and still solve its problems of environmental damage, fast-rising debt and rampant corruption? How long can its vibrant economy co-exist with the repressive one-party state? How do China's changes affect the rest of the world? This thoroughly revised and updated second edition includes a comprehensive discussion of the origins and development of the US-China strategic rivalry, including Trump's trade war and the race for technological supremacy. It also explores the recent changes in China's political system, reflecting Xi Jinping's emergence as the most powerful leader since Mao Zedong. It includes insights on changes in China's financial sector, covering the rise and fall of the shadow banking sector, and China's increasing integration with global financial markets. And it covers China's rapid technological development and the rise of its global Internet champions such as Alibaba and Tencent. |
| china's economic miracle: Decoding China's Export Miracle: A Global Value Chain Analysis Yuqing Xing, 2021-03-17 In less than three decades, China has emerged as the world's largest exporting nation with more than $2 trillion exports annually. China's quick rise as a leading exporter in the world is an unprecedented miracle. There are many theories explaining this miracle. This book adopts the global value chain (GVC) approach to analyze the Chinese export miracle over the last four decades. It focuses on the tasks rather than the gross export value and emphasizes the organizations of modern trade rather than the national comparative advantage. The GVC approach systematically explains how, in less than four decades China has evolved from a closed economy to the world's No. 1 exporting nation; why China, a developing country, has exported more high-technology products than labor-intensive products to the US; and why almost half of the US trade deficit has originated from China.The book identifies three spillover effects of GVCs that originated from brands, technology and product innovation, and distribution and retail networks of GVCs lead firms. It argues that China's deep integration with GVCs has been a decisive factor for China's emergence as the world's No.1 exporting nation and the champion of high-technology exports. In addition, this book uses iPhone trade and the operation of Apple, the largest factory-less American manufacturer, to explain how current trade statistics exaggerate China's exports to and its trade surplus with the US on the one hand, and underestimate US exports on the other hand.By using the experience of the Chinese mobile phone industry, the book argues that the GVC strategy can be a short-cut for developing countries to achieve industrialization and enable firms of developing countries to enter high-technology sectors despite their intrinsic disadvantages. At this end, the book also discusses the future trajectory of China-centered GVCs under the shadow of the US-China trade war and the COVID-19 pandemic. |
| china's economic miracle: China 2049 David Dollar, Yiping Huang, Yang Yao, 2020-06-09 How will China reform its economy as it aspires to become the next economic superpower? It's clear that China is the world's next economic superpower. But what isn't so clear is how China will get there by the middle of this century. It now faces tremendous challenges such as fostering innovation, dealing with ageing problem and coping with a less accommodative global environment. In this book, economists from China's leading university and America's best-known think tank offer in depth analyses of these challenges. Does China have enough talent and right policy and institutional mix to transit from input-driven to innovation-driven economy? What does ageing mean, in terms of labor supply, consumption demand and social welfare expenditure? Can China contain the environmental and climate change risks? How should the financial system be transformed in order to continuously support economic growth and keep financial risks under control? What fiscal reforms are required in order to balance between economic efficiency and social harmony? What roles should the state-owned enterprises play in the future Chinese economy? In addition, how will technological competition between the United States and China affect each country's development? Will the Chinese yuan emerge as a major reserve currency, and would this destabilize the international financial system? What will be China's role in the international economic institutions? And will the United States and other established powers accept a growing role for China and the rest of the developing world in the governance of global institutions such as the World Trade Organization and the International Monetary Fund, or will the world devolve into competing blocs? This book provides unique insights into independent analyses and policy recommendations by a group of top Chinese and American scholars. Whether China succeeds or fails in economic reform will have a large impact, not just on China's development, but also on stability and prosperity for the whole world. |
| china's economic miracle: Demystifying the Chinese Economy Justin Yifu Lin, 2012 An insightful account of the remarkable transition of the Chinese economy from impoverished backwater to economic powerhouse. |
| china's economic miracle: How China Escaped Shock Therapy Isabella M. Weber, 2021-05-26 China has become deeply integrated into the world economy. Yet, gradual marketization has facilitated the country’s rise without leading to its wholesale assimilation to global neoliberalism. This book uncovers the fierce contest about economic reforms that shaped China’s path. In the first post-Mao decade, China’s reformers were sharply divided. They agreed that China had to reform its economic system and move toward more marketization—but struggled over how to go about it. Should China destroy the core of the socialist system through shock therapy, or should it use the institutions of the planned economy as market creators? With hindsight, the historical record proves the high stakes behind the question: China embarked on an economic expansion commonly described as unprecedented in scope and pace, whereas Russia’s economy collapsed under shock therapy. Based on extensive research, including interviews with key Chinese and international participants and World Bank officials as well as insights gleaned from unpublished documents, the book charts the debate that ultimately enabled China to follow a path to gradual reindustrialization. Beyond shedding light on the crossroads of the 1980s, it reveals the intellectual foundations of state-market relations in reform-era China through a longue durée lens. Overall, the book delivers an original perspective on China’s economic model and its continuing contestations from within and from without. |
| china's economic miracle: The Myth of Chinese Capitalism Dexter Roberts, 2020-03-10 The “vivid, provocative” untold story of how restrictive policies are preventing China from becoming the world’s largest economy (Evan Osnos). Dexter Roberts lived in Beijing for two decades working as a reporter on economics, business and politics for Bloomberg Businessweek. In The Myth of Chinese Capitalism, Roberts explores the reality behind today’s financially-ascendant China and pulls the curtain back on how the Chinese manufacturing machine is actually powered. He focuses on two places: the village of Binghuacun in the province of Guizhou, one of China’s poorest regions that sends the highest proportion of its youth away to become migrants; and Dongguan, China’s most infamous factory town located in Guangdong, home to both the largest number of migrant workers and the country’s biggest manufacturing base. Within these two towns and the people that move between them, Roberts focuses on the story of the Mo family, former farmers-turned-migrant-workers who are struggling to make a living in a fast-changing country that relegates one-half of its people to second-class status via household registration, land tenure policies and inequality in education and health care systems. In The Myth of Chinese Capitalism, Dexter Roberts brings to life the problems that China and its people face today as they attempt to overcome a divisive system that poses a serious challenge to the country’s future development. In so doing, Roberts paints a boots-on-the-ground cautionary picture of China for a world now held in its financial thrall. Praise for The Myth of Chinese Capitalism “A gimlet-eyed look at an economic miracle that may not be so miraculous after all.” —Kirkus Reviews “A clearheaded and persuasive counter-narrative to the notion that the Chinese economic model is set to take over the world. Readers looking for an informed and nuanced perspective on modern China will find it here.” —Publishers Weekly “A sophisticated and readable take of China’s triumphs and crises. . . . A first-hand witness to China’s transformation over the past quarter century, Roberts credibly challenges the myth of China’s inevitable rise and global dominance.” —Ian Johnson, Pulitzer Prize–winning author and Beijing-based correspondent “A potent mix of personal stories and deft analysis, The Myth of Chinese Capitalism takes a hard look at China’s migrants and rural people.” —Mei Fong, Pulitzer Prize–winning journalist and author of One Child: The Story of China’s Most RadicalExperiment |
| china's economic miracle: The Chinese Economic Transformation Song, Ligang, Zhou, Yixiao, Hurst, Luke, 2019-07-10 The Chinese Economic Transformation, the 19th volume in the China Update book series, provides an opportunity for young economists to share their views on various issues relating to the Chinese economic transformation. More than half of the contributors to this book are female scholars. Some of the contributors are rising stars in the studies of the Chinese economy and economic transition, and some only recently received their PhDs and are on their way to establishing themselves in the field of China studies. But they have one thing in common: to passionately observe, study and research what is going on in the Chinese economic transformation during the reform period; and, by so doing, make contributions to the policy debates on, and general understanding of, the Chinese economy. The chapters in this volume include an in-depth probe into challenges in capital and credit allocation due to financial friction and policy distortions; investigating the causes of growth slow-down in China and suitable policy responses; the evolution of the household registration system and its impact on off-farm employment and the integration of rural and urban labour markets; the growth, scale and characteristics of nonstandard employment; the development of rural e-commerce and its economic impact; innovation performance of listed enterprises in China; financial services liberalisation and its impact on firms’ performance; financing support schemes for small and medium-sized enterprises (SMEs) and the effect on banks’ credit allocation to SMEs; the potential costs of US–China trade conflict and ways to mitigate them; gender income gap in China’s labour market; causes of blockage of Chinese overseas direct investment and strategies to reduce the probability of encountering obstacles; and the role of state capital in the iron ore boom in Australia. The great variety of topics in this year’s Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development. |
| china's economic miracle: Avoiding the Fall Michael Pettis, 2013-09-24 The days of rapid economic growth in China are over. Mounting debt and rising internal distortions mean that rebalancing is inevitable. Beijing has no choice but to take significant steps to restructure its economy. The only question is how to proceed. Michael Pettis debunks the lingering bullish expectations for China's economic rise and details Beijing's options. The urgent task of shifting toward greater domestic consumption will come with political costs, but Beijing must increase household income and reduce its reliance on investment to avoid a fall. |
| china's economic miracle: China's Great Migration Bradley M. Gardner, 2017-07-01 China's rise over the past several decades has lifted more than half of its population out of poverty and reshaped the global economy. What has caused this dramatic transformation? In China's Great Migration: How the Poor Built a Prosperous Nation, author Bradley Gardner looks at one of the most important but least discussed forces pushing China's economic development: the migration of more than 260 million people from their birthplaces to China's most economically vibrant cities. By combining an analysis of China's political economy with current scholarship on the role of migration in economic development, China's Great Migration shows how the largest economic migration in the history of the world has led to a bottom-up transformation of China. Gardner draws from his experience as a researcher and journalist working in China to investigate why people chose to migrate and the social and political consequences of their decisions. In the aftermath of China's Cultural Revolution, the collapse of totalitarian government control allowed millions of people to skirt migration restrictions and move to China's growing cities, where they offered a massive pool of labor that propelled industrial development, foreign investment, and urbanization. Struggling to respond to the demands of these migrants, the Chinese government loosened its grip on the economy, strengthening property rights and allowing migrants to employ themselves and each other, spurring the Chinese economic miracle. More than simply a narrative of economic progress, China's Great Migration tells the human story of China's transformation, featuring interviews with the men and women whose way of life has been remade. In its pages, readers will learn about the rebirth of a country and millions of lives changed, hear what migration can tell us about the future of China, and discover what China's development can teach the rest of the world about the role of market liberalization and economic migration in fighting poverty and creating prosperity. |
| china's economic miracle: Capitalism from Below Victor Nee, Sonja Opper, 2012-06-19 Over 630 million Chinese escaped poverty since the 1980s, the largest decrease in poverty in history. Studying 700 manufacturing firms in the Yangzi region, the authors argue that the engine of China’s economic miracle—private enterprise—did not originate at the top but bubbled up from below, overcoming initial obstacles set up by the government. |
| china's economic miracle: The Chinese Economy Barry Naughton, 2007 The most comprehensive English-language overview of the modern Chinese economy, covering China's economic development since 1949 and post-1978 reforms--from industrial change and agricultural organization to science and technology. |
| china's economic miracle: Making Of An Economic Superpower, The: Unlocking China's Secret Of Rapid Industrialization Yi Wen, 2016-05-13 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. |
| china's economic miracle: The China Miracle Justin Yifu Lin, Fang Cai, Zhou Li, 2003 Using a historical, comparative and analytic approach grounded in mainstream economics, the authors develop a consistent and rational framework of state-owned enterprises and individual agents to analyze the internal logic of the traditional Chinese planning system. In this revised edition, the authors update the data and information in the book and include a new chapter on the impact of China's WTO accession on its reform. |
| china's economic miracle: Interpreting China's Economy Gregory C Chow, 2010-07-12 This book is unique in covering all important topics of the Chinese economy in depth but written in a language understandable to the layman and yet challenging to the expert. Beginning with entrepreneurship that propels the dynamic economic changes in China today, the book is organized into four broad parts to discuss China's economic development, to analyze significant economic issues, to recommend economic policies and to comment on the timely economic issues in the American economy for comparison.Unlike a textbook, the discussion is original and thought-provoking. It is written by a most distinguished economist who has studied the Chinese economy for thirty years, after making breathtaking contributions to the fields of econometrics, applied economics and dynamic economics and serving as a major adviser to the government of Taiwan during its period of rapid development in the 1960s and 1970s. In the last thirty years, the author has served as a major adviser to the government of China on economic reform and important economic policies and cooperated with the Ministry of Education to introduce and promote the development of modern economics in China, including training hundreds of economists in China and placing many graduate students to pursue a doctoral degrees in economics in leading universities in the US and Canada. These graduates now plays pivotal roles in China and in the US in academics, business or government institutions. The essays, a culmination of the author's expertise in China over five decades, are being widely read in China. When the author became professor emeritus at Princeton, the University named the Econometric Research Program as the Gregory C Chow Econometric Research Program in his honor. |
| china's economic miracle: The Miracle of China George N. Tzogopoulos, 2021-09-01 This book aims to explore China's miracle under the context of complex world full of uncertainties. The author knows China's history well which makes it possible to find clues to shape China's status quo and conduct logic behind. The book is composed of six chapters. Chapter 1 concisely narrates China's history and explores why unity has been a fundamental element in its course. Chapter 2 elaborates on the BRI. Chapter 3 discusses Sino-European relations. Chapter 4 functions as a case state that examines relations between an EU and NATO member states, Greece, with China. Chapter 5 re-contextualizes the debate about China by looking into the way interconnectedness and the skeleton of globalization permit it to weather storms in the global arena. Chapter 6 links China's development to the COVID-19 pandemic. |
| china's economic miracle: China's Economic Rise Congressional Research Service, 2017-09-17 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 miracle: Economic Lessons from China’s Forty Years of Reform and Opening-up David Daokui Li, 2021-03-26 This book first shows that the past 40 years of China's economic reform and opening up represents the greatest magnitude of economic growth in history. Based on field trips, extensive and intensive interviews and literature surveys, this book argues that there are five general lessons for a rapid growing economy from China's economic reform and opening up, all in the area of the relationship between the government and the economy. First, the local governments need to be incentivized to help rapid entry and development of enterprises. Second, local governments need to be incentivized to help rapid land conversion from agricultural to non-agricultural. Third, financial deepening is vital; that is, inducing households to hold more and more financial assets in local currency. Financial deepening is essential to convert savings into investments. This requires financial stability, which is crucial. Fourth, the learning through opening up is the key to endogenous economic growth. The fundamental benefit of opening up is learning rather than enjoying comparative advantage. The fifth and final lesson from China is that the central government must proactively manage the macroeconomy. The rationale is that enterprises compete with each other in games of industrial organization. In order to resolve this problem, proactive measures including market-oriented means, administrative orders and reform measures should be implemented. Overall, the main lesson from China's past 40 years of reform and opening up is that proper incentives and behavior of the government, local and central, are important for economic growth. China has been conducting reforms in this regard and as a result, the government more or less has been playing the role of a helping hand regarding economic growth, although China's economic system is far from perfect and many reforms are still needed. |
| china's economic miracle: Transforming the Chinese Economy Fang Cai, 2010-05-31 Transforming the Chinese Economy is a translated collection of articles providing a look at how scholars in China have been assessing their country's recent economic history. This volume, as well as the others in the SSRC series, provide western scholars with an accessible English language look at the state of current Chinese scholarship, and as such, do not simply provide information for the direct study of economic issues, but also for meta-level analysis of the interplay of China's policy, scholarship, and economy. Specifc topics include banking and finance, inequality of growth, and women's role in the workforce. |
| china's economic miracle: Rethinking the East Asian Miracle Joseph E. Stiglitz, Shahid Yusuf, 2001-06-01 This volume provides highly illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability, and proposes remedies. Rethinking the East Asian Miracle is an indispensable book for all those with an interest in East Asia's prospects in the early decades of the new century. |
| china's economic miracle: Cracking the China Conundrum Yukon Huang, 2017-06-22 China's rise is altering global power relations, reshaping economic debates, and commanding tremendous public attention. Despite extensive media and academic scrutiny, the conventional wisdom about China's economy is often wrong. Cracking the China Conundrum provides a holistic and contrarian view of China's major economic, political, and foreign policy issues. Yukon Huang trenchantly addresses widely accepted yet misguided views in the analysis of China's economy. He examines arguments about the causes and effects of China's possible debt and property market bubbles, trade and investment relations with the Western world, the links between corruption and political liberalization in a growing economy and Beijing's more assertive foreign policies. Huang explains that such misconceptions arise in part because China's economic system is unprecedented in many ways-namely because it's driven by both the market and state- which complicates the task of designing accurate and adaptable analysis and research. Further, China's size, regional diversity, and uniquely decentralized administrative system poses difficulties for making generalizations and comparisons from micro to macro levels when trying to interpret China's economic state accurately. This book not only interprets the ideologies that experts continue building misguided theories upon, but also examines the contributing factors to this puzzle. Cracking the China Conundrum provides an enlightening and corrective viewpoint on several major economic and political foreign policy concerns currently shaping China's economic environment. |
| china's economic miracle: The China Crisis James R. Gorrie, 2013-05-08 A controversial look at the impending Chinese economic collapse—the history behind it, its contemporary causes, and its dire implications for the global economy All the experts agree: the 21st century belongs to China. Given America's looming insolvency and the possibility of the collapse of the U.S. dollar, who can doubt that China is poised to take over the role of economic superpower? Written by political economist and leading financial journalist James Gorrie, this book offers a highly controversial, contrarian view of contemporary China. Drawing upon a wealth of historical and up-to-the-minute data, Gorrie makes a strong case that China, itself, is on the verge of an economic crisis of epic proportions. He explains how, caught in a recurrent boom/bust cycle that has played itself out several times over the past sixty years, China is again approaching total economic and social collapse. But with one important difference this time: they may very well take the entire global economy down with them. Explores the Chinese communist party's unfortunate history of making costly and very bloody mistakes on an enormous scale One-by-one Gorrie analyzes those critical mistakes and explains how they may lead to economic collapse in China and global depression Describes Chinese cannibal capitalism, and where its massive abuse of the country's environment, people, and arable lands is leading that country and the world economy Chronicles China's history of recurring economic crisis and explains why all the evidence suggests that history is about to repeat itself |
| china's economic miracle: Unmade in China Jeremy R. Haft, 2015-07-30 If you look carefully at how things are actually made in China - from shirts to toys, apple juice to oil rigs - you see a reality that contradicts every widely-held notion about the world's so-called economic powerhouse. From the inside looking out, China is not a manufacturing juggernaut. It's a Lilliputian. Nor is it a killer of American jobs. It's a huge job creator. Rising China is importing goods from America in such volume that millions of U.S. jobs are sustained through Chinese trade and investment. In Unmade in China, entrepreneur and Georgetown University business professor Jeremy Haft lifts the lid on the hidden world of China's intricate supply chains. Informed by years of experience building new companies in China, Haft's unique, insider’s view reveals a startling picture of an economy which struggles to make baby formula safely, much less a nuclear power plant. Using firm-level data and recent case studies, Unmade in China tells the story of systemic risk in Chinese manufacturing and why this is both really bad and really good news for America. |
| china's economic miracle: China's International Investment Strategy Julien Chaisse, 2019 This book explores the three tracks of China's investment policy and strategy: bilateral agreements, regional agreements, and global initiatives. Its overarching topic is whether these three tracks compete with or complement one another - a question of profound importance for China's political and economic future and world investment governance. |
| china's economic miracle: The Key to the Asian Miracle José Edgardo L. Campos, Hilton L. Root, 1996 Easily the most informed and comprehensive analysis to date on how and why East Asian countries have achieved sustained high economic growth rates, this book] substantially advances our understanding of the key interactions between the governors and governed in the development process. Students and practitioners alike will be referring to Campos and Root's series of excellent case studies for years to come. Richard L. Wilson, The Asia Foundation Eight countries in East Asia--Japan, South Korea, Taiwan, Hong Kong, Singapore, Thailand, Malaysia, and Indonesia--have become known as the East Asian miracle because of their economies' dramatic growth. In these eight countries real per capita GDP rose twice as fast as in any other regional grouping between 1965 and 1990. Even more impressive is their simultaneous significant reduction in poverty and income inequality. Their success is frequently attributed to economic policies, but the authors of this book argue that those economic policies would not have worked unless the leaders of the countries made them credible to their business communities and citizens. Jose Edgardo Campos and Hilton Root challenge the popular belief that East Asia's high performers grew rapidly because they were ruled by authoritarian leaders. They show that these leaders had to collaborate with various sectors of their population to create an environment that was conducive to sustained growth. This required them to persuade the business community that their investments would not be expropriated and to convince the broader population that their short-term sacrifices would be rewarded in the future. Many of the countries achieved business cooperation by creating consultative groups, which the authors call deliberation councils, to enhance accountability and stability. They also obtained popular support through a variety of wealth-sharing measures such as land reform, worker cooperatives, and wider access to education. Finally, to inhibit favoritism and corruption that would benefit narrow interest groups at the expense of broad-based development, these countries' leaders constructed a competent bureaucracy that balanced autonomy with accountability to serve all interests, including the poor. This important book provides useful lessons about how developing and newly industrialized countries can build institutions to implement growth-promoting policies. |
| china's economic miracle: How China Became Capitalist R. Coase, N. Wang, 2016-04-30 How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony. |
| china's economic miracle: The Southeast Asian Economic Miracle Young Kim, 2018-04-17 There is widespread agreement that the world's most successful developing countries in the 1980s were those in Southeast Asia. Following in the footsteps of postwar Japan and more recently Korea, the populations of Thailand, Malaysia, Indonesia, Singapore, Hong Kong, and the Philippines have made enormous strides in income, industrial and agricultural production, exports, education, health, nutrition, consumption, and other development indicators. This book brings together political scientists, economists, officials of Asian governments, the United States, and representatives of the multilateral banks to analyze and explain Southeast Asia's extraordinary growth. Chapters and contributors to The Southeast Asian Economic Miracle include: Recent Developments and Future Prospects of Indonesia by Anwar Nasution; The Economic Experience and Prospects of Thailand by Sukhumbhand Paribatra; The Development of the Former Indochina States by Frederick Brown; Trade and Investment in Southeast Asian Development by Stephen Parker; and Managing Renewable Resources in Southeast Asia: The Problem of Deforestation by Gareth Porter. Among the critical questions that the contributors address are: Is the success of the 1980s and early 1990s a permanent part of the world's economic landscape? How will this region react to the growth of China's vast productive capacity and to the faltering of Japan's economy? What will be the effect of U.S. military disengagement caused by domestic budgetary concerns and the end of the cold war? The Southeast Asian Economic Miracle is an important study of the shifting winds of the political economy of growth in our time—the movement away from a command to a free market environment. It will be an essential resource for political scientists, Asia area scholars, economists, and policymakers. |
| china's economic miracle: China's Economic Miracle Sergei Glazyev, 2024-06-05 The book, written by renowned economist and member of the Russian Academy of Sciences, is devoted to understanding the experience of China' s decades of economic development, known as the Chinese economic miracle. His research is significant to the world, especially to Russia. Even during the global financial crisis and the subsequent world economic stagnation, China' s economy continued to grow rapidly, fully confirming the effectiveness of the national economic development management system. The author describes how the Chinese economic miracle was born, citing the contrast between the staged growth of the Chinese economy and the world economy. The book discusses the technology and changes in the world economic landscape that are the foundation of China' s rise. China has increasingly become the core of forming a new world economic order, and the world economic center has shifted to Asia. The strategic partnership between China and Russia is the foundation of the Greater Eurasian Partnership and its formation. |
| china's economic miracle: China's Innovation Challenge Arie Y. Lewin, Martin Kenney, Johann Peter Murmann, 2016-04-14 This book argues that China must become an innovation-based economy to avoid the middle-income traps, and examines both the opportunities and challenges in meeting this goal. |
| china's economic miracle: Why Nations Fail Daron Acemoglu, James A. Robinson, 2013-09-17 Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world. |
| china's economic miracle: China's Great Economic Transformation Loren Brandt, Thomas G. Rawski, 2008-04-14 This landmark study provides an integrated analysis of China's unexpected economic boom of the past three decades. The authors combine deep China expertise with broad disciplinary knowledge to explain China's remarkable combination of high-speed growth and deeply flawed institutions. Their work exposes the mechanisms underpinning the origin and expansion of China's great boom. Penetrating studies track the rise of Chinese capabilities in manufacturing and in research and development. The editors probe both achievements and weaknesses across many sectors, including China's fiscal, legal, and financial institutions. The book shows how an intricate minuet combining China's political system with sectorial development, globalization, resource transfers across geographic and economic space, and partial system reform delivered an astonishing and unprecedented growth spurt. |
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Is the Chinese “Economic Miracle” Over? - Congress.gov
Feb 28, 2016 · China’s Annual GDP and Total Factor Productivity Growth (%) Source: Economist Intelligence Unit (EIU). China’s slowing GDP growth rate has sparked a broader debate about …
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Jeffrey Frankel, “China’s Great Leap Backwards,” Project Syndicate, October 20, 2023; Adam Posen, “The End of China’s Economic Miracle,” Foreign Affairs, August 2, 2023; Paul …
CHINA’S MIRACLE - scienceopen.com
China’S MiraClE 151 World revieW of Political economy vol. 12 no. 2 Summer 2021 Since the “reform and opening-up” initiated in 1978, China has sustained high growth rates for over 40 …
Economy Headed? Where Is China's
The Chinese economic growth miracle of the last four decades was a result of the country’s embrace of market-oriented reforms and globalization. In 1979, when these ... China’s …
Unveiling China’s Economic Miracle - SSRN
Unveiling China’s Economic Miracle @Yibin Mu 2007 Monetization and division of labor are the two important factors to contribute to China’s economic miracle. I estimate about one-third of …
Analysis on the Sources of China’s Economic Growth From …
Since 1978, China’s economy has created a “growth miracle,” drawing worldwide attention. However, after several decades of rapid development, China’s economic growth rate bid fare …
China’s Economic Miracle in 30 Years
of these have proved China’s dramatic achievements during this period. 2. Rapid Growth in China’s Economy With an average annual GDP growth of 10%, China has actually created a …
The political economy explanation of the logic of China’s two …
economic development model so as to continue the “two miracles” and achieve a miracle of high-quality development in the second century. Keywords The China miracle, Party leadership, …
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“Reassessing China’s Miracle: Evidence from Space” (Job Market Paper) with Joel Ferguson Abstract: We study one of the central reforms in China’s economic miracle, the Household …
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China’s Growth miracle 2nd largest economy by GDP(nominal and PPP terms) ; The GDP per capita reached to $6075 in 2012, up from $205 in 1980;
BOOK REVIEWS - Cato Institute
BOOK REVIEWS The China Miracle: Development Strategy and Economic Reform Justin Yifu Lin, Fang Cai, and Zhou Li Hong Kong: Chinese University Press, 1996, 340 pp.
The Myth behind China's Miracle - JSTOR
becoming an economic, technological, and military threat to the United States. These reactions, however, are equally mistaken: they overlook both important weaknesses in China's economic …
Gürcan, Efe Can Lessons for the Developing World …
Besides China’s historic success in economic and environmental development, one should also note that the Chinese economic miracle is credited for 70% of global poverty eradication …
CHINA’S REFORM AND OPENING-UP - AMRO ASIA
“East Asia’s development over the past decades has been nothing short of an economic miracle. China’s rise is a big part of the story, to be sure. But countries across the region have also …
The China Miracle Development Strategy And Economic
The China Miracle Justin Yifu Lin,Fang Cai,Zhou Li,2004-03-15 The tremendous success of China s economic reform in contrast with the vast difficulties encountered by the former Soviet Union …
Making 'Economic Miracles': Explaining Extraordinary …
job creation, an "economic miracle" is not apt to last long enough to be identified as such or to spill over into future "miracle waves." Such miracle waves are usually characterized by …
China’s 40 Years of Reform and Development: 1978–2018
China’s economic rebalancing: Drivers, outlook and the role of reform .. 187 Guonan Ma, Ivan Roberts and Gerard Kelly. 12. China’s price liberalisation and market reform: A historical …
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result, China’s GDP share stood at 4.9% at the beginning of the reform and opening up in 1978. And now after 40 years, China’s share of world GDP has reached 18.2%. Thus, the recent 40 …
China's Belt and Road Initiative: Hopes and Bumps along the …
China’s current system is one of CCP power over a market economy.3 Growth objectives were pursued using existing CCP institutions. CCP power has not faded with progress of market …
WHY HAS CHINA SUCCEEDED? DOES CHINA’S …
China’s economic development. The determining factors of the Chinese economic miracle and political and economic challenges that the country has been facing since 1978 will be identified …
The Centenary of the CPC: Exploration and Improvement of …
in 1978, China’s central and local governments have succeeded in combining economic decentralization with administrative decentralization. China’s central government, local …
Understanding the China miracle from the paradigm of realm …
mainstream Western economics explaining the “mystery of China’s economic growth” and the necessity of ... was founded 70 years ago, our Party has led our people to create the rarely …
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China’s rapid economic growth, once hailed as a miracle, is now showing increasing signs of strain amid rising global economic volatility. Most analysts would single out Communist Party …
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becoming an economic, technological, and military threat to the United States. These reactions, however, are equally mistaken: they overlook both important weaknesses in China's economic …
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the scope of this type, concluding that "Chinese Miracle" is based on China's comparative advantage, such as cheap labor. From our point of view, however, there are a number of …
China as a “Developmental State” Miracle: Industrial Policy …
2014; Zhu 2012). Yet, China’s economic “miracle” also poses a major puzzle for economics of growth. Indeed, according to most mainstream economics theses, China’s economic growth is …
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China’s poverty alleviation “miracle” from the perspective of the structural transformation of the urban–rural dual economy Fan Gao School of Economics, Fudan University, Shanghai, China …
CHINA’S MIRACLE - scienceopen.com
CHINA’S MIRACLE From the Perspective of Political Economy Fusheng Xie, Xiaolu Kuang and Jiateng Wang Fusheng Xie ... Now that China’s economic growth has slowed significantly …
Industry China's Economy. 2000 - JSTOR
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Unmade in China: the hidden truth about China’s economic …
Unmade in China: the hidden truth about China’s economic miracle By Jeremy R. Haft. Cambridge: Polity Press, 2015, 208 p., ISBN: 978-0745684017 For the last three decades …
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China’s economic miracle from various perspectives, but have yet to delve deeply into the fundamental factors explaining China’s economic success and why the CPC was able to …
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Deciphering the Chinese Economic Miracle: The Resolution …
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Bonds, bridges, and burdens: China’s local government debt …
China's economic miracle, transmitted via local governments and bolstered by the once-booming property market • Triggered by the property market's downturn, this once positive, self …
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Dec 30, 2022 · fully enjoy the fruits of China’s economic miracle. Effective restructuring and rebalancing of China’s growth patterns thus could run into resist-ance from the powerful …
Managing the ``Post Miracle'' Economy in China - hal.science
before it, the country’s high-speed growth era was over; after it, “the end of the China’s economic miracle” just began (Pei, M., 2012). However, by the year of 2014, the Chinese government …
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use of China’s burgeoning foreign exchange resources. China’s Economic Miracle The sources of the Chinese economic miracle are well known. The rise in rural incomes, with the adoption of …
Unmade in China: the hidden truth about China’s economic …
Unmade in China: the hidden truth about China’s economic miracle By Jeremy R. Haft. Cambridge: Polity Press, 2015, 208 p., ISBN: 978-0745684017 For the last three decades …
Too Much Growth, Too Little Development: The reality …
reality behind China’s economic miracle DALE JIAJUN WEN ABSTRACT Dale Jiajun Wen examines the social and environmental changes in China during the reform era. By chronicling …
China’ Naional Talen Plan: Key Measures and Objectives
China’s population is aging rapidly and the 225 million migrant workers who have fueled China’s economic miracle for the past three decades are now demanding better payment for their …
CHINA’S MIRACLE - scienceopen.com
China’S MiraClE 151 World revieW of Political economy vol. 12 no. 2 Summer 2021 Since the “reform and opening-up” initiated in 1978, China has sustained high growth rates for over 40 …
Is the Chinese Economy a Miracle or a Bubble?
to 3.4% in 2022. China’s share was similar to India’s share before the Chinese economic reform and opening to the world. With the continuing growth of India, ASEAN, South Asian and …
A Miracle of Human Development in China (1950-2030)
Jan 26, 2021 · The miracle of China’s economic growth is part of China’s human development miracle which is supported by the Gross National Income (GNI) per capita (in 2011 USD on a …
