Rebalancing and Sustaining Growth in China

Huw McKay, Ligang Song, Huw McKay, Ligang Song, Huw Mckay, Ligang Song

• Publisher: ANU Press
• Year: 2012
• Print ISBN:
  9781921862793
• Edition: 1
• eBook ISBN:
  9781921862809
• Topic: Business
• Subtopic: Business General
• Index: Business

The idea that China's economy needs to rebalance is no longer controversial inside or outside the country. Whether it be the increasing recognition of income inequality at home; the still large external surplus; the focus on consumption and industrial upgrading in the policy discourse; the economic, political and social tensions associated with the major decline in housing affordability; the profound conflict between industrialisation, urbanisation and the biosphere; the profitability gulf between the top SOEs and private firms; or the uni-directional pressures pushing on the real exchange rate; the evidence in favour of a highly imbalanced structure is omnipresent. Rebalancing and Sustaining Growth in China brings together some of the world's leading observers of the Chinese economy to debate the multifarious questions pertaining to rebalancing. How are we to make sense of the many, often contradictory, proposals that seek the same ultimate objective of a more sustainable growth model? What mix of policies will be most effective in addressing the required structural change without sacrificing prosperity along the way?Where should we look for root causes, and how can we avoid getting distracted by symptoms? How do China's unique internal migration dynamics - and the Lewis turning point - constrain its options? What role will and should financial, fiscal and welfare reform play in the process? Where do water and energy security fit in? Can China innovate before it gets old - or can China get smart before it gets rich? And are intergenerational issues being taken into account?

Table of contents

• Tables
• Figures
• Abbreviations
• Contributors
• Acknowledgments
• 1. Rebalancing the Chinese Economy to Sustain Long-Term Growth - Huw McKay and Ligang Song
• 2. Looking Inward for Growth - Rod Tyers
• 3. Financial Repression and China’s Economic Imbalances - Anders C. Johansson
• 4. Narrowing China’s Current Account Surplus:The role of saving, investment and the renminbi - Guonan Ma, Robert McCauley and Lillie Lam
• 5. Has the ‘Flying Geese’ Phenomenon in Industrial Transformation Occurred in China? - Yue Qu, Fang Cai and Xiaobo Zhang
• 6. China’s Processing Trade: A firm-level analysis - Miaojie Yu and Wei Tian
• 7. Upgrading China’s Economy through Outward Foreign Direct Investment - Bijun Wang
• 8. Intra-Provincial Inequality in China: An analysis of county-level data - Tsun Se Cheong and Yanrui Wu
• 9. Mapping Modes of Rural Labour Migration in China - Sylvie Démurger
• 10. Climbing the Intergenerational Ladder of Education in Urban, Migrant and Rural China - Jane Golley and Sherry Tao Kong
• 11. Demographic Transition in Rural China: A field survey of five provinces - Funing Zhong and Jing Xiang
• 12. Building Social Welfare in China: Providing retirement incomes in a transforming economy - Andrew Watson
• 13. An Empirical Study of China’s High-Tech Industry Innovation Capability in Transition - Zhiyun Zhao and Chaofeng Yang
• 14. The Impact of China’s Economic Growth on its Water Resources: A regional and sectoral assessment - Hong Yang, Zhuoying Zhang and Minjun Shi
• 15. Why Are the Stakes So High?: Misconceptions and misunderstandings in China’s global quest for energy security - ZhongXiang Zhang
• Index