Demystifying the Chinese Miracle


Book Description

The last three decades has witnessed miraculous economic growth of China. What has accounted for its miracle? What is the nature and future of the Chinese model? Is it unique? This book presents an analytical framework to demystify China's economic growth miracle. The book suggests that interlinked and relational contracts between the agents (in particular, between the state and the business) can compensate for flawed markets to achieve high growth. This kind of relational capitalism is significant in the investment-based stage of development, when mobilization of resources to exploit the existing technologies is key for growth. The book presents a general theory of interlinked relational contract, the workhorse model of the book. The theory highlights that effective governance is a function of market extent and market completeness. The process of economic development and modernization can be looked at fruitfully from two perspectives: the markets and the institutions and their interactions. The book stresses the critical fit between the development stage and the governance for a country's economic transition and development and thus the idea of "appropriate institutions".




Demystifying the Chinese Economy


Book Description

An insightful account of the remarkable transition of the Chinese economy from impoverished backwater to economic powerhouse.




Demystifying China’s Mega Trends


Book Description

This new book examines the structural forces behind mega trends in China, refuting conventional wisdom and demystifying media and market hypes about business opportunity and policy. It uses rigorous economic research and evidence to provide a new view of mega trends in China, and expose new trends and problems that will affect China and the World.




The China Miracle


Book Description

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.




NBER Macroeconomics Annual 2015


Book Description

This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycles in China's Macroeconomy” by Chun Chang, Kaiji Chen, Daniel F. Waggoner, and Tao Zha outlines the key characteristics of growth and business cycles in China. “Demystifying the Chinese Housing Boom” by Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou constructs a new house price index, showing that Chinese house prices have grown by ten percent per year over the past decade. The third paper, “External and Public Debt Crises” by Cristina Arellano, Andrew Atkeson, and Mark Wright, asks why there appear to be large differences across countries and subnational jurisdictions in the effect of rising public debts on economic outcomes. The fourth, “Networks and the Macroeconomy: An Empirical Exploration” by Daron Acemoglu, Ufuk Akcigit, and William Kerr, explains how the network structure of the US economy propagates the effect of gross output productivity shocks across upstream and downstream sectors. The fifth and sixth papers investigate the usefulness of surveys of household’s beliefs for understanding economic phenomena. “Expectations and Investment,” by Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, demonstrates that a chief financial officer's expectations of a firm's future earnings growth is related to both the planned and actual future investment of that firm. “Declining Desire to Work and Downward Trends in Unemployment and Participation” by Regis Barnichon and Andrew Figura shows that an increasing number of prime-age Americans who are not in the labor force report no desire to work and that this decline accelerated during the second half of the 1990s.




China Wakes


Book Description

The definitive book on China's uneasy transformation into an economic and political superpower, and an insightful and thought-provoking analysis of daily life in China from the Pulitzer Prize–winning journalists and bestselling authors of Half a Sky. "Nick Kristof's and Sheryl WuDunn's work as correspondents in China was beyond compare, and now they have written a book every bit as astonishing. China Wakes is filled with anecdote, detail, and analysis of the highest order.... This book demands reading, and yet it is a pleasure as well as an education." —David Remnick, Editor of The New Yorker Featuring 16 pages of photos




The Quest for Prosperity


Book Description

Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updated How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.




Rivers of Iron


Book Description

What China’s infamous railway initiative can teach us about global dominance. In 2013, Chinese President Xi Jinping unveiled what would come to be known as the Belt and Road Initiative (BRI)—a global development strategy involving infrastructure projects and associated financing throughout the world, including Asia, Africa, the Middle East, Europe, and the Americas. While the Chinese government has framed the plan as one promoting transnational connectivity, critics and security experts see it as part of a larger strategy to achieve global dominance. Rivers of Iron examines one aspect of President Xi Jinping’s “New Era”: China’s effort to create an intercountry railway system connecting China and its seven Southeast Asian neighbors (Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, and Vietnam). This book illuminates the political strengths and weaknesses of the plan, as well as the capacity of the impacted countries to resist, shape, and even take advantage of China’s wide-reaching actions. Using frameworks from the fields of international relations and comparative politics, the authors of Rivers of Iron seek to explain how domestic politics in these eight Asian nations shaped their varying external responses and behaviors. How does China wield power using infrastructure? Do smaller states have agency? How should we understand the role of infrastructure in broader development? Does industrial policy work? And crucially, how should competing global powers respond?




China, Africa, and the Future of the Internet


Book Description

China is transforming Africa's information space. It is assisting African broadcasters with extensive loans, training and exchange programmes and has set up its own media operations on the continent in the form of CCTV Africa. In the telecommunications sector, China is helping African governments to expand access to the internet and mobile phones, with rapid and large-scale success. While Western countries have ambiguously linked the need to fight security threats with restrictions of the information space, China has been vocal in asserting the need to control communication to ensure stability and development. Featuring a wealth of interviews with a variety of actors – from Chinese and African journalists in Chinese media to Chinese workers for major telecommunication companies – this highly original book demonstrates how China is both contributing to the 'Africa rising' narrative while exploiting the weaknesses of Western approaches to Africa, which remain trapped between an emphasis on stability and service delivery, on the one hand, and the desire to advocate human rights and freedom of expression on the other. Arguing no state can be understood without attention to its information structure, the book provides the first assessment of China’s new model for the media strategies of developing states, and the consequences of policing Africa’s information space for geopolitics, security and citizenship.




The Shenzhen Experiment


Book Description

An award-winning Hong Kong–based architect with decades of experience designing buildings and planning cities in the People’s Republic of China takes us to the Pearl River delta and into the heart of China’s iconic Special Economic Zone, Shenzhen. Shenzhen is ground zero for the economic transformation China has seen in recent decades. In 1979, driven by China’s widespread poverty, Deng Xiaoping supported a bold proposal to experiment with economic policies in a rural borderland next to Hong Kong. The site was designated as the City of Shenzhen and soon after became China’s first Special Economic Zone (SEZ). Four decades later, Shenzhen is a megacity of twenty million, an internationally recognized digital technology hub, and the world’s most successful economic zone. Some see it as a modern miracle city that seemingly came from nowhere, attributing its success solely to centralized planning and Shenzhen’s proximity to Hong Kong. The Chinese government has built hundreds of new towns using the Shenzhen model, yet none has come close to replicating the city’s level of economic success. But is it true that Shenzhen has no meaningful history? That the city was planned on a tabula rasa? That the region’s rural past has had no significant impact on the urban present? Juan Du unravels the myth of Shenzhen and shows us how this world-famous “instant city” has a surprising history—filled with oyster fishermen, villages that remain encased within city blocks, a secret informal housing system—and how it has been catapulted to success as much by the ingenuity of its original farmers as by Beijing’s policy makers. The Shenzhen Experiment is an important story for all rapidly urbanizing and industrializing nations around the world seeking to replicate China’s economic success in the twenty-first century.