GLOBAL FINANCIAL CRISIS AND CHALLENGES FOR CHINA : China and the Global Financial Crisis.
Title:
GLOBAL FINANCIAL CRISIS AND CHALLENGES FOR CHINA : China and the Global Financial Crisis.
Author:
Mu, Yang.
ISBN:
9789814282284
Personal Author:
Physical Description:
1 online resource (142 pages)
Contents:
Contents -- Preface -- Chapter One Introduction -- The Rest of the Book -- Chapter Two The 2008 Financial Crisis and the Chinese Economy -- Effects of the Global Financial Crisis on China's Economy -- Optimism Amid the Slowdown: Domestic Demand as a Source of Growth -- Loosening Monetary Policies -- Early Signs of Recovery and the Road Ahead -- A Closer Look at Consumption -- Chapter Three Shanghai as an International Financial Centre -- Shanghai as an International Financial Centre -- Challenges Ahead -- Appendix -- Chapter Four The Renminbi Debate -- Gradual Rise of the Yuan -- The Yuan in the Context of China's International Relations -- Charges of Currency Manipulation -- A Weak Yuan Benefits Certain Sections in American and China -- Reasons for the Yuan to Float -- On Its Own Terms -- Beyond the Issue of Exchange Rates -- Turning Threats of Currency War into Economic Recovery29 -- Chapter Five Promoting China-ASEAN Economic Cooperation -- Introduction -- Rapid Growth of China-ASEAN Trade in the CAFTA Preparatory Years -- China-centric Regional Production Network -- Some Challenges -- Trade Deficits in ASEAN Countries -- Pressures Experienced by Some ASEAN Industries -- Market Size Constrained by Income -- Competition from Other FTAs -- Making Use of New Opportunities -- Beneficial Nature of Trade -- Investment in Production and Infrastructure -- Coordination in Industrial, Fiscal and Monetary Policies -- Chapter Six The Flying Geese Model -- Introduction -- The Flying Geese Model -- Japan's Experience and Its Appeal -- Pax Americana and Japan -- The Asian Tigers and China -- From After the Cold War to the 1997 Asian Financial Crisis -- Understanding the Flying Geese Model -- Two Additional Points for China to Note -- Implications of the 2008 Financial Crisis -- Concluding Remarks -- Chapter Seven Reflections on Developmental Models.
The Washington Consensus -- The Beijing Consensus -- Back to the Realm of Political Economy -- Don't Forget the Context -- Industrial Infrastructure Before the 1978 Reform -- Quality of Workforce -- Social Institutions and Networking -- The Chinese Consensus -- Learning from the Scandinavian Experience -- Programme of Non-stop Learning -- Chapter Eight By Way of Conclusion: Some Random Thoughts -- Introduction: Challenges Ahead -- Fundamentals of Long-Term Economic Growth -- The Roles of Social Innovation -- Efficient Use of Natural Resources -- Specific Conditions of China -- Taxation, Corruption and All That -- The 12th Five-Year Plan* -- Concluding Remarks -- Index.
Abstract:
The book analyzes the nature of Chinese economy which enables it to go through the financial tsunami pretty unscathed. It discusses the stimulus package designed by the Chinese government to keep the economy on course, as well as its results - both positive and negative aspects in the middle and long term.The 2008-09 financial crisis makes it very clear that we need a two-pronged approach to deal with the situation, namely governments need a) to take quick and decisive actions to stem any further deterioration in financial systems; b) to revamp their economies by refitting existing engines in the real economy. China, as the third largest economy in the world, and with its robust domestic consumption and a healthy financial system, is one of the most important drivers to pull the world out of recession.According to the Chinese leadership, China's main contribution is to keep its own economy running smoothly. In response to the crisis, the Beijing government has poured money into the following sectors: public housing, earthquake reconstruction, physical infrastructure, social security, education and healthcare. So far, the results have helped China to maintain the targeted high growth. Given the open nature of its economy, its high growth has also benefited other countries, thereby contributing to the global economy.The current crisis strengthens a trend that has emerged since the Asian financial crisis of 1997. And that is the enhanced economic integration of China with its East Asian neighbours and Southeast Asia. This augurs well for East Asian regionalism which may include the birth of Asian Monetary Fund.The global environment in the wake of the crisis poses new challenges to China, for example, in the form of shrinking size of its traditional export market in the USA and Europe. China needs to modify its strategy from previous export-oriented
and investment-driven strategy into one with more emphasis on consumption. There is a lot of scope for China to embark on productive consumption such as cleaning up the environment, physical infrastructure, social security, education and healthcare. If done well, they will lay a firm basis for long-term economic development. It represents an occasion for China to embark on a nation-wide effort to upgrade its economy in the key sectors. At the same time, attention needs to be paid to improving economic-legal institutional framework to support China's role as a major global player.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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