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Most studies of regional inequality in China are based on provincial level data with a few papers focusing on intra-provincial regional inequality. The objective of this study is to fill the void in the literature by using county-level data which cover 1485 counties and county-level cities in 22 provinces for the period of 1997-2007. This paper makes several contributions to the literature. First, the disparity between city and county subgroups within each province is examined. Second, the transitional dynamics of regional inequality are investigated for different spatial groups using the Markov transition matrix approach. Third, the stochastic kernel technique is applied to investigate convergence of the county-level units as a whole. The findings in this paper show high persistence in many spatial groups. Thus the poor county-level units may remain relatively poor over time. The model provides very little evidence of convergence to the mean income in various spatial groups. The empirical analysis highlights differences in transitional dynamics between cities and counties.
This book investigates uneven regional development in China – with particular focus on the cases of Guangdong and Zheijiang provinces – which have been at the forefront of debate since Chinese economic reform. Rapid economic growth since the ‘opening-up’ of China has been accompanied by significant disparities in the regional distribution of income: this book represents one of the most recent studies to present a picture of this inequality. Built upon a multi-scale and multi-mechanism framework, it provides systematic examination of both the patterns and mechanisms of regional development and inequality in provincial China, emphasizing the effects of economic transition. Approaching from a geographical perspective, its authors consider the interplay between the local, the state, and the global forces in shaping the landscape of regional inequality in China. Extensive empirical findings will prove useful to those researching other developing countries within the frontier of globalization and economic transition. Regional Inequality in Transitional China will appeal to scholars and students of geography, economics and Chinese studies more broadly.
As regional inequality looms large in the policy debate in China, this volume brings together a selection of papers from authors whose work has had real impact on policy, so that researchers and policy makers can have access to them in one place.
China’s spectacular growth and poverty reduction has been accompanied by growing inequality which threatens the social compact and thus the political basis for economic growth. Chinese policy makers have realized the importance of the problem and have launched a series of investigations and policy initiatives to address the issues. The regional dimension of inequality—rural/urban and inland/coastal—dominates in a country as large as China, and especially with its particular history. Not surprisingly, regional inequality has come to loom large in the policy debate in China. The policy debate has been informed by, and to some extent instigated by, a parallel analytical literature which has quantified the magnitude of the problem and identified recent trends, offered explanations based on rigorous analysis, and proposed policy interventions in light of the facts and understanding. Through a series of articles which have been published in leading journals, the editors have been involved in a systematic investigation into the nature and evolution of regional inequality in China for over a decade.
China’s growth potential has become a hotly debated topic as the economy has reached an income level susceptible to the “middle-income trap” and financial vulnerabilities are mounting after years of rapid credit expansion. However, the existing literature has largely focused on macro level aggregates, which are ill suited to understanding China’s significant structural transformation and its impact on economic growth. To fill the gap, this paper takes a deep dive into China’s convergence progress in 38 industrial sectors and 11 services sectors, examines past sectoral transitions, and predicts future shifts. We find that China’s productivity convergence remains at an early stage, with the industrial sector more advanced than services. Large variations exist among subsectors, with high-tech industrial sectors, in particular the ICT sector, lagging low-tech sectors. Going forward, ample room remains for further convergence, but the shrinking distance to the frontier, the structural shift from industry to services, and demographic changes will put sustained downward pressure on growth, which could slow to 5 percent by 2025 and 4 percent by 2030. Digitalization, SOE reform, and services sector opening up could be three major forces boosting future growth, while the risks of a financial crisis and a reversal in global integration in trade and technology could slow the pace of convergence.
This book investigates uneven regional development in China – with particular focus on the cases of Guangdong and Zheijiang provinces – which have been at the forefront of debate since Chinese economic reform. Rapid economic growth since the ‘opening-up’ of China has been accompanied by significant disparities in the regional distribution of income: this book represents one of the most recent studies to present a picture of this inequality. Built upon a multi-scale and multi-mechanism framework, it provides systematic examination of both the patterns and mechanisms of regional development and inequality in provincial China, emphasizing the effects of economic transition. Approaching from a geographical perspective, its authors consider the interplay between the local, the state, and the global forces in shaping the landscape of regional inequality in China. Extensive empirical findings will prove useful to those researching other developing countries within the frontier of globalization and economic transition. Regional Inequality in Transitional China will appeal to scholars and students of geography, economics and Chinese studies more broadly.
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.
The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s and Cass-Koopmans in the 1960s to more recent refinements; this is followed by a discussion of extensions to the model, with expanded treatment in this edition of heterogenity of households. The book then turns to endogenous growth theory, discussing, among other topics, models of endogenous technological progress (with an expanded discussion in this edition of the role of outside competition in the growth process), technological diffusion, and an endogenous determination of labor supply and population. The authors then explain the essentials of growth accounting and apply this framework to endogenous growth models. The final chapters cover empirical analysis of regions and empirical evidence on economic growth for a broad panel of countries from 1960 to 2000. The updated treatment of cross-country growth regressions for this edition uses the new Summers-Heston data set on world income distribution compiled through 2000.