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This book analyzes of the surplus of production capacity in China. According to a government statement, there is a serious surplus of productive capacity in the steel, cement, glass, aluminum, and shipbuilding industries. There was no surplus of productive capacity in above industries between 2002 and 2012, and the current surplus is due to poor government policies on real estate prices after 2012. The book argues that if the Chinese government invested more in social welfare housing over the next few years the surplus of productive capacity would very soon disappear.
Since 2012, industrial overcapacity has become an increasingly serious problem in China, against the backdrop of domestic economic slowdown and continued downturn in international markets. Overcapacity is widespread in the traditional manufacturing sector, particularly in iron and steel, cement, electrolytic aluminium, flat glass, and ship-building industries. It is also grave in emerging industries such as polysilicon, solar cells, and wind power equipment.This book provides an overview on the overcapacity problem facing China and examines the main characteristics of overcapacity in some important industries. The book identifies two types of overcapacity: one is excess capacity that results from natural supply-demand dynamics or cyclical economic fluctuations under a relatively sound market system; the other is overcapacity caused by the overinvestment of enterprises under a flawed economic system. It probes into how overcapacity is caused and finds two contributors — change of growth model and institutional flaws. It explores to establish a long-term mechanism for solving the problem. The book concludes that China should establish a long-term mechanism to prevent and resolve overcapacity, and to establish healthy relationship between the market and the government.
Broadly speaking, two schools of thought have emerged to interpret China's rapid growth since 1978:the experimentalist school and the convergence school. The experimentalist school attributes China's successes to the evolutionary, experimental, and incremental nature of China's reforms. Specifically, the resulting non-capitalist institutions are said to be successful in (a) agri- culture where land is not owned by the farmers; (b) township and village en- terprises (TVEs) which are owned collectively by rural communities; and (c) state owned enterprises (SOEs) where increased competition and increased wage incentive, not privatization, have been emphasized. The convergence school holds that China's successes are the result of its institutions being allowed to converge with those of non-socialist market economies, and that China's economic structure at the start of reforms is a major reason for the fast growth. China had a high population density heavily concentrated in low-wage agriculture which was favorable for labor-intensive export-led growth in other parts of East Asia. The convergence school also holds that China's gradualism results mainly from a lack of consensus over the proper course, with power divided between market reformers and old-style socialists; and that the 'inno- ative economic circumstances. Perhaps the best test of the two approaches is whether China's policy choices are in fact leading to institutions harmonized with normal market economies or to more distinctive innovations. The recent policy trend has been towards institutional harmonization rather than institutional innovation, suggesting that the government accepts that the ingredients for a dynamic market economy are already well-known.
This book gives an overall description of China's manufacturing industry in the process of China's industrialization and comprehensively analyzes the development status, level, stage, problems, tasks and future development prospects of China's manufacturing industry. Under the background of Sino-US trade dispute, understanding China’s manufacturing gives a rational analysis of the opportunities and challenges of China’s manufacturing, deeply discussing the specific tasks which China’s manufacturing is facing, such as the resolve of excess production capacity, technological innovation, intelligent manufacturing and green manufacturing, a service-oriented manufacturing and industrial base, and displaying the development prospect of China toward the high quality. Understanding China’s manufacturing has a strong reference significance for comprehensive and appropriate understanding of the development of China's manufacturing industry, as well as good policy reference significance for promoting the high-quality development of China's manufacturing industry.
To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.
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.
Author : Ann Lee Publisher : John Wiley & Sons Page : 168 pages File Size : 35,94 MB Release : 2017-08-08 Category : Political Science ISBN : 1509520171
The recent downturn in the Chinese economy has become a focal point of global attention, with some analysts warning that China is edging dangerously close to economic meltdown. Is it possible that the second largest economy in the world could collapse and drag the rest of the world with it? In this penetrating essay, Ann Lee explains both why China's economy will not sink us all and the policy options on which it is drawing on to mitigate against such a catastrophic scenario. Dissecting with realistic clarity the challenges facing the Chinese economy, she makes a compelling case for its continued robustness in multiple sectors in the years ahead.
China’s economy has been transforming rapidly over the last 25 years. As a result, Chinese conurbations have changed remarkably, with cities expanding both vertically and horizontally, and the physical environment acting as a medium for unprecedented urbanization. This has provided vast opportunities for investors, real estate developers, and service companies, but also presents huge challenges—as traditional city spaces have been reconfigured, environmental risks and the volatility of real estate markets increased. However, as engagement with China is becoming strategically important for many, forming a synthesized lens through which to read China across the vicissitudes of its real estate sector bears historic significance. By offering an insightful framework and structure for understanding China’s variegated real estate dynamics, players, and markets, Understanding China’s Real Estate Markets codifies the principles and practices of real estate development, finance, and investment in China and builds foundations for future academic research and practical knowledge in shaping and engaging the urban environment within China and beyond.
This unique book intends to provide a focused analysis of the main Chinese industrial sectors through case studies, data analysis and review of new state-initiated policies. In response to the global economic crisis in the short run and to cope with the existing structural problems of production in the long run, the Chinese central government has successively released new development outlines for 10 key industries since 2008. In this book, the authors will use key sectors including automobile, steel, shipbuilding, high-speed railway and new energy, to analyze the development of China's industries, along with their challenges and future prospects.The effectiveness of state-oriented policies in rejuvenating these industries will be evaluated. After discussing the background and motivations for the new government-initiated policies, through detailed analysis of these policies, the authors will assess the contribution they have made to industrial development. The authors will also identify and analyze existing and potential challenges to sustainable development of China's industries.How did the industries respond to climate change and the development of a low-carbon economy in China? What measures have been taken by these industries to reduce greenhouse gas (GHG) emission and reduce overall energy consumption? What are the latest developments in China's industrial sector in terms of technological progress and upgrading? What are the potential challenges facing the industrial sector in the post-economic crisis era? This study intends to address these issues.