The dynamism in modern Asia, especially with the current revival in Japan, stands in sharp contrast to the situation in Europe. An in-depth understanding of what is happening in contemporary Asia is key to grasping opportunities that this dynamism creates for all. This multi-volume reference work consists of three up-to-date and comprehensive volumes on Asia and the world economy. It covers the most important aspects of the world economy as they pertain to Asia in the increasingly accelerating globalization process and is a must-have for anyone keen to understand Asia and the contemporary world.The three-volume set covers the climate change challenges and solutions from the Asian perspectives, focusing on both domestic arrangements and trade-based options, and discusses scenario analyses for future climate regimes; the sustainability of growth in the Indian economy determined by analyzing the role of economic, technological and environmental factors and lastly, the growth experiences and prospects of India and China.
China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
This book is unique in covering all important topics of the Chinese economy in depth but written in a language understandable to the layman and yet challenging to the expert. Beginning with entrepreneurship that propels the dynamic economic changes in China today, the book is organized into four broad parts to discuss China's economic development, to analyze significant economic issues, to recommend economic policies and to comment on the timely economic issues in the American economy for comparison.Unlike a textbook, the discussion is original and thought-provoking. It is written by a most distinguished economist who has studied the Chinese economy for thirty years, after making breathtaking contributions to the fields of econometrics, applied economics and dynamic economics and serving as a major adviser to the government of Taiwan during its period of rapid development in the 1960s and 1970s. In the last thirty years, the author has served as a major adviser to the government of China on economic reform and important economic policies and cooperated with the Ministry of Education to introduce and promote the development of modern economics in China, including training hundreds of economists in China and placing many graduate students to pursue a doctoral degrees in economics in leading universities in the US and Canada. These graduates now plays pivotal roles in China and in the US in academics, business or government institutions. The essays, a culmination of the author's expertise in China over five decades, are being widely read in China. When the author became professor emeritus at Princeton, the University named the Econometric Research Program as the Gregory C Chow Econometric Research Program in his honor.
China and India, the two largest developing countries, are developing rapidly both inside themselves and towards global markets. Are these two economies dual or dueling? This 3-volume set tries to answer this question by providing comprehensive analyses scoping varied economic issues.This volume set covers both China's and India's strategies and objectives in international governance, their bilateral and multilateral trade agreement negotiations, financial liberalization, growth prospects, rural development and agriculture, income distribution, labor market mechanism, manufacturing and competitiveness upgrading, as well as environmental and other social issues.The set collects papers (most unpublished until now) written by Chinese and Indian researchers who have rich experiences and strong backgrounds in policy analyses and are well connected to Chinese and Indian policy makers. Thus, these papers contain valuable first-hand information about China's and India's development strategies. This makes this volume set an essential source of reference for China-India comparisons and studies.
Protectionism has been placed under the media spotlight, with news headlines generated by populist anti-globalization movements and Donald Trump's term as US President. Such a policy stance is putting at risk unilateral trade reform efforts in the Asia-Pacific region and elsewhere.This two-volume reference work provides a timely update on how far the region has come in opening markets. It analyzes the motivations or ostensible objectives of policies adopted in the past, the changing extent of the domestic price distortions involved, the economic effects of those policies at home and abroad, the political economy forces at work that brought about those policies and their subsequent reform, their consequences for international trade, economic welfare and poverty alleviation, and prospects for sustainable improvements in current policies. Case studies of major East Asian economies and Australia reveal how government priorities to assist farmers versus manufacturers changed over the past century but especially since the 1980s, and how that has affected trade between natural resource-poor and resource-rich economies.This set is highly recommended for those who are interested in the economics and politics of trade policies, agricultural economics, economic development, and food and nutrition security in the Asia-Pacific region and beyond.
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Volume 1. China and India: The International Context and Economic Growth, Manufacturing Performance and Rural Development -- Volume 2. Competitiveness, External Cooperation Strategy, and Income Distribution: Changes in China -- Volume 3. Economic Growth, Employment and Inclusivity: The International Environment
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.
At the end of the 1980s, a tri-polar world comprising the US, EU and Japan emerged. However, the economic turbulence of the early 21st century has destabilized this order, and the rise of other Asian powers has implications for the formation of a new economic configuration.This book discusses the probability of the different tentative global economic power balances to emerge, as well as the different contestants: the EU, China and Japan, among others.Organized into three sections, the first part addresses general and trend-wise developments with relevance to the outcome of the re-polarization process. Subsequently, three chapters focus on developments in China, India and Japan. Finally, special issues such as climate policies, corporate governance, social reforms and cross-border economic alliances are considered in greater detail, in relation to their implications for the outcome of the re-polarization process.
