Author: Juzhong ZhuangPublisher:
ISBN:
Category : China
Languages : en
Pages : 47
Book Description
Estimating Distortions in the Chinese Economy
Author: Juzhong ZhuangLabor Market Distortions, Rural-urban Inequality, and the Opening of People's Republic of China's Economy
Author: Thomas Warren HertelPublisher: World Bank Publications
ISBN: 2004121610
Category : China
Languages : en
Pages : 41
Book Description
The authors find that reform of the Hukou system has the most significant impact on aggregate economic activity, as well as income distribution. Whereas the land market reform primarily benefits the agricultural households, this reform's primary beneficiaries are the rural households currently sending temporary migrants to the city. By reducing the implicit tax on temporary migrants, Hukou reform boosts their welfare and contributes to increased rural-urban migration. The combined effect of both factor market reforms is to reduce the urban-rural income ratio dramatically, from 2.59 in 2007 under the authors' baseline scenario to 2.27. When viewed as a combined policy package, along with WTO accession, rather than increasing inequality in China, the combined impact of product and factor market reforms significantly reduces rural-urban income inequality. This is an important outcome in an economy currently experiencing historic levels of rural-urban inequality"--Abstract.
A Re-estimation of the Chinese Economy
Author: United States. Congress. Joint Economic CommitteePublisher:
ISBN:
Category : China
Languages : en
Pages : 131
Book Description
China's Economic Rise
Author: Congressional Research ServicePublisher: Createspace Independent Publishing Platform
ISBN: 9781976466953
Category :
Languages : en
Pages : 52
Book Description
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.
Estimating China's "Equilibrium" Real Exchange Rate
Author: Steven Vincent DunawayPublisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451862218
Category :
Languages : en
Pages : 12
Book Description
The number of studies attempting to estimate the "equilibrium" real value of China's currency has proliferated in recent years as the country's presence in world markets has grown. These studies have sought to establish whether or not a significant part of China's competitive prowess can be attributed to the foreign exchange value of the renminbi. Unfortunately, no consensus has emerged because the studies yield a very wide range of estimates. The paper looks at a sample of these studies, with estimates of undervaluation ranging from zero to nearly 50 percent. It attributes the wide variation in these estimates to the influence of such factors as the different methodologies used, explanatory variables included, subjective judgments of the various researchers in deriving their results, and instability in underlying economic relationships, especially in a rapidly developing economy like China.
A General Equilibrium Computation of Market Distortions in the Chinese Economy
Author: Juzhong ZhuangDevelopment Centre Studies Chinese Economic Performance in the Long Run
Author: Maddison AngusPublisher: OECD Publishing
ISBN: 9264163557
Category :
Languages : en
Pages : 196
Book Description
The study provides a major reassessment of the scale and scope of China’s resurgence over the past half century, employing quantitative measurement techniques which are standard practice in OECD countries, but which have not hitherto been available for China.
Quantitative Measures of China's Economic Output
Author: Alexander EcksteinPublisher:
ISBN: 9780472751204
Category :
Languages : en
Pages : 0
Book Description
The papers in this volume were among those presented at a Conference on the Quantitative Measures of China's Economic Output, held in January, 1975, at the Brookings Institution in Washington, D.C. The conference was sponsored by the Subcommittee on Research on the Chinese Economy of the Joint Committee on Contemporary China of the Social Science Research Council and the American Council of Learned Societies. Alexander Eckstein, from the University of Michigan, had been asked by the subcommittee to organize a meeting to bring together academics and government professionals carrying out research on China's economy to discuss common problems encountered in their research. Given the limited quantity and poor quality of basic economic data for China since 1949, Eckstein decided to organize the conference on the theme of reconciling quantitative estimates of China's economic output. Participants included some twenty academics from the United States, the United Kingdom, and India and fifteen professionals from government or quasi-public research institutions. The success of the conference led to urgings by the subcommittee and many other scholars that Eckstein edit several of the papers for publication. The revisions by the individual authors of the four essays included in this volume and the supervision and coordination of their efforts by Eckstein were time-consuming tasks. The authors worked closely with him in these efforts, and his detailed critiques and suggestions were planned as a separate volume. His contribution to the final version of the essays in this volume is very significant, but Eckstein suffered a fatal heart attack in December, 1976, before the revised draft of the fourth essay was completed and before he had begun to write the introductory essay. He was widely recognized as the dean of American scholars of the economy of China, and his death was a tragic loss for all students of China. Following Eckstein's death, Robert F. Dernberger of the Universit
Market Distortions in the Chinese Economy from 1983 to 1988: an Applied General Equilibrium Analysis
Author: Juzhong ZhuangResource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises
Author: Ms. Emilia M JurzykPublisher: International Monetary Fund
ISBN: 1513571923
Category : Business & Economics
Languages : en
Pages : 45
Book Description
We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.