Determinants Of China S Private Consumption
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Determinants Of China S Private Consumption
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Author : Kai Guo
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Determinants Of China S Private Consumption written by Kai Guo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
This paper gauges the key determinants of China's private consumption in relation to GDP using data on the Chinese economy and evidence from other countries' experiences. The results suggest there is nothing "special" about consumption in China. Rather, the challenge is to explain why the conditioning variables-notably a low level of service sector employment, the level of financial sector development, and low real interest rates-are so different in China relative to other countries' historical experience. The results suggest, in particular, that efforts to further raise household income and the share of employment in the services sector, as well as to develop capital markets, including liberalizing interest rates and creating alternative savings instruments are likely to have the biggest impact on consumption. Other mechanisms to raise household income and mitigate household-specific risk (such as by improving the healthcare and pension systems) also have a role to play.
China S Consumer Revolution
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Author : Yanrui Wu
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
China S Consumer Revolution written by Yanrui Wu and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Consumer behavior categories.
This is an examination of the general pattern of China's household demand for a variety of consumer goods such as food, durables, housing and health care. It also investigates the impact of economic and social factors on household consumption.
What Drives China S Economy
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Author : Qing-Ping Ma
language : en
Publisher: Routledge
Release Date : 2019-11-26
What Drives China S Economy written by Qing-Ping Ma and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-26 with Business & Economics categories.
The spectacular economic growth experienced by China since 1978 has often been hailed as the "China Miracle". Many economists have tried to understand the forces behind China’s phenomenal growth and the explanations can be divided into two broad schools of economic thought — one school of thought which includes Nobel Laureate Paul Krugman explains that market mechanism and deregulation led to China’s success, while the other school of thought which include Justin Yifu Lin, the former Chief Economist and Senior Vice-President of the World Bank, explains that China’s growth miracle is a unique model to itself defined by the Chinese government’s prominent role. The Chinese government has been responsible in identifying and investing in industries that have contributed to economic growth. Some economists in the latter school even claim that the China Miracle cannot be explained by mainstream economics. This book examines both schools of thought and attempts to provide a synthesis of the two schools to explain the China Miracle. It looks at the Solow-Swan growth model, the Harrod-Domar model and transaction cost theory. It provides insights into whether and how China can sustain its growth and how developing countries may replicate China’s success.
The Evolving Role Of China In The Global Economy
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Author : Yin-Wong Cheung
language : en
Publisher: MIT Press
Release Date : 2012-11-30
The Evolving Role Of China In The Global Economy written by Yin-Wong Cheung and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-30 with Business & Economics categories.
Experts analyze four factors in China's economic growth: exchange rate policy, savings and investments, monetary policy, and foreign direct investments. China is now the world's second largest economy and may soon overtake the United States as the world's largest. Despite its adoption of some free-market principles, China considers itself a “socialist-market economy,” suggesting that the government still plays a major role in the country's economic development. This book offers a systematic analysis of four factors in China's rapid economic growth: exchange rate policy, savings and investment, monetary policy and capital controls, and foreign direct investment (FDI). Contributors offer fresh perspectives on the undervaluation of the renminbi, the dollar peg, and China's macroeconomic relationships with the rest of the world. They review factors shaping China's saving dynamics and analyze the growth of the private sector despite limited access to external finance. They examine the monetary policy independence of the People's Bank of China, offshore markets for China's currency, and the effectiveness of China's capital controls. Finally, they consider Chinese FDI in terms of China's growing demand for energy and raw materials, exploring the factors that drive China's FDI in the conventional oil-producing countries and in Africa.
Public Expenditures On Social Programs And Household Consumption In China
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Author : Mr.David Coady
language : en
Publisher: International Monetary Fund
Release Date : 2010-03-01
Public Expenditures On Social Programs And Household Consumption In China written by Mr.David Coady and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-01 with Business & Economics categories.
This paper shows that increasing government social expenditures can make a substantive contribution to increasing household consumption in China. The paper first undertakes an empirical study of the relationship between the savings rate and social expenditures for a panel of OECD countries and provides illustrative estimates of their implications for China. It then applies a generational accounting framework to Chinese household income survey data. This analysis suggests that a sustained 1 percent of GDP increase in public expenditures, distributed equally across education, health, and pensions, would result in a permanent increase the household consumption ratio of 11⁄4 percentage points of GDP.
China S Economy In Transformation Under The New Normal
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Author : Sarah Yueting Tong
language : en
Publisher: #N/A
Release Date : 2017-07-07
China S Economy In Transformation Under The New Normal written by Sarah Yueting Tong and has been published by #N/A this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-07 with Business & Economics categories.
This book examines the recent development and prospect of the Chinese economy as the country adapts to changing domestic and external settings. After more than three decades of near double-digit annual expansion, the country's growth decelerated considerably to enter a new era of the so-called New Normal.At the macro level, considerable amount of overhaul is required to improve governance and enhance regulatory effectiveness. These include monetary policy adjustment, financial sector development and taxation reforms.As the Chinese government at both the central and local levels plays an important role in promoting growth, issues such as the role of local government and the reform of state-owned enterprises are examined in this book. Topics such as the development of private consumption and industrial upgrading are also assessed. The book discusses several matters considered important to China's social and economic cohesion including the management of agricultural product reserves, the development of a functioning social security system and regional development. To help project a long-term view of China's economic strength, the book also examines such factors as development in population and the labour market.This book provides a comprehensive analysis of China's economy and identifies the recent developments that matter to China's economic future.
Determinants Of Corporate Investment In China
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Author : Ms.Nan Geng
language : en
Publisher: International Monetary Fund
Release Date : 2012-03-01
Determinants Of Corporate Investment In China written by Ms.Nan Geng and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-01 with Business & Economics categories.
This paper analyzes the evolution of investment in China, its main features, and its key determinants. In recent years, manufacturing, real estate, and infrastructure have been the main drivers of investment. Investment remains largely concentrated in coastal areas, but there has been a shift to greater investments inland in recent years. The empirical analysis of the determinants of investment indicates that financial variables, such as interest rates, the exchange rate, and the depth of the domestic capital market are important determinants of corporate investment. The results suggest in particular that financial sector reform, including that which deregulates and raises real interest rates as well as appreciates the real effective exchange rate, would lower investment and help rebalance growth away from exports and investment toward private consumption.
The New Middle Class In China
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Author : E. Tsang
language : en
Publisher: Springer
Release Date : 2014-05-29
The New Middle Class In China written by E. Tsang and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-29 with Social Science categories.
Based on interviews with entrepreneurs, professionals and regional party cadres' from a range of age groups, this book argues that Western class categories do not directly apply to China and that the Chinese new middle class is distinguished more by socio-cultural than by economic factors.
China S Path To Consumer Based Growth
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Author : Mr.Il Houng Lee
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-29
China S Path To Consumer Based Growth written by Mr.Il Houng Lee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-29 with Business & Economics categories.
This paper proposes a possible framework for identifying excessive investment. Based on this method, it finds evidence that some types of investment are becoming excessive in China, particularly in inland provinces. In these regions, private consumption has on average become more dependent on investment (rather than vice versa) and the impact is relatively short-lived, necessitating ever higher levels of investment to maintain economic activity. By contrast, private consumption has become more self-sustaining in coastal provinces, in large part because investment here tends to benefit household incomes more than corporates. If existing trends continue, valuable resources could be wasted at a time when China’s ability to finance investment is facing increasing constraints due to dwindling land, labor, and government resources and becoming more reliant on liquidity expansion, with attendant risks of financial instability and asset bubbles. Thus, investment should not be indiscriminately directed toward urbanization or industrialization of Western regions but shifted toward sectors with greater and more lasting spillovers to household income and consumption. In this context, investment in agriculture and services is found to be superior to that in manufacturing and real estate. Financial reform would facilitate such a reorientation, helping China to enhance capital efficiency and keep growth buoyant even as aggregate investment is lowered to sustainable levels.
China S Economic Rise
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Author : Congressional Research Service
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2017-09-17
China S Economic Rise written by Congressional Research Service and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-17 with categories.
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.