China's Economy Review

China's Economy
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China's Economy ReviewBoth economists from mainland China have attempted to delineate facts about China's economy since 1949 on the basis of four key questions: "Why studying China's economy?" "What are success recipes of China's economy?" "What will be the future of China's economy" and "How does China contribute to the global economy?"
Both economists have maintained that China's economy is highly heterogeneous with developed and other emerging economies in the western world. Instead of relying on invisible hands and free economic activity to regulate market mechanism and stimulate economic growth, China have placed great emphasis on the dominant role of the state and state-owned enterprises (SOEs), although policies, regulations, and other measures to distribute incomes and production factors and accelerate emergence and growth of entrepreneurship in the private sector are becoming more market-oriented. The overall government direction is to allow "the state to regulate the market, the market regulates the enterprises".
Moreover, the success of China's economy since 1976 can be measured by some of its key economic performance indictors such as double-digit GDP growth, phenomenal growth of foreign direct investments, high growth of disposable income per capita, and high levels of industrial and agricultural outputs. Its success recipes are due mainly to five key factors, including cheap and abundant labour supply, efficient Chinese Communist Party (CCP), dominant government role in economy, relaxed international environment, and people willingness to ameliorate their living standards.
According to both economists, there are key economic challenges and hurdles to sustain China economic growth. They include energy and resource shortages (1/15 of world average standard in oil), low level of urbanization (45.7% in 2008 versus 60% in modern economy standard), imbalance of economic development in different regions (coastal versus inland regions), wide income gap (high Gini coefficient), and corruption and inefficiencies due to imperfect political and economic system. Despite such challenges and hurdles, both economists remain confident that China will play a more significant role in leading global economic recovery after 2008.
This book covers all basic facts about China's economy since 1949 and it is totally relevant to general readers who are interested in understanding what has happened in this second-largest economic country for the previous 60 years. However, there are key limitations in this book. For example, both economists seldom criticize economic policy failure of CCP. Nor do they mention other lively economic challenges such as low export growth, low local consumption, consequence of 2009-2010 aggressive fiscal and moderately loose monetary policy, and asset bubble problem that policy makers are currently baffling with. Nonetheless, general readers cannot expect a 150-page book to cover in-depth about China's economy in every aspect.
China's Economy Overview

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