By John Wong, Wei Liu
The chinese language financial system this present day is at a serious crossroads. Sustained fast development has given upward thrust to structural traces in addition to sectoral imbalances. It has additionally generated socio-economic difficulties resembling emerging source of revenue inequality, rural discontent and environmental degradation. All of those has to be addressed earlier than China can input the following lap of excessive development. Containing 12 chapters, this quantity is a collaborative attempt of best economists from Beijing, Singapore and in different places within the area in reading China s financial development customers and their concomitant difficulties and constraints.
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Additional info for China's Surging Economy: Adjusting for More Balanced Development (Series on Contemporary China)(Series on Contemporary China)
Peter Berger and Michael Hsiao Hsin-Huan, In Search of An East Asian Development Model (Transactions Books, 1988); Michio Morishima, Why Has Japan Succeeded? Western Technology and Japanese Ethos (Cambridge University Press, 1982); and Harry Oshima, Economic Growth in Monsoon Asia: A Comparative Survey (Tokyo University Press, 1987). 745 2000–04 — Human Development Index combines life expectancy, educational attainment, and income indicators to give a composite measure of human development. Sources: World Development Report 2006; Asian Development Bank.
This explains why fixed assets investment will continue to be a highly significant source of growth for China for many years to come. Subsequently, growth needs to be sustained by productivity growth. China’s future economic growth can also be boosted by rising consumption. With a moderately affluent middle class of over 100 million, mainly in large cities and numerous small towns, China’s appetite for consumption goods is enormous. When the urban elites have satisfied their material consumption needs, they will go for consumption in services like travels and entertainment, which are 12 For further discussion of China’s recent economic growth and its problems, see John Wong, “China’s Economy in 2005: At a New Turning Point and Need to Fix Its Development Problems,” China & World Economy 14, 2 (March 14, 2006).
Thus, on the one hand, China welcomes FDI in order to catalyze its industrialization and speed up its exports. On the other hand, China is confronted with an enormous problem of how to profitably and smoothly recycle its bulging foreign reserves back to the international financial system. Turning to the real economy, as a result of intensive and extensive industrialization over the past 25 years, China has become the world’s foremost manufacturing production base. 1 billion tons of cement, 83 million sets of color TV, 68 million units of air-conditioners, 30 million units of 2 3 Ibid.