Routledge Handbook of the Chinese Economy (Routledge Handbooks)
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China's rapid rise to become the world's second largest economy has resulted in an unprecedented impact on the global system and an urgent need to understand the more about the newest economic superpower.
The Routledge Handbook of the Chinese Economy is an advanced-level reference guide which surveys the current economic situation in China and its integration into the global economy. An internationally renowned line-up of scholars contribute chapters on the key components of the contemporary economy and their historical foundations.
Topics covered include:
- the history of the Chinese economy from ancient times onwards;
- economic growth and development;
- population, the labor market, income distribution, and poverty;
- legal, political, and financial institutions; and
- foreign trade and investments.
Offering a cutting-edge overview of the Chinese economy, the Handbook is an invaluable resource for academics, researchers, economists, graduate, and undergraduate students studying this ever-evolving field.
strictly adhered to such a target in practice. The target is just a policy manifestation, a reference target. More often than not, the PBOC fails to hit the target. First, whenever the inflation rate had surpassed certain thresholds, irrespective of the growth rate of money supply, it will tighten monetary policy. On the other hand, whenever the growth rate of the economy falls below certain thresholds, irrespective of the growth rate of money supply, it will loosen monetary policy. Fortunately,
46). Private landownership could be secured by written contract from the Song dynasty (960–1279) onward (Wang Zhirui 1964: 118–119). The dynasties established by foreign conquerors, such as the Liao (907–1125), Jurchen Jin (1125–1234), Yuan (1279–1368), and Qing (1644–1911), as well as the Ming dynasty (1368–1644) established by the Han Chinese, saw land taken by the imperial families and held privately. In 1865, private land accounted for 92.2 percent of the total for the whole country; public
continued growth. The main reason is that China is still very poor; China’s per capita income is still 18 percent that of the US. When a country is still so far behind the technology and institutional frontier and has embarked on the path of rapid growth, the potential for growth will remain huge. Figure 19.5 is a graph of economies that took off while beginning with such a low level of per capita income. The second reason for China’s potential for rapid growth is that the Chinese economy is a
He holds a Ph.D. in economics from the University of Oxford. Eden S. H. Yu is Dean of the Faculty of Business and Chair Professor of Economics, Chu Hai College of Higher Education in Hong Kong. He was Distinguished Professor of Business Administration, Louisiana State University, (Chair) Professor of Managerial Economics, Chinese University of Hong Kong, and Chair Professor of Economics, City University of Hong Kong. He has been a Visiting Professor at Renmin University, Shanghai Jiaotong
1994. Before 2005 the current account surplus was relatively small, but it reached 7.6 percent of GDP in 2007. As a result of the large trade surplus, China accumulated foreign reserves rapidly, with more than US$3 trillion – the largest in the world. Accompanying the rising trade surpluses was the rising trade deficit in the United States. The imbalances received much attention before the current global financial crisis in 2008. In a testimony before the United States Congress, C. Fred Bergsten