China's Challenges in Moving towards a High-income Economy最新文献

{"title":"China’s urbanisation in the new technological revolution","authors":"Wen Wang, Deng Yusong, Shao Ting, Wang Ruimin, Niu Sanyuan, Liu Xin","doi":"10.2307/j.ctv1zcm2t6.10","DOIUrl":"https://doi.org/10.2307/j.ctv1zcm2t6.10","url":null,"abstract":"","PeriodicalId":326269,"journal":{"name":"China's Challenges in Moving towards a High-income Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115681168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The transformation and upgrading of processing trade and its impact on firms’ productivity","authors":"Kun Li, Haoran Hu","doi":"10.2307/j.ctv1zcm2t6.14","DOIUrl":"https://doi.org/10.2307/j.ctv1zcm2t6.14","url":null,"abstract":"Since the beginning of the reform and opening-up period, China’s foreign trade has become one of the important drivers of economic growth. The proportion of exports in total gross domestic product (GDP) increased from less than 4 per cent in the initial period of opening up to its highest value, of 34.5 per cent, in 2007. China’s export growth has been largely related to the rapid development of processing trade. Before the Global Financial Crisis (GFC), processing trade accounted for more than 50 per cent of China’s exports. Processing trade has made great contributions to employment, industrialisation and foreign trade in China.","PeriodicalId":326269,"journal":{"name":"China's Challenges in Moving towards a High-income Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133332221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Conditions in China’s corporate sector","authors":"Joel P. Bowman","doi":"10.2307/j.ctv1zcm2t6.13","DOIUrl":"https://doi.org/10.2307/j.ctv1zcm2t6.13","url":null,"abstract":"Revenue and profit growth have slowed in China’s corporate sector in recent years, alongside a broader moderation in China’s economic momentum. The slowdown has been most severe for labour-intensive private companies, particularly export-oriented manufacturing firms. The government has responded by announcing a range of measures aimed at easing financial conditions faced by the private sector. Earlier efforts by the Chinese authorities to reduce risks in China’s financial system appear to have been successful in stabilising leverage in the state-owned sector, but the financial position of private sector firms is more fragile, and risks remain elevated in the real estate industry. Introduction Conditions in China’s corporate sector are important for Chinese economic growth and financial stability, and have significant implications for China’s major trading partners, including Australia. Chinese business investment has been an important source of economic growth, and driven demand for resource commodities. However, by the same token, the corporate sector has been the largest contributor to non-financial sector leverage, and corporate debt remains very high by international standards. Analysis of the activities and financial health of China’s companies is also helpful for forming assessments about the broader trajectory of the Chinese economy and the effectiveness of government policies affecting businesses. A range of previous studies has examined conditions in China’s corporate sector.[1] These analyses have documented the decline in corporate profitability and rise in leverage since 2008–09, which stemmed from the rapid increase in debtfunded investment that formed part of the Chinese Government’s stimulus response to the Global Financial Crisis (GFC). This article provides an update on recent developments by drawing upon official industrial survey data. However, the official survey data only cover a limited number of industries and are restricted to B U L L E T I N – D E C E M B E R 2 0 1 9 7 1 companies above a certain size.[2] Therefore, for more detailed sector-level analysis, this article uses alternative data derived from the financial statements of listed companies. As at the end of 2018, more than 3,300 non-financial companies were listed on the Shanghai and Shenzhen stock exchanges, with a combined value of CNY58 trillion in assets.[3] Listed companies represent a relatively small but growing share of China’s broader corporate sector: these firms accounted for around 10 per cent of non-financial enterprise assets in 2016 and around 10 per cent of non-financial corporate debt in 2018. Revenue and Profit Growth Has Weakened, Driven by the Private Sector A range of indicators suggests that growth in revenue and profits of Chinese firms has slowed noticeably in the past few years. The profitability of industrial firms captured in the official industrial survey had been trending lower following the 2008–09 stimulus. In large part, this downwa","PeriodicalId":326269,"journal":{"name":"China's Challenges in Moving towards a High-income Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116210148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Challenges and roadmaps for moving towards a high-income economy","authors":"Ligang Song, Yixiao Zhou","doi":"10.2307/j.ctv1zcm2t6.7","DOIUrl":"https://doi.org/10.2307/j.ctv1zcm2t6.7","url":null,"abstract":"China’s per capita income reached US$10,000 in 2019—an important milestone in measuring the significant improvement in wellbeing for 1.4 billion Chinese people resulting from the decades-long program of reform and development. In the same year, China’s total gross domestic product (GDP) reached US$14.3 trillion, accounting for 16.4 per cent of global GDP according to World Bank estimates, which matches closely to China’s share of about 18 per cent of global population. Along with the rise in per capita income and total GDP, the Chinese economy witnessed some fundamental changes in the pattern of industrialisation, continuing to move towards high value-added production, trade and investment, progress on innovation and technological change and large-scale poverty reduction. These changes reflect some key features associated with a new and more advanced stage of growth and development. These structural changes are expected to continue to deepen and will allow China to accomplish its goal of becoming a high-income economy, which is one marked by a level of per capita income above US$12,270.1","PeriodicalId":326269,"journal":{"name":"China's Challenges in Moving towards a High-income Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127143261","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The renminbi’s status as a safe-haven currency","authors":"Liqing Zhang, Libo Yin, You Wu","doi":"10.2307/j.ctv1zcm2t6.15","DOIUrl":"https://doi.org/10.2307/j.ctv1zcm2t6.15","url":null,"abstract":"The China Financial Stability Report (Financial Stability Analysis Group of the People’s Bank of China 2019) pointed out that the factors threatening global financial stability will likely persist into the future, especially as unilateralism and trade-protectionist sentiments have only intensified globally, while financial markets are highly sensitive to trade—all of which has led to growing uncertainty around the world. As such, global systemic risk prevention and control remain vital. Consequently, analysis of the demand for safe havens and the allocation of safehaven assets appears extremely urgent. Traditionally, the main safe-haven currencies are the Swiss franc, the Japanese yen and the US dollar. However, these currencies do not exhibit the characteristics of a safe-haven asset all the time. Meanwhile, the large and concentrated demand for such assets is likely to lead to excessively high currency portfolio holding costs.","PeriodicalId":326269,"journal":{"name":"China's Challenges in Moving towards a High-income Economy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131811266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}