The remarkable rise of China over the past three decades has been unprecedented in both its scale and speed. Analysts around the world have attempted to understand the causes of this unique event and to predict how long it will last.
China's rise has also raised two important questions. The first concerns the stability and the sustainability of China’s growth, which has been accompanied by growing internal and external imbalances, rising inequality at home, environmental degradation and an increased risk of catastrophic climate change, and has happened in spite of the continuing, if diminished, role of the state in many sectors of the economy. The second concerns trying to guess what the effect of China’s rise will be on its relations with the rest of the region, the world and the existing global order. It seems only a matter of time until China becomes the world’s largest economy, and history suggests that it is unthinkable that this event would be without geopolitical consequences.
The chapters in this volume draw on papers originally presented to the 34th Pacific Trade and Development Conference held in Beijing in 2010 to discuss these two big questions and China’s changing role in the world economy. This book will be welcomed by students and scholars of Chinese economics, business and politics, and those interested in the pervasive impact of China’s development on the global economy.
1. Introduction Yiping Huang 2. China's Rapid Growth and Development: A Historical and International Context Ligang Song 3. Double Transition and China's Export-Led Growth Yang Yao 4. Understanding Changing Trends in Chinese Wages Cai Fang, Wang Meiyan and Du Yang 5. Climate Change Mitigation: A Defining Challenge for China Stephen Howes 6. Financial Reform and Economic Development in China Yiping Huang and Xun Wang 7. Capital Account Liberalization and the Role of the renminbi Nicholas Lardy and Patrick Douglass 8. Chinese Trade Policy after Ten Years in the World Trade Organisation: A Post-Crisis Stocktake Razeen Sally 9. Issues and Options for Social Security Reform in China Shi Li 10. Chinese Outward Direct Investment: Is there a China Model? Yiping Huang and Bijun Wang 11. History Matters: China and Global Governance Wendy Dobson