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Stephen Morgan provides a comprehensive analysis of China's unprecedented economic transformation and the specifics of its development, including issues such as well-being and human capital, inequality, ageing, urbanization and sustainability, consumerism, health, education and the environment.

The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world’s most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China’s new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China’s fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China’s economic reform and development. Included are discussions of China’s 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China’s global integration. This book further documents and analyses the development experiences including China’s large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.

China’s transformation over the past four decades has been unprecedented. The vision of its leaders for the next three decades is unprecedented too, as China seeks to fashion an advanced economy without significant political and social liberalization. Stephen Morgan provides a wide-ranging examination of China’s remarkable economic history from the time of the great divergence to the present day. Alongside the familiar story of GDP growth, he considers a comprehensive range of issues, including business management, energy use, foreign direct investment, government, innovation and consumerism as well as social and demographic factors such as social networks, health, education and migration and their interlinked challenges for the Chinese state. The specifics of development are examined – capitalism from above and below and its regional variances – as well as notable consequences, including growing inequality and severe pollution. The book also assesses the challenges to China’s continued growth, including its ageing and shrinking workforce (and rising dependency ratio), the constraints on innovation and raising productivity, as well as its ambitious international plans. The book provides an accessible and authoritative survey of China’s recent economic history and the workings of its unique political economy suitable for courses in Asian business and economy, Chinese history and East Asian studies.

Banking on Growth Models contends that China's rapid economic rise from the late 1970s to today has been built on and shaped by a highly politicized and inefficient bank-centric financial system . Stephen Bell and Hui Feng argue that if the Chinese growth model drives how key economic sectors interact, no amount of incremental reform can have much impact on the financial system-meaningful reform can stem only from a revised growth model. For a time after the global financial crisis, it appeared that the expansion of a more market-oriented shadow banking system might help sustain China's economic growth. Since around 2015, however, Xi Jinping's regime has reversed this trajectory and placed China's financial system under heavy state control, resulting in slowed economic development and skyrocketing national debt. China's market transition and economic rebalancing are now in doubt, as is the fate of the nation's economy. By pinpointing finance as a vital element of the growth model, Bell and Feng provide a convincing assessment of financial risks and the prospects for economic rebalancing in China. Banking on Growth Models demystifies the world of Chinese banking and finance as it investigates an ever-rising national debt, a declining rate of economic growth, and the possibility of dire and drastic reform by the Asian superpower's government.

China's transition from a planned economy to a market economy has succeeded in producing more than a decade of phenomenal growth. How the difficult task of balancing the diverse array of often competing concerns has been achieved is the subject of this book, which examines the dismantling of the centrally planned system and the mechanism of institutional change in Chinese transition.

The Chinese Economic Transformation, the 19th volume in the China Update book series, provides an opportunity for young economists to share their views on various issues relating to the Chinese economic transformation. More than half of the contributors to this book are female scholars. Some of the contributors are rising stars in the studies of the Chinese economy and economic transition, and some only recently received their PhDs and are on their way to establishing themselves in the field of China studies. But they have one thing in common: to passionately observe, study and research what is going on in the Chinese economic transformation during the reform period; and, by so doing, make contributions to the policy debates on, and general understanding of, the Chinese economy. The chapters in this volume include an in-depth probe into challenges in capital and credit allocation due to financial friction and policy distortions; investigating the causes of growth slow-down in China and suitable policy responses; the evolution of the household registration system and its impact on off-farm employment and the integration of rural and urban labour markets; the growth, scale and characteristics of nonstandard employment; the development of rural e-commerce and its economic impact; innovation performance of listed enterprises in China; financial services liberalisation and its impact on firms’ performance; financing support schemes for small and medium-sized enterprises (SMEs) and the effect on banks’ credit allocation to SMEs; the potential costs of US–China trade conflict and ways to mitigate them; gender income gap in China’s labour market; causes of blockage of Chinese overseas direct investment and strategies to reduce the probability of encountering obstacles; and the role of state capital in the iron ore boom in Australia. The great variety of topics in this year’s Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development.

Now available in a fully-revised and updated third edition, this established textbook provides a penetrating and comprehensive analysis of the historical, institutional, and theoretical factors that have contributed to China's economic success. * Includes coverage of China's foreign investments, trade with regional partners, Chinese human capital, and bureaucratic economic institutions * Covers a diverse set of important issues, including environmental restraints, income distribution, rural poverty, the education system, healthcare, exchange rate policies, monetary policies, and financial regulation * Accessibly written and intelligently organized to offer a straightforward guide to China's economic evolution * Written by a lauded economist, researcher, and advisor to government officials in mainland China and Taiwan

BANKING ON GROWTHMODELS -- Contents -- List of Figures -- Acknowledgments -- List of Abbreviations -- Introduction -- 1. Interactions between China's Growth Model and the Financial System -- 2. Interests, Ideas, Institutions, and the Politics of Banking and Economic Reform in China -- 3. Growth Model Reform and the Banks as the State's Cashier, 1979-96 -- 4. Quick-Fix Banking Reforms after the Asian Crisis, 1997-2002 -- 5. Further Banking Reforms, 2003-8 -- 6. The GFC and State Capitalism on Steroids -- 7. The GFC Critical Juncture and the Rise of Shadow Banking -- 8. Shadow Banking after the GFC -- 9. The Politics of Banking Regulation and Reform -- 10. Mounting Debt and Lurking Risks -- 11. China's Troubled Road to Economic Rebalancing -- Conclusion -- Notes -- References -- Index.

The rise of China as a great power is one of the most important developments in the twenty-first century. But despite dramatic economic progress, China's prospects remain uncertain. In a book sure to provoke debate, Minxin Pei examines the sustainability of the Chinese Communist Party's reform strategy—pursuing pro-market economic policies under one-party rule. Pei casts doubt on three central explanations for why China's strategy works: sustained economic development will lead to political liberalization and democratization; gradualist economic transition is a strategy superior to the \"shock therapy\" prescribed for the former Soviet Union; and a neo-authoritarian developmental state is essential to economic take-off. Pei argues that because the Communist Party must retain significant economic control to ensure its political survival, gradualism will ultimately fail. The lack of democratic reforms in China has led to pervasive corruption and a breakdown in political accountability. What has emerged is a decentralized predatory state in which local party bosses have effectively privatized the state's authority. Collusive corruption is widespread and governance is deteriorating. Instead of evolving toward a full market economy, China is trapped in partial economic and political reforms. Combining powerful insights with empirical research, China's Trapped Transition offers a provocative assessment of China's future as a great power.