china-economy   17

New industry clusters are springing up in the same old places
You have to love the fact that all four of China’s main private-sector express-delivery companies–the guys shuttling all those Taobao packages around the…
economic_history  economic_geography  Evernote  China-economy  Chinese_history  industry_clusters  from instapaper
november 2017 by dunnettreader
Menzie Chin - Thinking about The Great Leap Forward - April 2016
When Technocrats Are Pushed Aside Nearly 56 years ago, with the beginning of the second Five-Year Plan, Chairman Mao called for a “Great Leap Forward”. The…
Instapaper  China  Chinese_history  China-governance  China-economy  Cultural_Revolution  20thC  post-WWII  industrialization  agriculture  from instapaper
may 2016 by dunnettreader
Willem Thorbecke - “Exports, Exchange Rates, and the Return on China’s Investments” - Econbrowser - May 2016
Today, we’re fortunate to have Willem Thorbecke , Senior Fellow at Japan’s Research Institute of Economy, Trade and Industry (RIETI) as a guest contributor. The…
Instapaper  China  China-economy  industrialization  global_imbalance  economic_growth  supply_chains  exports  trade-policy  trade  global_economy  FX  from instapaper
may 2016 by dunnettreader
Evan Osnos - The Cost of the Cultural Revolution - re J Gewirtz book on Western help in recovery - The New Yorker - May 2016
This fall, Harvard University Press will publish a new history, “Unlikely Partners: Chinese Reformers, Western Economists, and the Making of Global China,” by Julian Gewirtz, a doctoral student at Oxford. The book tells the little-known story of how Chinese intellectuals and leaders, facing a ruined economy at the end of the Cultural Revolution, sought the help of foreign economists to rebuild. Between 1976 and 1993, in a series of exchanges, conferences, and collaborations, Western intellectuals sought not to change China but to help it change itself, and they made indispensible contributions to China’s rise as a global economic power. “China’s rulers were in charge of this process—they sought out Western ideas and did not copy them indiscriminately. But they were open to Western influence and were profoundly influenced,” Gewirtz told me. “This history should not be forgotten. And, at a moment when China’s economy and society may be teetering, a return to this openness and partnership with the West—rather than the turn toward intellectual isolation and international distrustfulness that seems to be under way—is the best means of avoiding disaster.”
books  Chinese_history  China-economy  China  China-international_relations  China-governance  20thC 
may 2016 by dunnettreader
Lu Ming - Myths and Realities of China’s Urbanization | Paulson Institute - August 2015
as a direct result of these deeply held beliefs, Beijing has relied on administrative controls, not market mechanisms, to direct China’s urbanization process (...) has yielded some major deficiencies in China’s overall urbanization policy. (..) Beijing has imposed tight hukou controls on the country’s biggest cities, thus restricting their ability to grow. Second, the Chinese government has relied excessively on administrative power to accelerate urbanization in China’s central and western regions, even though people are, in fact, moving largely to the country’s coastal areas. Third, Beijing has encouraged the development of small and medium sized cities, but these are usually scattered far away from regional economic centers. Lu’s memo proposes several adjustments aimed at mitigating the distorted economic effects of the policies that have flowed from these misunderstandings. Five specific areas of China’s current urbanization policy require changes, says Lu. These are: (1) China’s hukou system; (2) the way that China allocates construction land quotas; (3) China’s fiscal transfer payment system; (4) the use of economic growth and tax revenue targets in the evaluation and promotion system for officials and cadres; and (5) the use of planning tools in metropolitan areas and urban cores. Lu makes a number of policy recommendations in each of these five areas, arguing that only in this way can China effectively respond to the challenges that have bedeviled urbanization in other countries. -- didn't download
paper  China  China-economy  China-governance  urbanization  urban_development  safety_net  land_use_planning  local_government  fiscal_policy  incentives-distortions 
september 2015 by dunnettreader
Brad DeLong - Must-Read: Alan Beattie ( Despotic Rulers Who Display Their Muscle to Turn Back Time - August 2015
Must-Read: Alan Beattie ( Despotic Rulers Who Display Their Muscle to Turn Back Time: "Adopting inconvenient time zones for symbolic reasons begins to look like insecurity... Great pull quote -- not only Mao and India but Chavez and Franco, who adopted Berlin time!
fascism  Chinese_history  India  totalitarian  China-economy  Spain  political_culture 
august 2015 by dunnettreader
Brad DeLong - Why I Try Not to Blather About China: My Visualization of the Cosmic All Is Incomplete - August 2015
Brad illustrates why he's periodically thought China was going to blow up, and where in his mental model, he tries to update his assumptions, without apparent improvement in understanding the next round when he expects China to blow up but it doesn't -- responding to recent Brookings paper
Pocket  economic_history  political_economy  20thC  21stC  post-WWII  post-Cold_War  China-economy  from pocket
august 2015 by dunnettreader
Cormac Ó Gráda - Eating People Is Wrong, and Other Essays on Famine, Its Past, and Its Future | Princeton University Press
Famines are becoming smaller and rarer, but optimism about the possibility of a famine-free future must be tempered by the threat of global warming. (...) this wide-ranging book, which provides crucial new perspectives on key questions raised by famines around the globe between the 17thC and 21stC. The book begins with a taboo topic. Ó Gráda argues that cannibalism, while by no means a universal feature of famines and never responsible for more than a tiny proportion of famine deaths, has probably been more common during very severe famines than previously thought. (...) new interpretations of two of the 20thC’s most notorious and controversial famines, the Great Bengal Famine and the Chinese Great Leap Forward Famine. Ó Gráda questions the standard view of the Bengal Famine as a perfect example of market failure, ...primary cause was the unwillingness of colonial rulers to divert food from their war effort. (...) the role played by traders and speculators during famines more generally, invoking evidence from famines in France, Ireland, Finland, Malawi, Niger, and Somalia since the 1600s, and overturning Adam Smith’s claim that government attempts to solve food shortages always cause famines. Cormac Ó Gráda is professor emeritus of economics at University College Dublin. His books include Famine: A Short History and Black '47 and Beyond: The Great Irish Famine in History, Economy, and Memory (both Princeton). -- introduction downloaded as pdf to Note
books  economic_history  economic_theory  markets-failure  markets-structure  markets-psychology  famine  agriculture  Ireland  Chinese_history  China-economy  India  British_Empire  imperialism-critique  downloaded 
july 2015 by dunnettreader
Hans Degryse, Liping Lu, Steven Ongena - Informal or formal financing: First evidence on co-funding of Chinese firms | VOX, CEPR’s Policy Portal - 21 August 2013
Non-bank financing originating in the shadow banking system has increasingly become an issue for policymakers. This column argues that informal financing has, in fact, been an essential element of corporate performance in China. Through reviewing the interaction between informal and formal financing, evidence suggests that informal financing simultaneously granted with formal financing (co-funding) is helpful for growth, especially for small firms. -- informal financing may complement the use of formal financing, so that co-funding can better enhance firm growth. We conclude that the informal credit market should not be simply repressed as it may co-exist with the formal banking system and supports firm growth in a proper way. As the risks in the shadow banking system has not been regulated properly in China, it is high time that the Chinese regulators curtail the risks and channel the non-bank lending into a proper track in order to avoid a debt crisis. Informal financiers could then still continue to be a vital player in the Chinese credit market and sustain the high economic growth.
paper  China-economy  shadow_banking  NBFI  intermediation  information-intermediaries  access_to_finance  economic_growth  corporate_finance  financial_regulation 
july 2015 by dunnettreader
Douglas J. Elliott and Qiao Yu - Reforming shadow banking in China | Brookings Institution - May 12, 2015
Shadow banking has become an important, and rapidly growing, part of Chinese finance. Much of the reporting and analysis for this sector focuses on the risks of shadow banking, which clearly do exist and are significant. However, the societal benefits, on the whole, appear to be even greater. Therefore, shadow banking should be reformed, to reduce the risks and increase the benefits, not abolished or shrunk simply for the sake of reducing its importance. The right approach is to find the optimum balance of societal benefits and risks, not to aim for an arbitrary size or role. Further, much of shadow banking results from a web of regulatory, bureaucratic, and policy constraints and pressures on the formal banking sector, as well as some internal weaknesses at the banks. Therefore, reform recommendations arising from a consideration of shadow banking need to extend into the formal banking sector. -- This paper will focus on recommendations for regulatory reform -- didn't download
paper  China-economy  banking  NBFI  shadow_banking  regulation-enforcement  financial_system  financial_regulation  financial_sector_development  financial_stability 
may 2015 by dunnettreader
Toby Nangle - Labour power sets the neutral real rate | VOX, CEPR’s Policy Portal - 09 May 2015
The recent remarkably low interest rates have puzzled economists. The standard explanation rests on the extraordinary manoeuvres of the world’s largest central banks. This column argues, however, that it is due to economic developments, specifically globalisation and the collapse in labour power in the west. -- downloaded page as pdf to Note
macroeconomics  global_economy  globalization  labor_share  Labor_markets  inequality-global  inequality  OECD_economies  interest_rates  asset_prices  investment  capital  stagnation  central_banks  capital_markets  China-economy  off-shoring  downloaded 
may 2015 by dunnettreader
Steve Cecchetti and Kim Schoenholtz - Residential real estate in China: the delicate balance of supply and demand — Money, Banking and Financial Markets - April 2015
Some observers believe that demand for housing in China is price-insensitive for cultural reasons. Among other things, housing is viewed as a “status good” for those wishing to get married. Another favorable factor is the preparedness of Chinese policymakers to intervene and support housing markets should they soften. Then there is the possibility that central bank policy will be adjusted in a manner designed to further support real estate lending. Yet, there remain grounds for skepticism. The role of big-city home ownership as a status good in Japan did not prevent the massive and destructive land and housing price boom and bust in the 1980s. And, government actions to support China’s housing prices will be fighting an uphill battle if private expectations of capital gains weaken. Not only that, but the day may come when China sees the need to implement a tax on property, if only to provide a better underpinning for municipal finances. This would almost surely drive prices down quickly. Finally, the government’s other objectives of liberalizing the financial system (as a step toward internationalizing the renminbi) and increasing housing supply to meet the needs of a migrating population may prove incompatible with supporting high house price-to-rent ratios. -- really fine update on what's been happening in urbanization, local governments, policies re financial sector liberalization, GNP and personal income growth (and slow down) etc -- copied to Pocket
China  China-economy  financial_system  housing  asset_prices  bubbles  urbanization  economic_growth  financial_regulation  financial_sector_development  financial_stability  banking  NBFI  shadow_banking  regulation-enforcement  tax_reform  taxes  local_government  infrastructure  wages  economic_culture  municipal_finance  Pocket 
april 2015 by dunnettreader
The Illusion of Chinese Power
Very good overview of why China isn't as strong as it seems.
The discussion of China's shortcomings in academia and what they mean for the country are especially good.
China’s rampant theft of intellectual property and its government programs to spur “indigenous innovation” (which pour billions into domestic research and development every year) are clear admissions of its failure to create. This may, and likely will, change over time—but to date China is not setting global standards in hardly any technology or product line (or in the natural sciences, medical sciences, social sciences or humanities)…In the world’s most cited articles (across all academic disciplines), Chinese scholars account for only 4 percent—whereas Americans account for 49 percent.
china-economy  china-technology  china-politics  china-censorship  china-academia 
august 2014 by lukewrites

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