Andrzej Bolesta
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9781447321507
- eISBN:
- 9781447321514
- Item type:
- book
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447321507.001.0001
- Subject:
- Political Science, Public Policy
The re-emergence of China as an economic superpower is a spectacular phenomenon. How has it happened? Where does China go? Is there a model which China is believed to have been following and does the ...
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The re-emergence of China as an economic superpower is a spectacular phenomenon. How has it happened? Where does China go? Is there a model which China is believed to have been following and does the model offer some transferable lessons? This book tries to answer those questions, as it is intended to contribute to the explanation of China's contemporary development trajectory. There is a plethora of analyses of post-Mao China's transformation and development. However, this book is the first comprehensive attempt to frame China's advancements within the context of the East Asian developmental miracle. It is argued here that China is a genus of post-socialist developmental state model, which fuses the two intellectual streams, that of the concept of the developmental state and that of post-socialist transformation. As China transits from central planning to market, it tries to imitate the institutions and policies of Japan and South Korea during their high growth periods of the second half of the twentieth century. This approach – broadly in opposition to the 30 years of neo-liberal propaganda worldwide – has brought impressive results and gives us some predictability as to the future. The book is divided into five chapters. Chapter one examines the concept of the developmental state. Chapter two focuses on post-socialist transformation in China. Chapter three is a comparative analysis of systemic and institutional arrangements of China, Japan and Korea. Chapter four discusses the three countries’ development policies. Chapter five examines China as a post-socialist developmental state and discusses the model's broader applicability.Less
The re-emergence of China as an economic superpower is a spectacular phenomenon. How has it happened? Where does China go? Is there a model which China is believed to have been following and does the model offer some transferable lessons? This book tries to answer those questions, as it is intended to contribute to the explanation of China's contemporary development trajectory. There is a plethora of analyses of post-Mao China's transformation and development. However, this book is the first comprehensive attempt to frame China's advancements within the context of the East Asian developmental miracle. It is argued here that China is a genus of post-socialist developmental state model, which fuses the two intellectual streams, that of the concept of the developmental state and that of post-socialist transformation. As China transits from central planning to market, it tries to imitate the institutions and policies of Japan and South Korea during their high growth periods of the second half of the twentieth century. This approach – broadly in opposition to the 30 years of neo-liberal propaganda worldwide – has brought impressive results and gives us some predictability as to the future. The book is divided into five chapters. Chapter one examines the concept of the developmental state. Chapter two focuses on post-socialist transformation in China. Chapter three is a comparative analysis of systemic and institutional arrangements of China, Japan and Korea. Chapter four discusses the three countries’ development policies. Chapter five examines China as a post-socialist developmental state and discusses the model's broader applicability.
Ye Zicheng, Guoli Liu, and Steven I. Levine
- Published in print:
- 2010
- Published Online:
- September 2011
- ISBN:
- 9780813126456
- eISBN:
- 9780813135465
- Item type:
- chapter
- Publisher:
- University Press of Kentucky
- DOI:
- 10.5810/kentucky/9780813126456.003.0003
- Subject:
- Political Science, International Relations and Politics
As some scholars have indicated, development is the keystone of China's future, and the main threat to national security is not foreign invasion but whether China can support a stable, orderly, and ...
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As some scholars have indicated, development is the keystone of China's future, and the main threat to national security is not foreign invasion but whether China can support a stable, orderly, and healthy society. Other scholars warn against focusing on military force at the expense of diplomacy. If China becomes a more democratic country, it too will play an increasingly constructive role in the world system. Democratization is essential to China's emergence as a global power. The major challenge for China will be to deal correctly with the United States, the leader of the present global world order. By following a strategy of putting integration first while also seeking some amendment and alteration, China and the United States can use cooperation as a basis for managing challenges. Accordingly, if the Chinese government can innovate, overcome corruption, and distribute the fruits of economic growth more rationally, it can avoid crisis.Less
As some scholars have indicated, development is the keystone of China's future, and the main threat to national security is not foreign invasion but whether China can support a stable, orderly, and healthy society. Other scholars warn against focusing on military force at the expense of diplomacy. If China becomes a more democratic country, it too will play an increasingly constructive role in the world system. Democratization is essential to China's emergence as a global power. The major challenge for China will be to deal correctly with the United States, the leader of the present global world order. By following a strategy of putting integration first while also seeking some amendment and alteration, China and the United States can use cooperation as a basis for managing challenges. Accordingly, if the Chinese government can innovate, overcome corruption, and distribute the fruits of economic growth more rationally, it can avoid crisis.
James Stent
- Published in print:
- 2017
- Published Online:
- December 2016
- ISBN:
- 9780190497033
- eISBN:
- 9780190497064
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190497033.001.0001
- Subject:
- Economics and Finance, Financial Economics
China’s Banking Transformation explains how Chinese banks work, analyzes their strengths and weaknesses, and sets forth the challenges they face in a slowing economy. Based on his twelve years of ...
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China’s Banking Transformation explains how Chinese banks work, analyzes their strengths and weaknesses, and sets forth the challenges they face in a slowing economy. Based on his twelve years of service on the boards of Chinese banks, the author brings the informed view of an insider to explaining the reality of China’s banks. Without minimizing the real issues Chinese banks face, China’s Banking Transformation challenges negative media accounts and reports of “China bears.” China’s Banking Transformation demonstrates that Chinese banks have transformed into modern, well-run commercial banks, playing a vital role supporting China’s economic growth. Acknowledging that China’s banks are different from Western banks, the author explains that they are hybrid banks, borrowing from Western models, but at the same time operating within a traditional Chinese cultural framework and in line with China’s governance model. From personal experience at the board level, Stent describes the governance and management of China’s banks, including the role of the Communist Party. He sees China’s banks as embedded in ancient concepts of how government and society work in China, and also as actors within market socialism. As the first account of Chinese banking by a Westerner who has worked in China’s banks, China’s Banking Transformation will interest anyone interested in the political economy of contemporary China, in Asian development issues, and in the banking industry. The book dispels misconceptions and provides insight into the financial aspects of China’s economic growth story.Less
China’s Banking Transformation explains how Chinese banks work, analyzes their strengths and weaknesses, and sets forth the challenges they face in a slowing economy. Based on his twelve years of service on the boards of Chinese banks, the author brings the informed view of an insider to explaining the reality of China’s banks. Without minimizing the real issues Chinese banks face, China’s Banking Transformation challenges negative media accounts and reports of “China bears.” China’s Banking Transformation demonstrates that Chinese banks have transformed into modern, well-run commercial banks, playing a vital role supporting China’s economic growth. Acknowledging that China’s banks are different from Western banks, the author explains that they are hybrid banks, borrowing from Western models, but at the same time operating within a traditional Chinese cultural framework and in line with China’s governance model. From personal experience at the board level, Stent describes the governance and management of China’s banks, including the role of the Communist Party. He sees China’s banks as embedded in ancient concepts of how government and society work in China, and also as actors within market socialism. As the first account of Chinese banking by a Westerner who has worked in China’s banks, China’s Banking Transformation will interest anyone interested in the political economy of contemporary China, in Asian development issues, and in the banking industry. The book dispels misconceptions and provides insight into the financial aspects of China’s economic growth story.
James Stent
- Published in print:
- 2017
- Published Online:
- December 2016
- ISBN:
- 9780190497033
- eISBN:
- 9780190497064
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780190497033.003.0013
- Subject:
- Economics and Finance, Financial Economics
The next few years will test the resilience of the posttransformation Chinese banking system. Banks must cope with the transition to the “New Normal” and decelerating growth as the economy moves to a ...
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The next few years will test the resilience of the posttransformation Chinese banking system. Banks must cope with the transition to the “New Normal” and decelerating growth as the economy moves to a more balanced and sustainable model. This will cause a rise in NPLs, but as long as government policy eases the economy into a “soft landing,” NPLs will not rise to crisis levels. The transformation has succeeded in producing a banking system that is stable, that is reasonably efficient, and that provides broad financial access. The challenge for the West will be to understand China’s banking system on its own terms, not through a “Western lens.” The banking system is a microcosm of China’s political economy as a whole, so understanding of how it works will assist in understanding how China’s economic and political systems work successfully. Understanding requires dropping a doctrinaire Western analytical framework.Less
The next few years will test the resilience of the posttransformation Chinese banking system. Banks must cope with the transition to the “New Normal” and decelerating growth as the economy moves to a more balanced and sustainable model. This will cause a rise in NPLs, but as long as government policy eases the economy into a “soft landing,” NPLs will not rise to crisis levels. The transformation has succeeded in producing a banking system that is stable, that is reasonably efficient, and that provides broad financial access. The challenge for the West will be to understand China’s banking system on its own terms, not through a “Western lens.” The banking system is a microcosm of China’s political economy as a whole, so understanding of how it works will assist in understanding how China’s economic and political systems work successfully. Understanding requires dropping a doctrinaire Western analytical framework.
Jean-Paul Fitoussi and Francesco Saraceno
- Published in print:
- 2013
- Published Online:
- May 2013
- ISBN:
- 9780199698547
- eISBN:
- 9780191745522
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199698547.003.0016
- Subject:
- Economics and Finance, South and East Asia, Macro- and Monetary Economics
The paper endorses the thesis that current macro imbalances are partly due to an excess of household savings in China, whose origin is to be found among other things in household uncertainty about ...
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The paper endorses the thesis that current macro imbalances are partly due to an excess of household savings in China, whose origin is to be found among other things in household uncertainty about the provision of public services like health care, pensions and education. Focusing on health services, because of their priority in the concerns of the Chinese people, we describe the recent trends in the provision of health care. We then argue that social spending by the government may have important intergenerational content, in that it allows higher private spending, lower inequality, higher levels of human capital and the like. All these factors are related to the potential growth rate of the economy. We conclude that a more important role of the government in the sector of public services, and in particular of health care, may help reduce the possibility of future bottlenecks, and hence help keeping the Chinese economy on a sustainable growth path. We conclude the paper by an assessment of the current debate on how to reform the system, and we advocate universal publicly funded basic health coverage.Less
The paper endorses the thesis that current macro imbalances are partly due to an excess of household savings in China, whose origin is to be found among other things in household uncertainty about the provision of public services like health care, pensions and education. Focusing on health services, because of their priority in the concerns of the Chinese people, we describe the recent trends in the provision of health care. We then argue that social spending by the government may have important intergenerational content, in that it allows higher private spending, lower inequality, higher levels of human capital and the like. All these factors are related to the potential growth rate of the economy. We conclude that a more important role of the government in the sector of public services, and in particular of health care, may help reduce the possibility of future bottlenecks, and hence help keeping the Chinese economy on a sustainable growth path. We conclude the paper by an assessment of the current debate on how to reform the system, and we advocate universal publicly funded basic health coverage.
Yu Hong
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780252040917
- eISBN:
- 9780252099434
- Item type:
- chapter
- Publisher:
- University of Illinois Press
- DOI:
- 10.5406/illinois/9780252040917.003.0008
- Subject:
- Society and Culture, Media Studies
The book closes by critically conceptualizing the Chinese state as a “developmental” state in the global system of digital capitalism. The conclusion also summarizes the centrality of communications ...
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The book closes by critically conceptualizing the Chinese state as a “developmental” state in the global system of digital capitalism. The conclusion also summarizes the centrality of communications in China’s opening-up and in its market reforms, explains the limited effect of China further embracing communications in correcting unbalanced economic dynamics, and assesses what may be learned from China’s successes and mistakes.Less
The book closes by critically conceptualizing the Chinese state as a “developmental” state in the global system of digital capitalism. The conclusion also summarizes the centrality of communications in China’s opening-up and in its market reforms, explains the limited effect of China further embracing communications in correcting unbalanced economic dynamics, and assesses what may be learned from China’s successes and mistakes.
