Making Sense of China's Economy

ISBN-13: 9781032317045 / Angielski / Twarda / 2023 / 336 str.

Tao Wang

Opis

For years, China’s transformation from one of the world’s poorest nations was lauded as a triumph that lifted hundreds of millions of people out of poverty. There were always questions about data reliability and growth sustainability, but the general views on China have recently taken a decidedly sour turn. Concerns abound about state interference in the economy, an ageing population, and high debt level. Making Sense of China's Economy untangles China’s complex economic structure, evolving issues and curious contradictions, and explains some key features of this most puzzling of global economic powerhouses.

This book reveals how factors such as demographics, the initial stage of development in 1978, the transition away from full state ownership and central planning, the dual urban-rural society, and a decentralised governance structure have combined to shape the economy, its development and its reforms. It shows how the pragmatic and adaptive nature of China’s policymaking upends familiar perspectives and hinders simple cross-country comparisons. The book also explores crucial topics including the property market, debt accumulation and environmental challenges.

In this book, Tao Wang innovatively weaves the multiple strands of China’s economy into a holistic and organic tapestry that gives us unique insights from both a Chinese and an international perspective.

This book is critical reading for business leaders, investors, policymakers, students, and anyone else hoping to understand China’s economy and its future evolution and impact, written by a specialist who has studied the country from both inside and out.

Recenzje

"Making Sense of China’s Economy is a comprehensive and balanced analysis both of China’s rapid growth since 1978 and the economic challenges it now faces. It covers the basic story extremely well and deep dives on key issues will be illuminating even to those who have followed China for years."

—Nick Lardy, Peterson Institute of International Economics, author of The State Strikes Back: The End of Economic Reform in China? and Markets over Mao: The Rise of Private Business in China

 

"Dr. Tao Wang’s views on the Chinese economy are always well-balanced and insightful. Making Sense of China's Economy is a great contribution to revealing the secrets of the success of the Chinese economy and the intrinsic contradictions in its structure and growth paradigm. The book should be a must-read for all businesspeople and economists who are interested in understanding the Chinese economy."

— Yu, Yongding, Chinese Academy of Social Science and CF40

　

"While China’s growth achievement in the previous decades has been a source of envy for many countries, it is still struggling with a multitude of challenges. Dr. Tao Wang, a leading and long-time China economist in the finance industry, has offered her keen observations and analysis in this fascinating book. Some of the questions examined are so complex that they defy a simple answer. That is where one finds Dr. Wang’s analysis especially insightful. I recommend the book to anyone interested in the Chinese economy, including students, investors, and business and political leaders."

— Shang-Jin Wei, Columbia University (and formerly International Monetary Fund and the Asia Development Bank)

Spis treści

Introduction 1. China’s economy ‒ the ever-changing puzzle 2. The evolving economic structure 3. The road to here – key reforms since 1978 4. The state versus the market 5. How does economic policy work in China? 6. Urbanisation and the urban-rural divide 7. Property market and local-government finance 8. The slow move towards a consumer economy 9. How serious is the debt problem? 10. The environment, public health, and the government management challenge 11. China and the world 12. Can China sustain its economic development? Appendix: Availability and reliability of China’s economic statistics

O autorze

Tao Wang, Ph.D., is Chief China Economist at UBS Investment Bank in Hong Kong and formerly an economist at the IMF.