By John Wong, Wei Liu
The chinese language financial system at the present time is at a severe crossroads. Sustained quick development has given upward thrust to structural lines in addition to sectoral imbalances. It has additionally generated socio-economic difficulties similar to emerging source of revenue inequality, rural discontent and environmental degradation. All of those needs to be addressed ahead of China can input the following lap of excessive development. Containing 12 chapters, this quantity is a collaborative attempt of prime economists from Beijing, Singapore and in other places within the quarter in reading China s fiscal development clients and their concomitant difficulties and constraints.
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Additional info for China's Surging Economy: Adjusting for More Balanced Development (Series on Contemporary China)(Series on Contemporary China)
4. This is a far-cry for China 14 For a more detailed discussion of this subject, see John Wong and Sarah Chan, “Why China’s Economy Can Sustain High Performance: An Analysis of Its Sources of Growth,” East Asian Institute Background Brief no. 138 (November 14, 2002). b498_Chapter-02 FA 52 6/4/07 20:26 Page 52 John Wong today, whose rapid economic growth has brought about widening income disparities not just between rural and urban populations but also across various social classes. In other words, Chinese economic development has not been accompanied by an effective “trickledown” process as happened in Japan, Korea, and Taiwan.
0 2005 Fig. 2: China’s trade balance with selected countries (in US billions). Source: China Statistical Yearbook 2005. Taiwan and the ASEAN-5 to Australia and India; and how China turned around by incurring a large trade surplus with the USA and the EU. In this way, China could still end up with an overall trade surplus. But China’s trade deficits with its East Asian neighbors also mean that China has opened up its vast domestic market for their exports (both manufactured products and primary commodities), thereby operating as an engine for their economic growth.
The “Flying Geese” pattern is also reflected in the distribution of per-capita GDP in East Asia (which is commonly used to denote the level of economic development of an economy). As shown in Fig. 5, individual per-capita levels of the East Asian economies tend to bunch much closer in their initial phase of development. However, their income gaps tend to get widened after decades of rapid development, even though they have all enjoyed high rates of economic growth. China’s per-capita GDP always tends to be low because of China’s vast population size, while Japan is, without doubt, the most developed of all in the pack.