This paper provides an overview of research on income inequality in China over the period of economic reform. It presents the results of two main sources of evidence on income inequality and, assisted by various decompositions, explains the...
Slower Chinese GDP growth is not a bad thing if it’s happening for the right reasons. But it’s not happening for the right reasons.
Instead of reining in credit to try to curb over-investment, Chinese authorities have allowed a renewed...
China’s real estate prices continue to skyrocket despite government efforts to rein them in to prevent a dangerous housing bubble. On March 5, American television network CNBC invited two analysts to debate the state of the sector. But when Peter...
An estimated 36 million Chinese men, women, and children starved to death during China’s Great Leap Forward in the late 1950s and early ’60s. One of the greatest tragedies of the twentieth century, the famine is poorly understood, and in China is still euphemistically referred to as the “three years of natural disaster.”
So our show this week isn’t technically a call-in show, given the lack of phones in our studio, but it is as close as we can get it, so thanks to everyone who sent us a pre-recorded question. We had a lot more responses than we expected, and the...
China’s new leadership, headed by Xi Jinping, will probably unveil new market-oriented changes in late 2013, according to Li Jiange, head of the country’s biggest investment bank.
Li,...
Official data show that consumption contributed over half of China's growth so far this year, more than investment's contribution.
Although the yuan rose nearly 30 percent since 2005, U.S. politicians are still taking jabs at China's currency regime.
The global financial crisis and ensuing economic downturn have raised many questions concerning the future of global economic growth. Prior to the financial crisis, global growth was characterized by growing imbalances, reflected primarily in large trade surpluses in China, Japan, Germany, and the oil exporting countries and rapidly growing deficits, primarily in the United States. The global crisis raises the question of whether the previous growth model of low consumption, high saving countries such as China is obsolete.
The current turmoil in global financial markets, which began with the American subprime crisis in 2007, has put market liberalism in a bad light.
But it was the socialization of risk—not private free markets—that precipitated the crisis....
It is widely acknowledged that China’s financial system is deeply troubled. Its banks have very high nonperforming loan ratios and its stock market has lost 50 percent of its value since 2001 amidst a GDP growth rate averaging some 9 percent a...
The evidence of “hot money” clearly shows that China’s cumbersome system of capital controls is not as effective as officials claim. There is no doubt that the greater openness of China’s economy will certainly generate growing tensions with the...
Chinese economic liberalization largely stopped at the gates of the financial sector. Investment funds are channeled through state-owned banks to state-owned enterprises (SOEs), there are few investment alternatives, stock markets are dominated...
CNOOC, a subsidiary of state-owned China National Offshore Oil Company, lost to Chevron in a bid to acquire Unocal. This loss did not occur because of Chevron's lower bid, but rather because of U.S. Congressional intervention that blocked the...
Exchange rate protectionism is a subject much in the news these days, especially in regard to the actions of Japan and China in foreign exchange markets and in the financing of the U.S. current account deficit.
China's account surplus has increased sharply as a product of economic growth and manipulation of its undervalued currency. This paper argues that China's account surplus is actually higher than reports indicate. China’s monetary authorities need...
China’s rapidly aging population, strong economic growth, and high return on capital mean that a funded pension system would be more efficient than a state-directed system. Yet, there are many problems in implementing a new privatized pension...
With the Chinese stock market in turmoil earlier this month, Orville Schell, Arthur Ross Director of the Center on U.S.-China Relations, wrote about the dramatic crash for The Guardian: “Why China’s Stock Market Bubble Was Always Bound To Burst...
