China and the world economy : anti-crisis and rebalance

"This book studies the main characteristics of the operation of the Chinese economy and the world economy after the financial crisis in 2008. The analysis starts from the core logic of the dilemma of the anti-crisis and rebalancing growth of the world economy. It further analyzes the impact of major countries' macro-economic policies on the global economy and the external risks and countermeasures faced by the Chinese economy. In addition, this book studies the development of foreign direct investment and the service industry in major countries after the crisis"-- Provided by publisher Contents About the Author Chapter 1 Introduction 1. Overall Analysis Framework 1.1. The emergence of global economic imbalances and the demand for rebalancing adjustments 1.2. The ideas of rebalancing adjustment for core and peripheral countries 2. Main Characteristics of World Economy in 2015 2.1. The cycle of science and technology development has led to the decline of the world economic growth rate 2.2. Trade overshoot in the emerging economies has led to insufficient growth momentum of the world economy 2.3. The pulling effect of external demand of core countries cannot be replaced by the growth of domestic demand in peripheral countries 2.4. Booming stock markets in the emerging economies cannot change the downward trend of the world economic growth 2.5. The attempt to establish a new international economic order makes the economy rebalancing more complicated 3. The Impact of Policy Conflicts among Great Powers on World Economy 3.1. The Eurozone has separated from the rebalancing framework of the United States when improved the regional integration mechanism 3.2. The economic policies led by the right-wing politics in Japan can hardly change the economic downturn 3.3. The U.S. economy is still in the balance between anti-crisis and rebalancing 3.3.1. The rebalancing policy in the anti-crisis process of the United States 3.3.2. Changes in the U.S. economy under its rebalancing adjustment 3.3.3. The underlying reasons for the economic growth differentiation in various countries due to the U.S. economic policy adjustment 3.3.4. Double external shocks faced by China’s economy 4. External Risks That Need to be Paid Attention to for China’s Economy 4.1. Correct judgement on the rebalancing approaches of the United States 4.1.1. To adjust the imbalanced economic base which lacks long-term sustainability by returning to the traditional manufacturing sector 4.1.2. The tradability of the service sector is the optimal choice for the U.S. rebalancing adjustment 4.1.3. The reindustrialization strategy is essentially the consolidation and reinforcement to the advantages of the U.S. service industry 4.2. The risk of “double dip” appears in the emerging economies 4.3. The impact of the TPP agreement dominated by the U.S. with geopolitics on China Chapter 2 The Arduous Recovery of World Economy 1. Why is World Economy Still in the Process of Arduous Recovery? 1.1. The decline in the potential GDP growth rate of world economy, especially of the developed economies, determines that it will be moderate for the road to recovery 1.2. The nature of the debt super-cycle determines that the road to recovery will be very long and moderate 2. Why the Road to Recovery May Not Be a Win–Win One? 2.1. The “resource curse” phenomenon has appeared in commodity exporting countries in the low-price operation cycle 2.2. The “mediocre period” of trade caused by “trade overshoot” will lead to a battle for dividends in international markets 2.3. Capital flows caused by the excessive flexibility of the U.S. dollar system will lead to exchange rate exposure risks in the emerging economies 2.4. The non-synchronization of the monetary policy accompanied by the imbalance of recovery will bring about the risk of negative externality of the monetary policy 3. A Brief Conclusion Chapter 3 Comparison of Unconventional Monetary Policies in the U.S., Europe and Japan 1. The Unconventional Monetary Policy and Its Basic Characteristics 1.1. Implementation of unconventional monetary policies 1.2. The basic transmission mechanism of unconventional monetary policies 1.3. The theoretical basis of unconventional monetary policies 1.4. The effects of unconventional monetary policies 2. The Basic Process and Characteristics of Unconventional Monetary Policies in the United States, Europe and Japan 2.1. The implementation of unconventional monetary policies in the United States 2.2. The implementation of unconventional monetary policies in Europe 2.3. The implementation of unconventional monetary policies in Japan 3. Analyses of the Reasons for the Differences of Unconventional Monetary Policies in Europe, the U.S. and Japan 3.1. Differences in unconventional monetary policies between the United States and Japan 3.1.1. Differences in policy objectives 3.1.2. Differences in policy transmission mechanisms 3.1.3. Attitudes on adopting unconventional monetary policies or not 3.2. Differences in unconventional monetary policies between the United States and Europe 4. Conclusion Chapter 4 Development Trends of World Service Industry & Trade and Opening up of China’s Service Industry 1. Characteristics and Trends of World Service Industry and Trade Development 1.1. Characteristics of world service industry and trade development 1.1.1. Rapid development and increased proportion 1.1.2. The scope continuously expanded and the structure further improved 1.1.3. The unbalanced development around the world 1.1.4. Diversified development of international service trade market 1.1.5. The coexistence of international service trade liberalization and trade barriers 1.2. Development trends of world service industry and service trade 1.2.1. The development of service industry and service trade has become an important symbol to measure the modernization of a country 1.2.2. The service industry and service trade have become a guarantee for the sustained growth of the national economy 1.2.3. The service industry absorbs the most labor force, which is the main way to solve employment problems 1.2.4. The development of service-oriented economy shows certain periodicity and regularity 1.2.5. Technological progress has become a leading factor in growth of the service industry 1.2.6. The Information Technology industry has become the most promising industry in service industries 1.2.7. The service industry has become a new focus of international market competition 1.2.8. The service trade is growing rapidly, and the service industry is developing toward globalization and liberalization 2. Impacts of Rapid Development in World Service Industry and Service Trade on China 3. An International Comparative Analysis on Competitiveness of China’s Service Trade and Openness of China’s Service Industry 3.1. A competitiveness analysis on service trades 3.1.1. Revealed comparative advantage index (RCA Index) 3.1.2. Trade competitiveness index (TC Index) 3.1.3. Conclusion 3.2. An empirical research on the openness of China’s service industry 3.2.1. Parameters selection 3.2.2. Empirical findings 4. China’s Countermeasures and Principles for Opening up Its Service Industry Market Chapter 5 The Influences on World Economy by Multinational Companies after the Financial Crisis 1. Expansion Strategy and Operation Mode of Multinational Companies 1.1. Production strategy 1.1.1. Strategy for global distribution of production 1.1.2. Strategy for localization of marketing and sales 1.1.3. Flexible production 1.2. R&D 1.2.1. R&D localization and information collection 1.2.2. Local cooperation and talent recruitment 1.3. Competition methods 1.3.1. Strategic alliances 1.3.2. Cross-border mergers and acquisitions (M&A) 2. The Status Quo of Multinational Companies Worldwide and Their Influences on the Overall World Economy 2.1. The status quo of multinational companies worldwide 2.2. The influences of multinational companies on the world economy 2.2.1. The integration of world economy has been further promoted by multinational companies 2.2.2. International trade has been expanded and promoted by multinational companies 2.2.3. The global technological progress and productivity improvement have been promoted by multinational companies 2.2.4. The resource allocation worldwide has been optimized by multinational companies 2.3. The influences of multinational companies on their parent countries 2.3.1. Capital stock and employment wages 2.3.2. Technical and industrial structures 2.3.3. National income 2.4. The influences of multinational companies on their host countries 2.4.1. Capital transfer 2.4.2. Employment and talent development 2.4.3. Tax revenues 2.4.4. Potential risks and disadvantages 3. Opportunities and Challenges Brought to China by Multinational Companies 3.1. China’s economic development has been promoted by multinational companies 3.2. China’s economic system transformation has been promoted by multinational companies 3.3. Multinational companies and environmental pollution Chapter 6 Regional Economic Cooperation Toward Deep Integration 1. A New Wave of Regional Economic Cooperation Has Emerged 2. Characteristics of “Deep Integration” in the New Round of Regional Economic Cooperation 3. Competition for International Rules Behind “Deep Integration” 4. Challenges and Countermeasures Chapter 7 Analyses of Global Technological Progress Trends and Industrial Characteristics 1. Overall Trends and Characteristics of World Technological Progress 1.1. Quantitative analysis method of world technological progress 1.2. Analyses of the general characteristics of world technological progress 1.2.1. Analyses of the technical change characteristics in OECD countries 1.2.2. Analyses of the annual trends and characteristics of world technological progress 2. Analyses of the Trends and the Characteristics of World Technology R&D Investment 2.1. Analyses of the overall R&D investment in world technological progress 2.2. Characteristics of R&D investment under different industrial structures 2.3. Characteristics of R&D expenditure in sub-sectors of manufacturing 2.4. The general characteristics of world technology R&D investment 3. Analyses of the Trend and the Characteristics of the Technical Patent Innovation in the World 3.1. General state of the patent innovation in the world 3.2. Distribution of the industries for the patent innovation in the world 3.3. Country distribution of the patent innovation in the world 4. Main Conclusions of World Technological Progress Chapter 8 China’s OFDI Pattern within the Framework of “The Belt and Road” 1. The Scale of China’s OFDI within the Framework of “The Belt and Road” 1.1. The position of China’s OFDI among global OFDI 1.2. The position of China’s FDI in BRI countries among its overall OFDI 2. China’s OFDI Structure within the Framework of “The Belt and Road” 2.1. Regional distribution of China’s FDI in BRI countries 2.2. Country distribution of China’s FDI in BRI countries 2.3. Industry distribution of China’s FDI in BRI countries 3. Problems and Challenges of China’s OFDI within the Framework of “The Belt and Road” 3.1. High political risks in host countries of investment 3.2. Unbalanced development of China’s OFDI 3.3. Ecological and environmental problems frequently occurred in host countries of investment 4. Policy Proposals on Adjustment and the Improvement of China’s OFDI Pattern 4.1. To take aggressive precautions to prevent and avoid the political risks in host countries of investment 4.2. To avoid excessive concentration of FDIin the geographic locations in the neighboring countries and at the same time, to expand FDI in Regions of central and eastern Europe as well as South Asia 4.3. To handle properly the relationship between OFDI and environmental protection in the host countries Bibliography Index