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"The Chinese Economic Transformation, the 19th volume in the China Update book series, provides an opportunity for young economists to share their views on various issues relating to the Chinese economic transformation. More than half of the contributors to this book are female scholars. Some of the contributors are rising stars in the studies of the Chinese economy and economic transition, and some only recently received their PhDs and are on their way to establishing themselves in the field of China studies. But they have one thing in common: to passionately observe, study and research what is going on in the Chinese economic transformation during the reform period; and, by so doing, make contributions to the policy debates on, and general understanding of, the Chinese economy.
The chapters in this volume include an in-depth probe into challenges in capital and credit allocation due to financial friction and policy distortions; investigating the causes of growth slow-down in China and suitable policy responses; the evolution of the household registration system and its impact on off-farm employment and the integration of rural and urban labour markets; the growth, scale and characteristics of nonstandard employment; the development of rural e-commerce and its economic impact; innovation performance of listed enterprises in China; financial services liberalisation and its impact on firms' performance; financing support schemes for small and medium-sized enterprises (SMEs) and the effect on banks' credit allocation to SMEs; the potential costs of US–China trade conflict and ways to mitigate them; gender income gap in China's labour market; causes of blockage of Chinese overseas direct investment and strategies to reduce the probability of encountering obstacles; and the role of state capital in the iron ore boom in Australia.
The great variety of topics in this year's Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development."

Intro -- Figures -- Tables -- Contributors -- Acknowledgements -- Abbreviations -- Introduction -- 1. 40 years of China's reform and development: How reform captured China's demographic dividend -- Part I: The Chinese economic transformation -- 2. 40 years of Chinese economic reform and development and the challenge of 50 -- 3. Reflections on 40 years of China's reforms -- 4. GDP and the new concept of development: Understanding China's changing concept of development in regards to GDP after the reform and opening-up -- 5. The political economy causes of China's economic success -- 6. China's economic transformation -- 7. Reform and development strategy -- 8. The complex task of evaluating China's economic reforms -- 9. Decentralisation, local innovation and competition among cities -- Part II: Macroeconomic development and structural adjustments -- 10. China's macroeconomics in the 40 years of reform -- 11. China's economic rebalancing: Drivers, outlook and the role of reform -- 12. China's price liberalisation and market reform: A historical perspective -- 13. How has the Chinese economy capitalised on the demographic dividend during the reform period? -- 14. Marketisation in China from 1997 to 2014: Achievements and contribution to growth -- 15. An update on fiscal reform -- 16. 'Strong on quantity, weak on quality': China's financial reform between 1978 and 2018 -- 17. The reform of China's exchange rate regime -- 18. Private sector development -- 19. State-owned enterprise reform in China: Past, present and prospects -- 20. State enterprise reform today -- Part III: The development experiences -- 21. Rural-to-urban migration and migrants' labour market performance, 2008-16 -- 22. The structure of and changes to China's land system

The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world's most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China's new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China's fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China's economic reform and development. Included are discussions of China's 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China's global integration. This book further documents and analyses the development experiences including China's large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.

Preliminary -- Acknowledgments -- Contributors -- Abbreviations -- Part I: New Model for Economic Growth -- 1. Reform and China's Long-Term Growth and Development -- 2. China's Shift from the Demographic Dividend to the Reform Dividend -- 3. Structural Imbalance, Inequality and Economic Growth -- 4. State Control, Entrepreneurship and Resource Allocation -- 5. China's High Rates of Investment and Path Towards Internal Rebalancing -- 6. The Middle-Income Trap and China's Growth Prospects -- 7. Short-Run Effects of the Economic Reform Agenda -- Part II: New Priority for Low‑Carbon Growth and Climate Change Policy -- 8. Low-carbon Growth and its Implications for the Less‑developed Regions -- 9. China's Climate and Energy Policy: On Track to Low-Carbon Growth? -- Part III: Financial System Reform -- 10. The Last Battles of China's Financial Reform -- 11. Financial Reform in Australia and China -- 12. Financial Openness of China and India -- 13. Increasing the Resilience of China's Financial Sector and the Global Monetary System -- Part IV: Factor Market Reform -- 14. The Issue of Land in China's Urbanisatoin and Growth Model -- 15. China's Labour Market Tensions and Future Unbanisation Challenges -- 16. The Impact of FDI on China's Regiona Economic Growth -- Part V: Productivity, Patent Institution and Investment Law -- 17. Accounting for the Sources of Growth in Chinese Industry, 1980-2010 -- 18. Growth, Structural Change and Productivity Gaps in China's Industrial Sector -- 19. The Importance, Development and Reform Challenges of China's Rail Sector -- 20. Patent Institution, Innovation and Economic Growth in China -- 21. Foreign Investment Laws and Policies in China Historical views and current issues -- Index

The Chinese economy has entered a new phase of development in which sources of growth are not so much dependent upon pure increases in labour, investment and credit expansion, but from productivity improvement, structural changes, technological progress and the benefits from improvement of the social security and welfare improvement. When market functions are fully established to become a main channel for allocating resources, the entrepreneurship will flourish engaging in more innovative activities, workers will move more freely and have more incentives to improve their skills, firms will become more productive through market entry and exit, the economic structure will become more balanced because of the improved resource allocation, and in the end, growth will become more spontaneous and sustainable. In this sense, reforms could deliver 'dividend' by raising China's potential economic growth rates. For China to confront all the challenges it faces at present, the reforms undertaken now have to be deep, comprehensive and far-reaching in order to succeed in paving the way for China to complete the task of transformation in the long-term. There is no better alternative than deepening the market-oriented reform in advancing the course of China's modernisation for future development and prosperity and lifting China to the status of a developed economy in the next two decades. The recent China update books have covered the topic of reform from different angles and this new book is another attempt to address this important issue.

Preliminary; Contents; Tables; Figures; Contributors; Acknowledgments; 1 China's New Strategy for Long-term Growth and Development: Imperatives and Implications- Ross Garnaut, Cai Fang and Ligang Song; 2 New Institutions for a New Development Model -- Dwight H. Perkins; 3 The New Normal of Chinese Development -- Yiping Huang, Cai Fang, Peng Xu and Gou Qin; 4 The End of China's Demographic Dividend: The Perspective of Potential GDP Growth -- Cai Fang and Lu Yang; 5 Chinese Industrialisation: Path Dependence and the Transition to a New Model -- Huw McKay and Ligang Song.

The Chinese economy is undergoing profound change in policy and structure. The change is necessary to increase the value of growth to the Chinese

Preliminary -- Contents -- Tables, figures and abbreviations -- Contributors -- Preface -- Introduction: China's Interests in APEC - Ross Garnaut, Ligang Song and Peter Drysdale -- APEC and the Chinese Economy: Strategic Issues -- 1. Liberalisation of the Chinese economy: APEC, WTO and tariff reductions - Zhang Yunling -- 2. Open regionalism, APEC and China's international trade strategies - Peter Drysdale -- 3. The functions of APEC and implications for China: A critical review - Zhang Jianjun -- Australia-China Cooperation in APEC -- 4. Australia's APEC agenda-Implications for Australia and China - Christopher Findlay and Chen Chunlai -- 5. Australia and China: Shared objectives in APEC and the international economic system - Andrew Elek -- APEC, Structural Reform and Sectoral Liberalisation -- 6. How important is APEC to China? - Yongzheng Yang and Yiping Huang -- 7. APEC investment, trade liberalisation and China's economic adjustment - Sun Xuegong -- 8. Trade protection in China's automobile and textile industries and its impact on trade liberalisation - Li Kai -- 9. The competitiveness of China's chemical sector: Assessment and implications for EVSL policy - Sun Xuegong -- Ecotech Cooperation -- 10. Ecotech at the heart of APEC: Capacity-building in the Asia Pacific - Andrew Elek and Hadi Soesastro -- 11. Promoting APEC's Ecotech initiative - Chen Luzhi -- 12. Economic and technical cooperation: Creating the environment to remove the barriers - Zhou Xiaobing and Zhao Jianglin -- Capital Flows, Technology and Trade Liberalisation -- 13. Impact of capital inflows and technology transfer on the Chinese economy - Zhou Xiaobing -- 14. Exchange rate changes, trade development and structural adjustment in the East Asian economies - Zhou Xiaobing and Ligang Song.

Preliminary -- Tables, figures and boxes -- Abbreviations -- Preface -- A summary overview of emerging private enterprise in China -- 1. Introduction -- 2. Development of the role of private enterprise in China -- 3. Descriptions of the sample enterprises -- 4. Market competition -- 5. Finance -- 6. Taxation -- 7. Internal governance -- 8. Labour and managerialskills -- 9. Technological challenges -- 10. Laws and government administrative regulations -- References -- Index.

"China is so large that its trading interests and influence are global. But its interests are disproportionately powerful in its immediate Western Pacific and Asia Pacific partners. The evolution of China's economic relationships with its Asia Pacific partners, in which APEC came to play a significant role in the 1990s, is thus a central part of the story of China's rapidly growing and changing interaction with the global economy." - Ross Garnaut

APEC is an important forum thorugh which China can demonstrate its commitment to economic openness. APEC has also been an important vehicle for China's trade liberalisation on the way towards accession to the WTO.

In facilitating trade liberalisation, APEC and te WTO are mutually reinforcing. APEC prepares China for the WTO and WTO accession encourages China's active participation in the APEC process. Both APEC membership and WTO accession help with the huge task of China's domestic reform.

This book sets out China's strategic interests in APEC in the lead-up to the APEC summit in Shanghai in 2001. Contributors include leading Chinese economists from the APEC Policy Research Centre in the Chinese Academy of Social Sciences–Zhang Yunling, Zhang Jianjun, Sun Xuegong, Li Kai, Chen Luzhi, Zhou Xiaobing, Zhao Jianglin–and from the Asia Pacific School of Economics and Management at The Australian National University–Peter Drysdale, Ligang Song, Ross Garnaut, hristopher Findlay, Andrew Elek, Yongzheng Yang, Yiping Huang, K.P. Kalirajan, Hadi Soesastro and Chen Chunlai.

"China: The Next Twenty Years of Reform and Development highlights how the deepening of reforms in critical areas such as domestic factor markets, the exchange rate regime and the health system, combined with the strengthening of channels for effective policy implementation, will enable China to cope with the challenges that lie ahead. These include responding to the pending exhaustion of the unlimited supply of labour; playing a constructive role in reducing global trade imbalances; enhancing firms' ability to innovate; coping with migration, urbanisation and rising inequalities on scales unknown in world history; and dealing with rising energy and metal demand in an era in which low-carbon growth has become a necessity rather than a choice."--Publisher's description.

China has made some remarkable achievements during the first three decades of economic reform and opening up, rising to become one of the world's most dynamic and globally-integrated market economies. Yet there remains much unfinished business on the reform and development agenda, coupled with newly emerging challenges. China: The Next Twenty Years of Reform and Development highlights how the deepening of reforms in critical areas such as domestic factor markets, the exchange rate regime and the health system, combined with the strengthening of channels for effective policy implementation, will enable China to cope with the challenges that lie ahead. These include responding to the pending exhaustion of the unlimited supply of labour; playing a constructive role in reducing global trade imbalances; enhancing firms' ability to innovate; coping with migration, urbanisation and rising inequalities on scales unknown in world history; and dealing with rising energy and metal demand in an era in which low-carbon growth has become a necessity rather than a choice.

The year 2018 marks 40 years of reform and development in China (1978-2018). This commemorative book assembles some of the world's most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China's new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China's fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China's economic reform and development. Included are discussions of China's 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China's global integration. This book further documents and analyses the development experiences including China's large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.