Suchergebnisse

Chinese agriculture has experienced some radical changes over the past twenty years. Following the successful introduction of the household production system in the early 1980s, difficulties were encountered in establishing a unified domestic agricultural market in the later 1980s and 1990s. Through a comprehensive analysis of the changes in the Chinese agricultural institutions between the late 1970s and the mid-1990s, this study attempts to provide some answers to the main questions presently facing the agricultural sector. It focuses on the key elements of the pre-reform agricultural institutions, reviews the ways these institutions were refashioned and assesses the resulting changes in agricultural development. The implications of different policy choices are carefully considered with the assistance of a computable general equilibrium model. The author argues that China should push forward with its market-oriented reform measures and introduce the rigours of international competition into the agricultural sector

This paper uses loan application-level data from a Chinese peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous equations of loan approval and loan amount, we are the first to provide quantitative evidence of the impact of monetary policy on the risk-taking of nonbank financial institution. We find that the search-for-yield is the main workhorse of the risk-taking effect, while we do not observe consistent findings of risk-shifting from the liquidity change. Monetary policy easing is associated with a higher probability of granting loans to risky borrowers and a greater riskiness of credit allocation, but these changes do not necessarily relate to a larger loan amount on average.

1. Introduction / Yiping Huang -- 2. China's rapid growth and development : a historical and international context / Ligang Song -- 3. Double transition and China's export-led growth / Yang Yao -- 4. Understanding changing trends in Chinese wages / Cai Fang, Wang Meiyan and Du Yang -- 5. Climate change mitigation : a defining challenge for China / Stephen Howes -- 6. Financial reform and economic development in China / Yiping Huang and Xun Wang -- 7. Capital account liberalization and the role of the renminbi / Nicholas Lardy and Patrick Douglass -- 8. Chinese trade policy after ten years in the World Trade Organization : a post-crisis stocktake / Razeen Sally -- 9. Issues and options for social security reform in China / Li Shi -- 10. Chinese outward direct investment : is there a China model? / Yiping Huang and Bijun Wang -- 11. History matters : China and global governance / Wendy Dobson.

The remarkable rise of China over the past three decades has been unprecedented in both its scale and speed. Analysts around the world have attempted to understand the causes of this unique event and to predict how long it will last. China's rise has also raised two important questions. The first concerns the stability and the sustainability of China's growth, which has been accompanied by growing internal and external imbalances, rising inequality at home, environmental degradation and an increased risk of catastrophic climate change, and has happened in spite of the continuing, if d.

Financial technology (fintech) is rapidly transforming the economy as well as the financial landscape in China. This paper attempts to shed light on its contributing factors, current state, economic impacts and potential risks. We identify three key drivers for China's fintech development, namely shortage of supply in formal financial market, strong government support for promoting financial inclusion through digital technology, and more 'tolerant' regulatory environment. The greatest value of the Chinese fintech sector is promotion of financial inclusion, enabling a vast number of small- and medium-sized enterprises (SMEs) and low-income households to access to financial services. Existing studies unveil some strong evidences of fintech development improving efficiency, increasing employment and supporting entrepreneurship. In the meantime, there are also serious challenges facing this sector, such as regulatory uncertainties, illegal transactions, data abuse, etc. We conclude the paper by presenting some key takeaways, including several lessons for financial regulation.

China has introduced a diverging set of policy measures to its state-owned enterprises (SOEs) since the reform began. Two key themes run through the whole process: expanding decision autonomy for enterprises and increasing the role of the market (Byrd 1991). It has been argued that these are also the two most important factors contributing to the success of reform in the state sector (Rawski 1994; Groves et al. 1994; Naughton 1995). In the literature, however, the success of China's SOE reform remains a controversial issue and the exact mechanisms through which the reforms have impacted on enterprise performance need to be explored (Sachs and Woo 1997; Huang and Duncan 1997a, 1998). Enterprise reform does not seem to have fully achieved the original objective of 'transforming the SOEs into efficient economic identities'. Inefficiency in the state sector is still one of the major problems facing the Chinese economy today. While it is accepted that comprehensive intervention is detrimental to enterprise performance, we argue that autonomy can deliver better efficiency only when the behaviour of firms or their managers are properly disciplined. These disciplines can be implemented either through direct government regulation or through the functioning of market mechanisms. Autonomy and discipline are the two most important elements of any successful liberalisation program for enterprises in transitional economies.