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This volume confronts the popular conjecture of a Pax Sinica emerging to replace Pax Americana in the wake of global financial crisis. It argues that by virtue of its overwhelming economic, technological, and military clout, US hegemony will continue to prevail as China's ascendance as a global power accelerates

This volume confronts the popular conjecture of a Pax Sinica emerging to replace Pax Americana in the wake of global financial crisis. It argues that by virtue of its overwhelming economic, technological, and military clout, US hegemony will continue to prevail as China's ascendance as a global power accelerates.

Deng Xiaoping's economic strategy is regarded as a complete anathema to Mao's. This book, however, argues that without the material foundations laid by Mao, it would have been very difficult for Deng to launch his reform and open-door policy. It blends institutional and statistical analysis, and is intended for students of economics and politics

Accelerated agricultural collectivization in China was an inescapable consequence of the broader economic goal of socialist industrialization. Rightly or wrongly, this wider vision of China's future was imposed by Mao, and to judge the High Tide of agricultural collectivization of 1955–56 without regard to these wider objectives is a mistake. The collectivization represented an extensive growth that relied on labour mobilization to expand factor supply and to extend the crop sown area in a manner rationalized by the theories of Ragnar Nurkse. This strategy inevitably required bureaucratic control and coercion, depressed peasant consumption and the forced siphoning off of the agricultural surplus. As such its outcome should not be evaluated in terms of the neoclassical economic norms of income maximization, peasant incentives or efficiency in cropping patterns based on market prices.In this framework, the post-Mao decollectivization and the readjustment of the agriculture-industry balance can be seen as a transition to an intensive agricultural growth strategy that was built upon the precise material legacy (expanded irrigation and drainage capacity) left behind by Mao. This strategy has proved to be remarkably successful in further releasing industrial growth from the agricultural constraint.

This is a highly readable book about the emerging economic complex of "Greater China." The author, based at the Chinese University of Hong Kong, is the foremost authority on the subject matter. The book, which culminates from well over a decade of painstaking research and publication, traces the process and pattern of economic integration among the Chinese trio – the Chinese mainland, Hong Kong and Taiwan – over the past two decades or so. The analysis is set against the broader background of Chinese economic reforms and opening to the West, as well as the changing political context in East Asia that has facilitated increased economic interaction in the region.The book starts with a broad description of the economic structure and relative economic strengths of the Chinese trio, and furnishes a useful conceptual framework for understanding the evolving economic relationships. Chapter two shows how FDI (foreign direct investment) from Hong Kong and Taiwan has triggered an accelerated process of integration with the mainland, and as a result led to the drastic expansion of China's external trade. Chapter three examines the particular characteristics of economic integration between Hong Kong and the mainland on the one hand, and between the two sides of the Taiwan Strait on the other hand. It reveals how cultural (affinity) and geographical (proximity) factors have played a role, and what policy readjustments have been made in the three constituent parts of the "China circle" to bring about a "new brand of 'new-style' economic integration," which is unique in the global context of trade and investment liberalization.

Foreign direct investment (FDI) in China is the most dramatic manifestation of China's open-door policy. Together with continuous import and export expansion, FDI has increasingly exposed the Chinese economy to the western world during the past decade. There are, however, several differences between FDI and foreign trade in terms of their implications for the domestic economy. The most obvious is that FDI directly helps to relieve domestic capital supply bottlenecks and to promote employment and economic growth. By contrast, increased capital formation through imports of machinery and equipment must be financed by extra export earnings.

As the author sees it, foreign direct investment (FDI) in China is the most dramatic manifestation of China's open-door policy. After discussing the economic importance of the "economically opened coastal areas" (econocoas), he examines overall qualitative trends in foreign investment and its distribution amongst econocoas and economic sectors, looks at the contribution of foreign investment to overall capital formation and considers its impact on output and income growth. (DÜI-Sen)

Any attempt to evaluate China's achievements in industrialization during the past four decades must confront three crucial issues. They are: first, to what extent industrial success was gained at the expense of slower agricultural growth as a result of the Soviet-style, forced industrialization strategy. Secondly, whether in view of the perceived need to narrow the gap between the under-developed interior and the more advanced coastal areas, Chinese leaders have succeeded in correcting regional imbalances in industrial production. Thirdly, whether advances in the modern industrial sector have benefited traditional, small-scale industries. This last question is an important one in the light of the experience of other industrialized countries, highlighting the "spill-over" effects of technical change from modern to traditional sectors.

The article consist of two parts. The first looks at China's industrial performance in terms of the pace and pattern of industrialization, regional industrial distribution and technological change. This analysis is set in the context of the policy background against which industrial changes were taking place. The second part of the article examines the nature and scope of the modifications to the Maoist strategy of industrialization after the late 1970s: in particular, their possible long-term impact upon existing sectoral, regional and technical balances. (DÜI-Sen)