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Since economic reforms began in 1978, China has been a focal point for observing the effects of market liberalisation. China has not only truly become one of

The Chinese economy is currently undergoing fundamental changes. In this context, the 2022 China Update examines the key characteristics of China's transition towards a new phase of economic growth and development. This year's update book covers a range of diverse topics that reflect the complex and changing nature of the economy. It explores critical questions: Why does China need a new development paradigm, and what is the best way to achieve it? What are China's choices when faced with the restructuring of global industrial value chains? What key roles will domestic consumption play in the next phase of China's development? What does the digital transformation mean for the Chinese economy? What has been the domestic impact of the Covid-19 pandemic on income inequality and labour market outcomes? What pathways exist for China in its transition towards carbon neutrality? How does China's emissions-trading market compare with that of Europe? How will China's carbon neutrality strategy affect the Australian economy? What are the political factors influencing bilateral trade flows between China and its trading partners? And what is at stake for China–US relations?

1. Challenges and roadmaps for moving towards a high‑income economy / Ligang Song and Yixiao Zhou -- 2. Tackling social challenges to avoid the middle-income trap / Cai Fang and Jia Peng -- 3. China's agricultural trade: A global comparative advantage perspective / Rao Sihang, Liu Xingshuo and Sheng Yu -- 4. China's urbanisation in the new technological revolution / Wang Wei, Deng Yusong, Shao Ting, Wang Ruimin, Niu Sanyuan and Liu Xin -- 5. Revenue-neutral tax reform in China / Yanchao Xu and Shawn Xiaoguang Chen -- 6. Innovation and its growth effects in China / Sizhong Sun -- 7. Conditions in China's corporate sector / Joel Bowman -- 8. The transformation and upgrading of processing trade and its impact on firms' productivity / Kunwang Li and Haoran Hu -- 9. The renminbi's status as a safe‑haven currency / Liqing Zhang, Libo Yin and You Wu.

With its per capita income surpassing US$10,000, China has now drawn up ambitious plans to further lift its income to the level of developed countries. Yet various constraints need to be overcome if China is to build on the achievements of the last 40 years and further boost its growth potential. Besides these constraints, the year 2020 saw human societies hit heavily by the COVID-19 pandemic and the global economy caught off guard and dipped into recessions caused by lockdown measures for controlling the spread of the pandemic. Nations around the world have experienced grave loss of human life and lockdown measures have knocked economies from their normal growth trajectories. Even as the pandemic continues to unfold, all signs point to China as being the first major economy to have emerged out of the crisis. But many questions remain. Has the Chinese economy emerged from the pandemic crisis relatively unscathed? What are the long-term prospects for its economy? This year's Update book, China's Challenges in Moving towards a High-income Economy, explores the challenges faced by the Chinese economy in the transition towards a high-income economy, including agricultural development, finance and fiscal system reform, RMB internationalisation, trends in urbanisation, as well as topics related to innovation, corporate sector development and market competition. China's growth experience has been full of exciting changes and important lessons for reform and structural changes, and this year's China Update is again the way to gain insights into these.

This unique and informative book provides a central reference work on the Chinese steel industry and discusses China's increasing demand on metals from both macroeconomic and regional perspectives. It includes macroeconomic studies of developments in Chinese resource demand with particular reference to the ferrous metals and microeconomic studies that utilise comprehensive firm-level data to evince new knowledge of both firm and industry performance with respect to their productivity, the technical efficiency, and industrial linkages. The book also discusses trade in steel products and the imp

Preliminary; Contributors; 1. China: New engine of world growth; 2. The impact of SARS; 3. The travails of current macroeconomic and exchange rate management; 4. The changing pattern of economic growth; 5. Transforming the banking sector; 6. Financial opening and economic growth: A quantitative assessment; 7. Rural financial markets and institutions: New developments; 8. Entry into the WTO: Commitments and implementation; 9. WTO commitment: Further marketisation and trade liberalisation; 10. A changing role in world trade; 11. China in the world economy: The FTA stategy.

In 2002 China enters the WTO. Long awaited by the world's trading economies, it now comes in a year of global recession. What effect will China's entry into the WTO have at a difficult time? The rapid expansion of China's trade has required large adjustment in its trading partners, and the expansion and adjustment will accelerate with WTO entry. The internal adjustment pressures in China from WTO entry are also immense.Recently dubbed Australia's Ambassador to the region by Rowan Callick of the Financial Review, Ross Garnaut was Australia's ambassador to China through an earlier exciting period when China took its first major steps towards opening to international trade and investment. He was instrumental in the development of China's thinking about the WTO.Ross Garnaut is Chairman of the China Economy and Business Program at The Australian National University. Australian members of the Program and their associates gather each year for the China Update.Ligang Song is leading authority on the internationalisation of the Chinese economy and on the development of the private sector in China. He has worked at Peking University and People's University in Beijing and at the International University in Tokyo

In 2002 China enters the WTO. Long awaited by the world's trading economies, it now comes in a year of global recession. What effect will China's entry into the WTO have at a difficult time? The rapid expansion of China's trade has required large adjustment in its trading partners, and the expansion and adjustment will accelerate with WTO entry. The internal adjustment pressures in China from WTO entry are also immense. Recently dubbed Australia's Ambassador to the region by Rowan Callick of the Financial Review, Ross Garnaut was Australia's ambassador to China through an earlier exciting period when China took its first major steps towards opening to international trade and investment. He was instrumental in the development of China's thinking about the WTO.

Ross Garnaut is Chairman of the China Economy and Business Program at The Australian National University. Australian members of the Program and their associates gather each year for the China Update.

Ligang Song is leading authority on the internationalisation of the Chinese economy and on the development of the private sector in China. He has worked at Peking University and People's University in Beijing and at the International University in Tokyo.