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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

Twenty-five years of reform have transformed China from a centrally planned and closed system to a predominantly market-driven and open economy. As a consequence, China is emerging as the new powerhouse for the world economy. China: new engine for world growth discusses the impact and significance of this transformation. It points out risks to the growth process and unfinished tasks of reform. It presents conclusions from recent research on growth, trade and investment, the financial sector, income and regional disparities, industrial location and private sector development. Ross Garnaut is a Professor of Economics in the Research School of Pacific and Asian Studies, and Chairman of the China Economy and Business Program at The Australian National University. He was Australia's Ambassador to China in the 1980s.

Ligang Song is a Fellow in the Asia Pacific School of Economics and Government, and Director of the China Economy and Business Program at The Australian National University.

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.

China: Twenty Years of Reform outlines the experiences of China over the past two decades. It highlights the processes of reform, successes achieved, and problems faced during the economic transition.

"China, and its relations with the international community, have been transformed. China's economy has expanded five times, and its foreign trade by twelve. It has greatly increased consumption levels of what had been about half of the world's people in poverty."

- Ross Garnaut

"Tremendous progress has been made over the past twenty years, but much more needs to be done in setting up a more open, efficient and transparent trade system, in line with the requirements of the WTO."

- Ligang Song

"Radical reform is neither in China's tradition, nor is it an easy task. Given the difficulties of the reform task and the structure of the political economy, it will probably take a few more years for China to accomplish SOE reform and reforms in other areas."

- Yiping Huang

"The most remarkable aspect of China's agricultural reform was it's "spillover" effect. Non-agricultural activities in rural China sprang up immediately after the reforms began—the gross output value of TVEs grew at 24 per cent per annum from 1978 to 1995 and employment grew at 9 per cent per annum."

- Yongzheng Yang

The idea that China's economy needs to rebalance is no longer controversial inside or outside the country. Whether it be the increasing recognition of income

China's rise in a changing world /Jane Golley and Ligang Song --China's turbulent half-decade /Huw McKay --Reform of the international economic system /Yiping Huang, Weihua Dang and Jiao Wang --Why does China attempt to internationalise the Renminbi? /Yin-Wong Cheung, Guonan Ma and Robert N. McCauley --The technological content of China's exports and the need for quality upgrading /Kunwang Li and Ligang Song --The development of China's FDI laws and policies after WTO accession /Chunlai Chen --Chinese manufacturing firms' overseas direct investment /Bijun Wang and Huiyao Wang --China's petroleum predicament /Andrew B. Kennedy --Promoting global carbon equity and low-carbon growth: China's role in combating global climate change /Yongsheng Zhang --Chinese-US economic relations after the global financial crisis /Geoffrey Garrett --The importance of being earnest in defusing US-China trade tensions /Wing Thye Woo --Australia-China economic relations /Christopher Findlay --Chinese development aid in Africa: what, where why and how much? /Deborah Brautigam --Clash of the Titans /Peter E. Robertson --The effects of institutions on migrant wages in China and Indonesia /Paul Frijters, Xin Meng and Budy Resosudarmo --China's demographic challenges from a global perspective /Zhongwei Zhao --Population ageing, domestic consumption and future economic growth in China /Yang Du and Meiyan Wang --The route of urbanisation in China from an international perspective /Xiaolu Wang.

Where the last three decades of the 20th century witnessed a China rising on to the global economic stage, the first three decades of the 21st century are almost certain to bring with them the completion of that rise, not only in economic, but also political and geopolitical terms. China's integration into the global economy has brought one-fifth of the global population into the world trading system, which has increased global market potential and integration to an unprecedented level. The increased scale and depth of international specialisation propelled by an enlarged world market has offered new opportunities to boost world production, trade and consumption; with the potential for increasing the welfare of all the countries involved. However, China's integration into the global economy has forced a worldwide reallocation of economic activities. This has increased various kinds of friction in China's trading and political relations with others, as well as generating several globally significant externalities. Finding ways to accommodate China's rise in a way that ensures the future stability and prosperity of the world economy and polity is probably the most important task facing the world community in the first half of the 21st century. The book delves into these issues to reflect upon the wide range of opportunities and challenges that have emerged in the context of a rising China.

China's prosperity is at the core of the emerging Platinum Age of global economic growth. Rapid economic growth has been underpinned by expansion in its domestic markets, and the integration of domestic and international markets in goods, services, capital, labour and foreign exchange. Global commodity prices have reached historic highs, while China's capital outflows have helped to hold down interest rates worldwide. Linking markets, both domestic and international, has been key to China's success.In sustaining its strong economic growth, China has become one of the world's most voracious consumers of energy. The challenge now facing the government and people of China is in achieving cooperation with the international community to avert the costs–both economic and environmental–of accelerating energy consumption.China–Linking Markets for Growth gathers together leading scholars on China's economic success and its effect on the world economy into the next few decades