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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.

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: 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

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.

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

Japan's Future in East Asia and the Pacific takes a 'big-picture' approach to Japan's economic place in East Asia alongside that of China. It analyses Japan's successes and experiments in trade policy as well as its failures in macro-economic policy. Japan's diplomatic and economic integration strategies are also examined for their impact on East Asia and on Australia. The collection assesses China's growth and dynamism and questions the nature of the competition for economic influence between Japan and China.Contributors to Japan's Future in East Asia and the Pacific are all graduates of The Australian National University who are making their mark in the region as scholars and economists on East Asian and Pacific affairs

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.

Japan's Future in East Asia and the Pacific takes a 'big-picture' approach to Japan's economic place in East Asia alongside that of China. It analyses Japan's successes and experiments in trade policy as well as its failures in macro-economic policy. Japan's diplomatic and economic integration strategies are also examined for their impact on East Asia and on Australia. The collection assesses China's growth and dynamism and questions the nature of the competition for economic influence between Japan and China. Contributors to Japan's Future in East Asia and the Pacific are all graduates of The Australian National University who are making their mark in the region as scholars and economists on East Asian and Pacific affairs.

"The book discusses these important issues by focusing on China's long-term pattern of growth and employment, demographic shifts and rural-urban migration, its agricultural trade and local elections, China's banking sector reform and its fiscal sustainability, China's interaction with the international economy and global imbalances, its industrialisation and its resource and energy demand, was well as its environmental concerns."--Publisher's description.

Economic policy; Economic conditions; Industrialization; China

Economic policy; Commercial policy; Industrialization; Economic conditions; China