Rising China: Global Challenges and Opportunities PDF
Preview Rising China: Global Challenges and Opportunities
Rising China Global Challenges and Opportunities Other titles in the China Update Book Series include: 1999 China: Twenty Years of Economic Reform 2002 China: WTO Entry and World Recession 2003 China: New Engine of World Growth 2004 China: Is Rapid Growth Sustainable? 2005 The China Boom and its Discontents 2006 China: The Turning Point in China’s Economic Development 2007 China: Linking Markets for Growth 2008 China’s Dilemma: Economic Growth, the Environment and Climate Change 2009 China’s New Place in a World of Crisis 2010 China: The Next Twenty Years of Reform and Development http://avaxho.me/blogs/ChrisRedfield Rising China Global Challenges and Opportunities Jane Golley and Ligang Song (eds) THE AUSTRALIAN NATIONAL UNIVERSITY E PRESS (cid:3617) (cid:2295) (cid:2644) (cid:4305) (cid:4052) (cid:4165) (cid:1564) (cid:1266) (cid:3617) SOCIAL SCIENCES ACADEMIC PRESS(CHINA) E PRESS Published by ANU E Press The Australian National University Canberra ACT 0200, Australia Email: [email protected] This title is also available online at: http://epress.anu.edu.au Co-published with SOCIAL SCIENCES ACADEMIC PRESS (CHINA) under the China Book International scheme. This scheme supports co-publication of works with international publishers. CHINA BOOK INTERNATIONAL National Library of Australia Cataloguing-in-Publication entry Title: Rising China : global challenges and opportunities / edited by Ligang Song and Jane Golley. ISBN: 9781921862281 (pbk.) 9781921862298 (ebook) Notes: Includes bibliographical references and index. Subjects: Economic development--China. International economic relations. China--Economic conditions. China--Social conditions. Other Authors/Contributors: Song, Ligang Golley, Jane, 1971- Dewey Number: 338.900951 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying or otherwise, without the prior permission of the publisher. Book design and layout by Teresa Prowse, www.madebyfruitcup.com Cover image: Lujiazui Central Green Park, Stock photo, File #: 15979747 This edition © 2011 ANU E Press Contents Tables vii Figures xi Abbreviations xiii Contributors xvii Acknowledgments xxi 1. China’s Rise in a Changing World 1 Jane Golley and Ligang Song 2. China’s Turbulent Half-Decade 9 Huw McKay 3. Reform of the International Economic System 29 Yiping Huang, Weihua Dang and Jiao Wang 4. Why Does China Attempt to Internationalise the Renminbi? 45 Yin-Wong Cheung, Guonan Ma and Robert N. McCauley 5. The Technological Content of China’s Exports and the Need for Quality Upgrading 69 Kunwang Li and Ligang Song 6. The Development of China’s FDI Laws and Policies after WTO Accession 85 Chunlai Chen 7. Chinese Manufacturing Firms’ Overseas Direct Investment 99 Bijun Wang and Huiyao Wang 8. China’s Petroleum Predicament 121 Andrew B. Kennedy 9. Promoting Global Carbon Equity and Low-Carbon Growth 137 Yongsheng Zhang 10. Chinese–US Economic Relations After the Global Financial Crisis 149 Geoffrey Garrett 11. The Importance of Being Earnest in Defusing US–China Trade Tensions 173 Wing Thye Woo v Rising China: Global Challenges and Opportunities 12. Australia–China Economic Relations 181 Christopher Findlay 13. Chinese Development Aid in Africa 203 Deborah Brautigam 14. Clash of the Titans 223 Peter E. Robertson 15. The Effects of Institutions on Migrant Wages in China and Indonesia 245 Paul Frijters, Xin Meng and Budy Resosudarmo 16. China’s Demographic Challenges from a Global Perspective 285 Zhongwei Zhao 17. Population Ageing, Domestic Consumption and Future Economic Growth in China 301 Yang Du and Meiyan Wang 18. The Route of Urbanisation in China from an International Perspective 315 Xiaolu Wang Index 329 vi Tables 4.1 Bilateral currency swap agreements with the People’s Bank of China .... 50 4.2 RMB-denominated bonds issued in Hong Kong .....................52 4.3 Panda bonds issued in China .................................53 4.4 Some recent estimates of the degree of RMB misalignment ............56 5.1 Changing structure of exports by levels of technology: China and the world,1995–2009 (per cent) .......................71 5.2 China’s pattern of trade by stage of production, 1995–2009 (per cent) ...73 5.3 Structure of China’s manufactured exports by product, 2001–08 (per cent) 74 5.4 Structure of China’s manufactured exports excluding processing trade, 2001–08 (per cent) .......................................76 5.5 Structure of manufactured exports by quality for selected countries, 2007 (per cent) ..........................................78 5.6 Structure of China’s manufactured exports by quality, 2001–07 (per cent) .79 5.7 US anti-dumping claims against its most frequently investigated trading partners. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81 7.1 Industry distribution of ODI flows, 2006–08 (per cent) ..............103 7.2 Selected destinations of Chinese manufacturing ODI, 2003–09 ........104 7.3 The world’s and China’s top-10 brands, 2009 ....................106 7.4 Motivations of Chinese manufacturing firms’ ODI ..................110 7.5 Major Chinese manufacturing firms’ overseas M&As, 2005–09 ........112 9.1 Aggregate global carbon dioxide emission budget during 1850–2050 with different probabilities of temperature rise exceeding 2ºC. . . . . . . . . .140 9.2 Balance of carbon budget account in 2006 with 50 per cent probability of temperature rise exceeding 2ºC (Mt CO2): direct measure ..........141 9.3 Balance of carbon budget account in 2006 with 50 per cent probability of temperature rise exceeding 2ºC (Mt CO2): indirect measure .........141 11.1 US and Japanese trade balance during the 1985–88 period of yen appreciation .........................................174 vii Rising China: Global Challenges and Opportunities 12.1 Foreign investment flows from China to Australia, 2005–09 (A$ million) .183 12.2 Chinese investment in Australia by industry, as approved by the Foreign Investment Review Board, 1993–2010 (A$ million) ................187 12.3 Permanent additions to Australian population of China-born, 2001–10 ...189 12.4 Temporary arrivals from China and in total, 2005–10 ...............190 12.5 Stock of Chinese and international students in Australia, 2000–10 (as of 31 March) ........................................192 13.1 Announcements of aid by Chinese leaders ......................208 15.1a Summary statistics for rural sample with migrants and non-migrants: China ................................................250 15.1b Summary statistics for rural sample with migrants and non-migrants: Indonesia ..............................................251 15.2a Summary statistics for urban incumbents and urban migrant samples: China ................................................254 15.2b Summary statistics for urban incumbents and urban migrant samples: Indonesia ..............................................255 15.3a Marginal effect from migration selection equation: China ............257 15.3b Marginal effect from migration selection equation: Indonesia .........258 15.3c Marginal effect from recent migration selection equation: Indonesia ....259 15.3d Marginal effect from lifetime migration selection equation: Indonesia ...260 15.4a Results from the earnings equations (without occupation) ...........263 15.4b Results from the hourly earnings equations (without occupation) ......265 15.4c Results from the total monthly earnings equations (without occupation) .267 15.5a Results from earnings equations with occupation and school quality controls (China) .........................................271 15.5b Results from hourly earnings equations with occupational controls (Indonesia) .............................................274 15.5c Results from total monthly earnings equations with occupational controls (Indonesia) .......................................277 17.1 The features of demographic transition in selected economies .........304 17.2 Income comparison by education group: retired versus working ........306 17.3 Composition of household consumption in urban China (per cent) ......308 viii Tables 17.4 Descriptive statistics on income and expenditure ..................309 17.5 Simultaneous quantile regression results ........................311 18.1 Per capita land use in different sized cities and towns ..............317 18.2 Determinants of the concentration ratio: regression results ...........321 18.3 Predicted future concentration ratios in China ....................323 ix
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