The Global Recession and China’s Political Economy

273 Pages·2012·5.117 MB·English

by  Dali L. Yang (eds.)

The Global Recession and China’s
Political Economy
China in Transformation
Series Editors
Lin Chun, Carl Riskin, and Rebecca E. Karl
China in Transformation will publish outstanding works of original
research on, as well as translations and analyses of, the debates about
China today. Critical and interdisciplinary in its outlook, the series
seeks to situate China in its historical, regional, and international
contexts, and to locate global trends with reference to China. As a
flexible endeavor to identify longer-term problems and issues, the
series is not constrained by discipline, perspective, or method. It
launches a new perspective on China and the world in transformation
that contributes to a growing and multifaceted scholarship.
The Global Recession and China’s Political Economy
Edited by Dali L. Yang
T he Global Recession and
China’s Political Economy
Edited by
Dali L. Yang
THE GLOBAL RECESSION AND CHINA’S POLITICAL ECONOMY
Copyright © Dali L. Yang, 2012.
Softcover reprint of the hardcover 1st edition 2012 978-0-230-34085-5
All rights reserved.
First published in 2012 by
PALGRAVE MACMILLAN®
in the United States— a division of St. Martin’s Press LLC,
175 Fifth Avenue, New York, NY 10010.
Where this book is distributed in the UK, Europe and the rest of the world,
this is by Palgrave Macmillan, a division of Macmillan Publishers Limited,
registered in England, company number 785998, of Houndmills,
Basingstoke, Hampshire RG21 6XS.
Palgrave Macmillan is the global academic imprint of the above companies
and has companies and representatives throughout the world.
Palgrave® and Macmillan® are registered trademarks in the United States,
the United Kingdom, Europe and other countries.
ISBN 978-1-349-34358-4 ISBN 978-1-137-07046-3 (eBook)
DOI 10.1057/9781137070463
Library of Congress Cataloging-in-Publication Data
The Global Recession and China’s Political Economy / Edited by
Dali L. Yang.
pages cm.—(China in Transformation)
1. China—Economic conditions—2000– 2. China—Economic policy—
2000– 3. Global Financial Crisis, 2008–2009. I. Yang, Dali L.
HC427.95.G557 2012
330.951—dc23 2011047558
A catalogue record of the book is available from the British Library.
Design by Newgen Imaging Systems (P) Ltd., Chennai, India.
First edition: May 2012
10 9 8 7 6 5 4 3 2 1
Contents

List of Figures and Tables vii
Foreword xi
Acknowledgments x iii
Introduction 1
Dali L. Yang and Junyan Jiang
1 Economic Rebalancing and Adjustment
1 China’s Response to the Global Crisis, and
the Lessons Learned 1 5
Barry Naughton
2 Guojin Mintui : The Global Recession and
Changing State-Economy Relations in China 33
Dali L. Yang and Junyan Jiang
3 Visible Hand or Crippled Hand: Stimulation and
Stabilization in China’s Real Estate Markets,
2008–2010 7 1
Fubing Su and Ran Tao
4 Global Crisis and China’s Trade Adjustment 101
Sarah Y. Tong
2 State-Society Relations and Governance
5 Slowdown in the World’s Workshop?: Chinese Labor and
the Global Recession 117
William Hurst
6 Public Goods and State-Society Relations: An Impact
Study of China’s Rural Stimulus 131
Ethan Michelson
vi Contents
7 The Role of Legal Institutions in Dealing with
the Financial Crisis in China 159
Xianchu Zhang
8 Corruption, Local Protectionism, and the Global
Recession in China 1 79
Andrew Wedeman
9 China’s Rising Appeal to Taiwan and Hong Kong in
the Wake of the Global Recession 1 99
Joseph Y. S. Cheng
10 The China Model and the Global Recession:
A Historical Comparison 2 23
Ming Wan
Selected Bibliography 2 43
List of Contributors 2 53
Index 257
Figures and Tables
Figures
1.1 Growth of credit and CPI 21
2.1 Share of the state sector in China’s economy: 2000–2008 3 8
2.2 Gross Industrial Output Value (GIOV)
per firm: Average vs. SOE (million yuan) 41
2.3 Steel industry growth in output value (%) 46
3.1 Land lease fees as a ratio of local budgetary
revenues, 1999–2008 81
3.2 Land and housing price indexes under stimulus and
adjustment, 2008–2010 87
3.3 Land and housing price growth rate, 1999–2010 95
4.1 Sources of GDP growth, 1978–2010 102
4.2 Ratio of China’s trade surplus to total trade, 1994–2010 1 07
4.3 S hare in China’s export, 2007–June 2011,
selected economies 108
4.4 Share in China’s import, 2007–June 2011,
selected economies 1 09
4.5 China’s trade balance with selected economies,
2007–2010 110
4.6 China’s share in WTO antidumping cases 1 11
6.1 Popular perceptions of the degrees of care for villagers
by various levels of government, five counties,
rural China, 2010 1 43
viii Figures and Tables
6.2 Popular perceptions of change in villager-cadre
relations over previous five years, five counties,
rural China, 2010 1 43
6.3 Change in popular perceptions of village cadre
performance, five counties, rural China,
2002 and 2010 1 44
6.4 Popular perceptions of change in public goods
provision over previous five years, five counties,
rural China, 2010 1 45
6.5 Popular perceptions of change in household income over
previous five years, five counties, rural China, 2010 147
6.6 Predicted outcomes of various measures of state-society
relations, five counties, rural China, 2010 152
8.1 Economic cases (1980–2009) 1 83
8.2 Year of first offense, individuals indicted 2008–2010 185
8.3 Evolution of Chongqing Mob case 1 87
8.4 Average Crime-Capture lag 1 89
10.1 Yield on British consols, 1756–1980 2 27
Tables
2.1 Chinese giants in the Global Fortune 500 43
3.1 Local government taxes directly related to land and
real estate, 2000–2008 82
3.2 Extra stimulus policies in some cities 8 8
6.1 Descriptive characteristics of variables included in
multivariate regression analysis 148
6.2 Determinants of assessments of various levels of
government, unstandardized coefficients from
regression models, five counties, rural China, 2010 150
9.1 Trade, investment, and tourism between mainland
China and Taiwan, 1991–2009 204
9.2 Attitudes of Taiwan people concerning unification
or independence, March 2001 to December 2009 2 08
Figures and Tables ix
9.3 Trade, investment, and tourism between mainland
China and Hong Kong, 1978–2009 2 12
9.4 Hong Kong people’s confidence in China and trust for
the Chinese leadership as reflected by public opinion
surveys, 1997–2009 (half-yearly average) 2 14
9.5 Hong Kong people’s identity as reflected by public
opinion surveys, 1997–2009 (half-yearly average) 2 17
10.1 Japan’s sovereign debt, 1870–1913 2 29
10.2 China’s balance sheet, 1901 (Million Taels) 2 31