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Self-Study Syllabus on the Chinese Economy
1American Mandarin Society
The syllabus is organized by the major topics that define the debate around Chinarsquos economy We assume that you have a basic foundation in economics and that you are somewhat familiar with current conditions in China A common thread between these articles is that they rely on data to separate the ldquosignal from the noiserdquo and dispense with the ideological arguments that often dominate conversations about China This syllabus is designed to build understanding of the Chinese economy in a step-by-step fashion based on reading around one document a night five nights a week for four weeks In total the key readings add up to roughly 750 pages suggesting around 30 pages for a night
China is the largest emerging market country and its
economy is on track to become the largest in the world Given the rapid evolution of the Chinese economy no guide can stay current for long
Instead this syllabus is organized to help a new analyst develop an understanding of recent Chinese economic history provide context for the most important economic issues and highlight sources of good information for the future Though several book chapters are referenced in this syllabus we mostly include articles due to their timeliness and ease of access We also include some Chinese language articles but these are not required reading
PrefaceAbout this syllabus
2American Mandarin Society
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Cambridge Massachusetts 2006) Chapter 12 and 3 pp 1-111 (110 pages)bull Orville Schell and John Delury Wealth and Power Chinarsquos Long March to the Twentieth Century pp 259-352 (93 pages)bull Zhu Rongji Speech on Economic Work
Week One Setting the FoundationHow did the Chinese economy get to where it is today
The goal of this weekrsquos reading is to provide a basic familiarity with the Chinese economy The Chinese economy has evolved dramatically over the last thirty years These readings discuss the history of this evolution and put the current state of the economy into context Naughtonrsquos book is a historic overview of economic reforms from 1949 until the mid-2000s The Schell and Delury chapters are brief biographies of Deng Xiaoping and Zhu Rongji the two most important figures in the Chinese economic reform The speech from Zhu Rongji in 1994 and the Third Plenum of the 14th Party Congress illustrate how China overcame a difficult economic period in the early 1990s Pay close attention to the differences between the 1993 Third Plenum compared to the most recent 2013 Third Plenum adopted by the Xi and Li administration For example the latest third plenum document discusses relying on the market to allocate resources (市场决定资源配置) whereas the 1993 document only discusses using the market as a benchmark for allocating resources (发挥市场机制在资源配置中的基础性作用) The article by Naughton provides another interpretation of the Zhu Rongji era This chapter of Lardyrsquos latest book discusses the evolving role of the market in the Chinese economy Finally the 2030 report is a brief summary of where the Chinese economy is today
Overview
during 1994 NPC session (5 pages)bull The Third Plenum of the 14th Party Congress of the CCP (10 pages)bull Barry Naughton Zhu Rongji Twilight of a Brilliant Career (10 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 1 pp 11ndash41 (30 pages)
bull World Bank and the Development Research Center of the State Council China China 2030 Report (World Bank 2013) pp 4-14 (10 pages)
3American Mandarin Society
Changing the Economic Model
These papers are intended to give you an overview of how and why China is changing its economic growth model The first paper by Lardy and Borst provides a framework for understanding the reform policies that will support the transition to a consumption-driven economy The second reading by Andrew Batson will give you an overview of state sector reform The third reading from Lardyrsquos latest book discusses the opportunities for future growth by promoting greater private sector participation in the service sector Nabar and NrsquoDiaye quantify the impact of reforms on future economic growth Finally the 12th Five Year Plan reveals the targets established by the Chinese government to help achieve rebalancing such as increasing service sector share of GDP and consumption
Week Two Continuing Economic ReformHow is the Chinese economy evolving
The objective of this week is to get analysts up to speed on the important economic reforms changing the Chinese economy today First we will look at the evolution of the Chinese economic growth model Second we will look at changes to the financial system
Overview
bull Nicholas Borst and Nicholas Lardy Blueprint for Rebalancing the Chinese Economy (16 pages)bull Andrew Batson Fixing Chinarsquos State Sector (24 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 4 pg 123-153 (30 pages)bull Malhar Nabar and Papa NrsquoDiaye Enhancing Chinarsquos Medium-Term Growth Prospects The Path to a High-Income Economy (19 pages) bull The 12th Five Year Plan Outline (6 pages)
Reforming the Financial System
These reports are a good introduction to financial reform and shadow banking in ChinaThe first paper is a good refresher for those trying to get up to speed on the history
of financial reform in China Borst and Lardy trace the evolution of Chinarsquos financial system away from a traditional bank-dominated and state-directed financial system toward a more complex market-based system The second paper by Elliott et al is a great overview of the issue of shadow banking The paper highlights the risks without exaggerating the probability of a financial crisis Walter and Howie explain how Chinarsquos financial system was restructured during the early 2000s and provide insight into some of the bureaucratic politics that continue to shape financial reform in China Finally the speech by Zhou Xiaochuan in 2013 outlines the Chinese governmentrsquos current priorities and objectives in financial reform
bull Nicholas Borst and Nicholas Lardy Maintaining Financial Stability in the Peoplersquos Republic of China during Financial Liberalization (28 pages)bull Douglas J Elliott Arthur R Kroeber and Qiao Yu Shadow banking in China A primer (30 pages)bull Carl E Walter and Fraser JT Howie Red Capitalism The Fragile Financial Foundation of Chinarsquos Extraordinary Rise Chapter 3 and 5 (40 pages) bull Zhou Xiaochuan Deepening Financial Reform(9 pages)
4American Mandarin Society
bull Matthew Goodman and David Parker Navigating Choppy Waters Chinarsquos Economic Decision Making at a Time of Transition Chapter 3 and 4bull Third Plenum Communique (Sections 2-26) (中共中央关于全面深化改革若干重大问题的决定) (23 pages)bull Justin Lin ldquoChina Can Escape the Middle
Week Three China and the World EconomyHow do Chinese policymakers change the economy
The objective of this week is to provide analysts with a foundation for understanding the process of economic decision making in China The first document is a survey of the economic decision making apparatus in China This report outlines the key players in formulating economic policy highlights some of the bureaucratic struggles which hinder policy implementation and tries to asses how all of this might change in the Xi Jinping administration Within the Goodman and Parker report are links to a plethora of useful additional readings on economic reform The Third Plenum Communique is an official document that serves as the defining roadmap for the current governmentrsquos reform agenda Justin Linrsquos article provides insight into the partyrsquos view of why the government needs to play a strong role in guiding development and why China can continue to grow despite slowing growth Naughton provides insight into economic reforms under Xi Jinping and Li Keqiang illustrating how the new leadership is likely to move forward In the final article Li Keqiang responds to questions at Davos on the Chinese economy His answers illustrate how the Chinese leadership is currently thinking about the economy
Overview
Income Traprdquo (中国可以摆脱中等收入陷阱rdquo bull Barry Naughton Is There a ldquoXi Modelrdquo of Economic Reform--Acceleration of Economic Reform since Fall 2014 (14 pages) bull Li Keqiang ldquoEight Words Describing on the Chinese Economyrdquo September 10 2015
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
1American Mandarin Society
The syllabus is organized by the major topics that define the debate around Chinarsquos economy We assume that you have a basic foundation in economics and that you are somewhat familiar with current conditions in China A common thread between these articles is that they rely on data to separate the ldquosignal from the noiserdquo and dispense with the ideological arguments that often dominate conversations about China This syllabus is designed to build understanding of the Chinese economy in a step-by-step fashion based on reading around one document a night five nights a week for four weeks In total the key readings add up to roughly 750 pages suggesting around 30 pages for a night
China is the largest emerging market country and its
economy is on track to become the largest in the world Given the rapid evolution of the Chinese economy no guide can stay current for long
Instead this syllabus is organized to help a new analyst develop an understanding of recent Chinese economic history provide context for the most important economic issues and highlight sources of good information for the future Though several book chapters are referenced in this syllabus we mostly include articles due to their timeliness and ease of access We also include some Chinese language articles but these are not required reading
PrefaceAbout this syllabus
2American Mandarin Society
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Cambridge Massachusetts 2006) Chapter 12 and 3 pp 1-111 (110 pages)bull Orville Schell and John Delury Wealth and Power Chinarsquos Long March to the Twentieth Century pp 259-352 (93 pages)bull Zhu Rongji Speech on Economic Work
Week One Setting the FoundationHow did the Chinese economy get to where it is today
The goal of this weekrsquos reading is to provide a basic familiarity with the Chinese economy The Chinese economy has evolved dramatically over the last thirty years These readings discuss the history of this evolution and put the current state of the economy into context Naughtonrsquos book is a historic overview of economic reforms from 1949 until the mid-2000s The Schell and Delury chapters are brief biographies of Deng Xiaoping and Zhu Rongji the two most important figures in the Chinese economic reform The speech from Zhu Rongji in 1994 and the Third Plenum of the 14th Party Congress illustrate how China overcame a difficult economic period in the early 1990s Pay close attention to the differences between the 1993 Third Plenum compared to the most recent 2013 Third Plenum adopted by the Xi and Li administration For example the latest third plenum document discusses relying on the market to allocate resources (市场决定资源配置) whereas the 1993 document only discusses using the market as a benchmark for allocating resources (发挥市场机制在资源配置中的基础性作用) The article by Naughton provides another interpretation of the Zhu Rongji era This chapter of Lardyrsquos latest book discusses the evolving role of the market in the Chinese economy Finally the 2030 report is a brief summary of where the Chinese economy is today
Overview
during 1994 NPC session (5 pages)bull The Third Plenum of the 14th Party Congress of the CCP (10 pages)bull Barry Naughton Zhu Rongji Twilight of a Brilliant Career (10 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 1 pp 11ndash41 (30 pages)
bull World Bank and the Development Research Center of the State Council China China 2030 Report (World Bank 2013) pp 4-14 (10 pages)
3American Mandarin Society
Changing the Economic Model
These papers are intended to give you an overview of how and why China is changing its economic growth model The first paper by Lardy and Borst provides a framework for understanding the reform policies that will support the transition to a consumption-driven economy The second reading by Andrew Batson will give you an overview of state sector reform The third reading from Lardyrsquos latest book discusses the opportunities for future growth by promoting greater private sector participation in the service sector Nabar and NrsquoDiaye quantify the impact of reforms on future economic growth Finally the 12th Five Year Plan reveals the targets established by the Chinese government to help achieve rebalancing such as increasing service sector share of GDP and consumption
Week Two Continuing Economic ReformHow is the Chinese economy evolving
The objective of this week is to get analysts up to speed on the important economic reforms changing the Chinese economy today First we will look at the evolution of the Chinese economic growth model Second we will look at changes to the financial system
Overview
bull Nicholas Borst and Nicholas Lardy Blueprint for Rebalancing the Chinese Economy (16 pages)bull Andrew Batson Fixing Chinarsquos State Sector (24 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 4 pg 123-153 (30 pages)bull Malhar Nabar and Papa NrsquoDiaye Enhancing Chinarsquos Medium-Term Growth Prospects The Path to a High-Income Economy (19 pages) bull The 12th Five Year Plan Outline (6 pages)
Reforming the Financial System
These reports are a good introduction to financial reform and shadow banking in ChinaThe first paper is a good refresher for those trying to get up to speed on the history
of financial reform in China Borst and Lardy trace the evolution of Chinarsquos financial system away from a traditional bank-dominated and state-directed financial system toward a more complex market-based system The second paper by Elliott et al is a great overview of the issue of shadow banking The paper highlights the risks without exaggerating the probability of a financial crisis Walter and Howie explain how Chinarsquos financial system was restructured during the early 2000s and provide insight into some of the bureaucratic politics that continue to shape financial reform in China Finally the speech by Zhou Xiaochuan in 2013 outlines the Chinese governmentrsquos current priorities and objectives in financial reform
bull Nicholas Borst and Nicholas Lardy Maintaining Financial Stability in the Peoplersquos Republic of China during Financial Liberalization (28 pages)bull Douglas J Elliott Arthur R Kroeber and Qiao Yu Shadow banking in China A primer (30 pages)bull Carl E Walter and Fraser JT Howie Red Capitalism The Fragile Financial Foundation of Chinarsquos Extraordinary Rise Chapter 3 and 5 (40 pages) bull Zhou Xiaochuan Deepening Financial Reform(9 pages)
4American Mandarin Society
bull Matthew Goodman and David Parker Navigating Choppy Waters Chinarsquos Economic Decision Making at a Time of Transition Chapter 3 and 4bull Third Plenum Communique (Sections 2-26) (中共中央关于全面深化改革若干重大问题的决定) (23 pages)bull Justin Lin ldquoChina Can Escape the Middle
Week Three China and the World EconomyHow do Chinese policymakers change the economy
The objective of this week is to provide analysts with a foundation for understanding the process of economic decision making in China The first document is a survey of the economic decision making apparatus in China This report outlines the key players in formulating economic policy highlights some of the bureaucratic struggles which hinder policy implementation and tries to asses how all of this might change in the Xi Jinping administration Within the Goodman and Parker report are links to a plethora of useful additional readings on economic reform The Third Plenum Communique is an official document that serves as the defining roadmap for the current governmentrsquos reform agenda Justin Linrsquos article provides insight into the partyrsquos view of why the government needs to play a strong role in guiding development and why China can continue to grow despite slowing growth Naughton provides insight into economic reforms under Xi Jinping and Li Keqiang illustrating how the new leadership is likely to move forward In the final article Li Keqiang responds to questions at Davos on the Chinese economy His answers illustrate how the Chinese leadership is currently thinking about the economy
Overview
Income Traprdquo (中国可以摆脱中等收入陷阱rdquo bull Barry Naughton Is There a ldquoXi Modelrdquo of Economic Reform--Acceleration of Economic Reform since Fall 2014 (14 pages) bull Li Keqiang ldquoEight Words Describing on the Chinese Economyrdquo September 10 2015
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
2American Mandarin Society
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Cambridge Massachusetts 2006) Chapter 12 and 3 pp 1-111 (110 pages)bull Orville Schell and John Delury Wealth and Power Chinarsquos Long March to the Twentieth Century pp 259-352 (93 pages)bull Zhu Rongji Speech on Economic Work
Week One Setting the FoundationHow did the Chinese economy get to where it is today
The goal of this weekrsquos reading is to provide a basic familiarity with the Chinese economy The Chinese economy has evolved dramatically over the last thirty years These readings discuss the history of this evolution and put the current state of the economy into context Naughtonrsquos book is a historic overview of economic reforms from 1949 until the mid-2000s The Schell and Delury chapters are brief biographies of Deng Xiaoping and Zhu Rongji the two most important figures in the Chinese economic reform The speech from Zhu Rongji in 1994 and the Third Plenum of the 14th Party Congress illustrate how China overcame a difficult economic period in the early 1990s Pay close attention to the differences between the 1993 Third Plenum compared to the most recent 2013 Third Plenum adopted by the Xi and Li administration For example the latest third plenum document discusses relying on the market to allocate resources (市场决定资源配置) whereas the 1993 document only discusses using the market as a benchmark for allocating resources (发挥市场机制在资源配置中的基础性作用) The article by Naughton provides another interpretation of the Zhu Rongji era This chapter of Lardyrsquos latest book discusses the evolving role of the market in the Chinese economy Finally the 2030 report is a brief summary of where the Chinese economy is today
Overview
during 1994 NPC session (5 pages)bull The Third Plenum of the 14th Party Congress of the CCP (10 pages)bull Barry Naughton Zhu Rongji Twilight of a Brilliant Career (10 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 1 pp 11ndash41 (30 pages)
bull World Bank and the Development Research Center of the State Council China China 2030 Report (World Bank 2013) pp 4-14 (10 pages)
3American Mandarin Society
Changing the Economic Model
These papers are intended to give you an overview of how and why China is changing its economic growth model The first paper by Lardy and Borst provides a framework for understanding the reform policies that will support the transition to a consumption-driven economy The second reading by Andrew Batson will give you an overview of state sector reform The third reading from Lardyrsquos latest book discusses the opportunities for future growth by promoting greater private sector participation in the service sector Nabar and NrsquoDiaye quantify the impact of reforms on future economic growth Finally the 12th Five Year Plan reveals the targets established by the Chinese government to help achieve rebalancing such as increasing service sector share of GDP and consumption
Week Two Continuing Economic ReformHow is the Chinese economy evolving
The objective of this week is to get analysts up to speed on the important economic reforms changing the Chinese economy today First we will look at the evolution of the Chinese economic growth model Second we will look at changes to the financial system
Overview
bull Nicholas Borst and Nicholas Lardy Blueprint for Rebalancing the Chinese Economy (16 pages)bull Andrew Batson Fixing Chinarsquos State Sector (24 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 4 pg 123-153 (30 pages)bull Malhar Nabar and Papa NrsquoDiaye Enhancing Chinarsquos Medium-Term Growth Prospects The Path to a High-Income Economy (19 pages) bull The 12th Five Year Plan Outline (6 pages)
Reforming the Financial System
These reports are a good introduction to financial reform and shadow banking in ChinaThe first paper is a good refresher for those trying to get up to speed on the history
of financial reform in China Borst and Lardy trace the evolution of Chinarsquos financial system away from a traditional bank-dominated and state-directed financial system toward a more complex market-based system The second paper by Elliott et al is a great overview of the issue of shadow banking The paper highlights the risks without exaggerating the probability of a financial crisis Walter and Howie explain how Chinarsquos financial system was restructured during the early 2000s and provide insight into some of the bureaucratic politics that continue to shape financial reform in China Finally the speech by Zhou Xiaochuan in 2013 outlines the Chinese governmentrsquos current priorities and objectives in financial reform
bull Nicholas Borst and Nicholas Lardy Maintaining Financial Stability in the Peoplersquos Republic of China during Financial Liberalization (28 pages)bull Douglas J Elliott Arthur R Kroeber and Qiao Yu Shadow banking in China A primer (30 pages)bull Carl E Walter and Fraser JT Howie Red Capitalism The Fragile Financial Foundation of Chinarsquos Extraordinary Rise Chapter 3 and 5 (40 pages) bull Zhou Xiaochuan Deepening Financial Reform(9 pages)
4American Mandarin Society
bull Matthew Goodman and David Parker Navigating Choppy Waters Chinarsquos Economic Decision Making at a Time of Transition Chapter 3 and 4bull Third Plenum Communique (Sections 2-26) (中共中央关于全面深化改革若干重大问题的决定) (23 pages)bull Justin Lin ldquoChina Can Escape the Middle
Week Three China and the World EconomyHow do Chinese policymakers change the economy
The objective of this week is to provide analysts with a foundation for understanding the process of economic decision making in China The first document is a survey of the economic decision making apparatus in China This report outlines the key players in formulating economic policy highlights some of the bureaucratic struggles which hinder policy implementation and tries to asses how all of this might change in the Xi Jinping administration Within the Goodman and Parker report are links to a plethora of useful additional readings on economic reform The Third Plenum Communique is an official document that serves as the defining roadmap for the current governmentrsquos reform agenda Justin Linrsquos article provides insight into the partyrsquos view of why the government needs to play a strong role in guiding development and why China can continue to grow despite slowing growth Naughton provides insight into economic reforms under Xi Jinping and Li Keqiang illustrating how the new leadership is likely to move forward In the final article Li Keqiang responds to questions at Davos on the Chinese economy His answers illustrate how the Chinese leadership is currently thinking about the economy
Overview
Income Traprdquo (中国可以摆脱中等收入陷阱rdquo bull Barry Naughton Is There a ldquoXi Modelrdquo of Economic Reform--Acceleration of Economic Reform since Fall 2014 (14 pages) bull Li Keqiang ldquoEight Words Describing on the Chinese Economyrdquo September 10 2015
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
3American Mandarin Society
Changing the Economic Model
These papers are intended to give you an overview of how and why China is changing its economic growth model The first paper by Lardy and Borst provides a framework for understanding the reform policies that will support the transition to a consumption-driven economy The second reading by Andrew Batson will give you an overview of state sector reform The third reading from Lardyrsquos latest book discusses the opportunities for future growth by promoting greater private sector participation in the service sector Nabar and NrsquoDiaye quantify the impact of reforms on future economic growth Finally the 12th Five Year Plan reveals the targets established by the Chinese government to help achieve rebalancing such as increasing service sector share of GDP and consumption
Week Two Continuing Economic ReformHow is the Chinese economy evolving
The objective of this week is to get analysts up to speed on the important economic reforms changing the Chinese economy today First we will look at the evolution of the Chinese economic growth model Second we will look at changes to the financial system
Overview
bull Nicholas Borst and Nicholas Lardy Blueprint for Rebalancing the Chinese Economy (16 pages)bull Andrew Batson Fixing Chinarsquos State Sector (24 pages)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics 2014) Chapter 4 pg 123-153 (30 pages)bull Malhar Nabar and Papa NrsquoDiaye Enhancing Chinarsquos Medium-Term Growth Prospects The Path to a High-Income Economy (19 pages) bull The 12th Five Year Plan Outline (6 pages)
Reforming the Financial System
These reports are a good introduction to financial reform and shadow banking in ChinaThe first paper is a good refresher for those trying to get up to speed on the history
of financial reform in China Borst and Lardy trace the evolution of Chinarsquos financial system away from a traditional bank-dominated and state-directed financial system toward a more complex market-based system The second paper by Elliott et al is a great overview of the issue of shadow banking The paper highlights the risks without exaggerating the probability of a financial crisis Walter and Howie explain how Chinarsquos financial system was restructured during the early 2000s and provide insight into some of the bureaucratic politics that continue to shape financial reform in China Finally the speech by Zhou Xiaochuan in 2013 outlines the Chinese governmentrsquos current priorities and objectives in financial reform
bull Nicholas Borst and Nicholas Lardy Maintaining Financial Stability in the Peoplersquos Republic of China during Financial Liberalization (28 pages)bull Douglas J Elliott Arthur R Kroeber and Qiao Yu Shadow banking in China A primer (30 pages)bull Carl E Walter and Fraser JT Howie Red Capitalism The Fragile Financial Foundation of Chinarsquos Extraordinary Rise Chapter 3 and 5 (40 pages) bull Zhou Xiaochuan Deepening Financial Reform(9 pages)
4American Mandarin Society
bull Matthew Goodman and David Parker Navigating Choppy Waters Chinarsquos Economic Decision Making at a Time of Transition Chapter 3 and 4bull Third Plenum Communique (Sections 2-26) (中共中央关于全面深化改革若干重大问题的决定) (23 pages)bull Justin Lin ldquoChina Can Escape the Middle
Week Three China and the World EconomyHow do Chinese policymakers change the economy
The objective of this week is to provide analysts with a foundation for understanding the process of economic decision making in China The first document is a survey of the economic decision making apparatus in China This report outlines the key players in formulating economic policy highlights some of the bureaucratic struggles which hinder policy implementation and tries to asses how all of this might change in the Xi Jinping administration Within the Goodman and Parker report are links to a plethora of useful additional readings on economic reform The Third Plenum Communique is an official document that serves as the defining roadmap for the current governmentrsquos reform agenda Justin Linrsquos article provides insight into the partyrsquos view of why the government needs to play a strong role in guiding development and why China can continue to grow despite slowing growth Naughton provides insight into economic reforms under Xi Jinping and Li Keqiang illustrating how the new leadership is likely to move forward In the final article Li Keqiang responds to questions at Davos on the Chinese economy His answers illustrate how the Chinese leadership is currently thinking about the economy
Overview
Income Traprdquo (中国可以摆脱中等收入陷阱rdquo bull Barry Naughton Is There a ldquoXi Modelrdquo of Economic Reform--Acceleration of Economic Reform since Fall 2014 (14 pages) bull Li Keqiang ldquoEight Words Describing on the Chinese Economyrdquo September 10 2015
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
4American Mandarin Society
bull Matthew Goodman and David Parker Navigating Choppy Waters Chinarsquos Economic Decision Making at a Time of Transition Chapter 3 and 4bull Third Plenum Communique (Sections 2-26) (中共中央关于全面深化改革若干重大问题的决定) (23 pages)bull Justin Lin ldquoChina Can Escape the Middle
Week Three China and the World EconomyHow do Chinese policymakers change the economy
The objective of this week is to provide analysts with a foundation for understanding the process of economic decision making in China The first document is a survey of the economic decision making apparatus in China This report outlines the key players in formulating economic policy highlights some of the bureaucratic struggles which hinder policy implementation and tries to asses how all of this might change in the Xi Jinping administration Within the Goodman and Parker report are links to a plethora of useful additional readings on economic reform The Third Plenum Communique is an official document that serves as the defining roadmap for the current governmentrsquos reform agenda Justin Linrsquos article provides insight into the partyrsquos view of why the government needs to play a strong role in guiding development and why China can continue to grow despite slowing growth Naughton provides insight into economic reforms under Xi Jinping and Li Keqiang illustrating how the new leadership is likely to move forward In the final article Li Keqiang responds to questions at Davos on the Chinese economy His answers illustrate how the Chinese leadership is currently thinking about the economy
Overview
Income Traprdquo (中国可以摆脱中等收入陷阱rdquo bull Barry Naughton Is There a ldquoXi Modelrdquo of Economic Reform--Acceleration of Economic Reform since Fall 2014 (14 pages) bull Li Keqiang ldquoEight Words Describing on the Chinese Economyrdquo September 10 2015
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
5American Mandarin Society
Week Four China and the World EconomyHow does the Chinese economy impact the global economy
The objective this week is to help analysts understand the relationship between the Chinese economy and the world economy First we will look at the US-China economic relationship Second we will analyze how China impacts the global economy
Overview
US-China Relations
These two papers will help you familiarize yourself with US-China economic relations This first report by Wayne Morrison of the Congressional Research Service will outline the key issues affecting US-China trade and investment relations from the US perspective The second paper by Arvind Subramanian discusses the evolving role of China in shaping the global economic system and the implications for US foreign policy The third article contains remarks by Xi Jinping regarding Chinarsquos current objectives in US-China economic relations
bull Wayne M Morrison China-US Trade Issues (59 pages)bull Arvind Subramanian Preserving the Open Global System A Strategic Blueprint for
China and the United States (17 pages)bull Xi Jinping speaking on US-China trade and investment relations following his visit to the United States (3 pages)
Global Economic Influence
These three papers will help you understand the impact of Chinarsquos economic rise on the global economy The first paper discusses how a slowdown in China is impacting the economies of other countries especially commodity-driven nations The second article is the ldquoOne Belt One Roadrdquo plan put forward by the Chinese government The plan represents a significant economic and diplomatic push by China that influence foreign direct investment and trade The final paper by Chen et al provides a level-headed look at Chinarsquos investments into Africa a
hugely important new economic trend
bull Ashvin Ahuja and Malhar Nabar Investment-Led Growth in China Global Spillovers (23 pages)bull National Development and Reform Commission Vision and proposed actions outlined on jointly building Silk Road Economic Belt and 21st-Century Maritime Silk Road (推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与行动)bull Wenjie Chen David Dollar and Heiwai Tang Why is China investing in Africa Evidence from the firm level (30 pages)
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
6American Mandarin Society
The Next Steps Keeping Up and Moving ForwardMoving Beyond Familiarity toward Expertise
For those who wish to go beyond this syllabus to develop onersquos expertise on Chinese Economic Affairs
Overview
Routine Readings
The sources below are a few ways to keep up with developments in the Chinese Economy
bull IMF Article IV Report The Article IV documents are produced annually by the IMF staff They provide an overview of key economic issues in China and also highlight the findings of recent IMF research on China Pay careful attention to the special topics covered in these reports because they correspond to the issues IMF staff are most concerned aboutbull World Bank China Economic Update These reports are produced twice a year so they are often more current than the Article IV Both reports tend to shy away from making strong claims but a careful reading can reveal staff views of a variety of issuesbull China Leadership Monitor Quarterly articles on Chinese politics by Stanfordrsquos Hoover Institute Barry Naughton frequently writes on
the political economy of economic reformbull Quarterly Monetary Policy Report of the Peoplersquos Bank of China (季度中国货币政策执行报告) Within a month of the end of each quarter the Peoplersquos Bank of China publishes a quarterly report on monetary policy in China The report covers key issues in the macroeconomy as well as exchange rate and monetary policy concerns bull China International Balance of Payments Report (中国国际收支报告) the State Administration of Foreign Exchange (SAFE) in charge of currency and cross-border monetary flows releases an annual report every March discussing issues such as balance of payment foreign exchange reserves and international investment position As with the quarterly monetary policy report you may look to specific exhibits discussing timely topicsbull US-China Economic and and Security Review Commission Annual Report to Congress The US China Economic and
Security Commission writes an annual report to congress discussing developments in China of interest to US policymakers such as bilateral trade and investment and currency reform
More in-depth reading for advanced analysts
bull Li Gan China Household Finance Survey (中国家庭融资调查) This survey is one of the few viable alternatives to official Chinese government household survey (which has many known problems)The report uses a large sample size and professional surveying methods to gain insight into areas such as investment trends income inequality and employment The full report comes out periodically as well shorter papers on specific issuesbull John Fernald Israel Malkin and Mark Spiegel On the Reliability of Chinese Output Figures China bears and other critics frequently disparage the accuracy of Chinese economic statistics This article is a useful check on some of the conspiracy theories The authors show that most of the alternative indicators that the skeptics point to such as electricity rail cargo shipments and loan disbursements actually track official GDP pretty well The authors find that partner reported trade data and industrial production to be consistent with official GDP
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
7American Mandarin Society
growth under the new normal bull Ryan Rutkowski Service Sector Reform in Chinabull FSB Peer Review of China An excellent review of Chinarsquos financial regulatory system and itrsquos ability to coordinate in the event of a financial crisis
General Reference Books
bull Barry Naughton The Chinese Economy Transitions and Growth (MIT Press Massachusetts 2006)bull Nicholas Lardy Sustaining Chinarsquos Economic Growth After the Global Financial Crisis (Peterson Institute for International Economics Washington DC 2012)bull Nicholas Lardy Markets Over Mao (Peterson Institute for International Economics Washington DC 2014)bull Loren Brandt and Thomas Rawski Chinarsquos Great Economic Transformation (Cambridge University Press 2008)bull Thomas Orlik Understanding Chinarsquos Economic Indicators Translating the Data into Investment Opportunities 1st Edition (FT Press 2011)
bull Mali Chivakul W Raphael Lam Xiaoguang Liu Wojciech Maliszewski and Alfred Schipke Understanding Residential Real Estate in China The authors provide a solid overview of the housing market and apply an analytical framework for evaluating housing oversupply in China The authors then use a model to predict the impact of excess housing on GDP The baseline scenario shows a small negative impact from a housing correction nothing close to the more extreme scenarios offered by many analysts bull W Raphael Lam and Philippe Wingender China How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth bull Yuanyan Sophia Zhang and Steven Barnett Fiscal Vulnerabilities and Risks from Local Government Finance in China The paper discusses the nature of local government financing platforms It also provides an international context to understand the issue of public debt sustainability in China bull W Raphael Lam Xiaoguang Liu and Alfred Schipke Chinarsquos Labor Market in the ldquoNew Normalrdquo As China implements reforms under the ldquonew normalrdquo maintaining stability in the labor market is a priority The countryrsquos demography and labor dynamics are changing after benefitting in past decades from ample cheap labor This paper quantifies to what extent structural trends and the reform pace affect employment
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
8American Mandarin Society
人均收入金融危机收入分配基尼系数中等收入陷阱新结构经济学工业革命附加价值生产要素农业部门制造业部门现代服务业部门产业升级产业结构世界银行增长与发展委员会开放经济技术创新高储蓄高投资诺贝尔经济学奖要素禀赋结构劳动力可用资本比较优势投资回报率宏观经济利润价格信号体系专利制度因势利导结构主义
reacuten jūn shōu rugravejīn roacuteng weacutei jīshōu rugrave fegraven pegravei jī niacute xigrave shugrave zhōng děng shōu rugrave xiagraven jǐng xīn jieacute gograveu jīng jigrave xueacute gōng yegrave geacute migraveng fugrave jiā jiagrave zhiacute shēng chǎn yagraveo sugrave noacuteng yegrave bugrave meacuten zhigrave zagraveo yegrave bugrave meacuten xiagraven dagravei fuacute wugrave yegrave bugrave meacuten chǎn yegrave shēng jiacute chǎn yegrave jieacute gograveu shigrave jiegrave yiacuten haacuteng zēng zhǎng yǔ fā zhǎn wěi yuaacuten huigrave kāi fagraveng jīng jigrave jigrave shugrave chuagraveng xīn gāo chǔ xugrave gāo toacuteu zī nuograve begravei ěr jīng jigrave xueacute jiǎng yagraveo sugrave bǐng fugrave jieacute gograveu laacuteo dograveng ligrave kě yograveng zī běn bǐ jiagraveo yōu shigrave toacuteu zī huiacute bagraveo lǜ hoacuteng guān jīng jigrave ligrave rugraven jiagrave geacute xigraven hagraveo tǐ xigrave zhuān ligrave zhigrave dugrave yīn shigrave ligrave dǎo jieacute gograveu zhǔ yigrave
per capita incomefinancial crisis income distributionGini Coefficientmiddle income trapnew structural economicsindustrial revolutionvalue addedproduction factoragriculture sectormanufacturing sectormodern service sectorindustrial upgradeindustrial structureWorld BankCommission on Growth and Developmentopen economytechnological innovationhigh savingshigh investmentNobel prize for economicsfactor endowment structure capital available for laborcomparative advantagereturn on investmentmacro economyprofitprice signal systempatent systemto facilitatestructuralism
中文 拼音 英文
Appendix Key Chinese Language Terms and Phrases
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
9American Mandarin Society
资本密集寻租发展绩效新自由主义华盛顿共识休克疗法补贴双轨制计划经济外资企业三资企业民营经济扭曲单轨制中小企业山西煤老板发达国家专利保护知识产权保护制度政府采购规模经济行政命令生物能源市场经济通货膨胀环比国务院服务业原材料国家统计局国有粮店
zī běn migrave jiacute xuacuten zū fā zhǎn jigrave xiagraveo xīn zigrave yoacuteu zhǔ yigrave huaacute shegraveng dugraven gograveng shiacute xiū kegrave liaacuteo fǎ bǔ tiē shuāng guǐ zhigrave jigrave huaacute jīng jigrave wagravei zī qǐ yegrave sān zī qǐ yegrave miacuten yiacuteng jīng jigrave niǔ qǔ dān guǐ zhigrave zhōng xiǎo qǐ yegrave shān xī meacutei lǎo bǎn fā daacute guoacute jiā zhuān ligrave bǎo hugrave zhī shiacute chǎn quaacuten bǎo hugrave zhigrave dugrave zhegraveng fǔ cǎi gograveu guī moacute jīng jigrave haacuteng zhegraveng migraveng ligraveng shēng wugrave neacuteng yuaacuten shigrave chǎng jīng jigrave tōng huograve peacuteng zhagraveng huaacuten bǐ guoacute wugrave yuagraven fuacute wugrave yegrave yuaacuten caacutei liagraveo guoacute jiā tǒng jigrave juacute guoacute yǒu liaacuteng diagraven
capital intensiverent-seekingdevelopment performanceneo-liberalismWashington Consensus shock therapysubsidy dual-track systemplanned economyforeign enterprisethree kinds of foreign-funded enterprisesprivate sectordistortionsingle-track systemsmall and medium size companiesShanxi coal mine ownersdeveloped countriespatent protectionintellectual property right protection systemgovernment procurementeconomies of scale executive orderbioenergymarket economyinflationcomparing with last monthState Councilservice industryraw materialNational Bureau of Statisticsstate-owned food store
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
10American Mandarin Society
供求矛盾调控能力净进口净出口固定资产投资国有民营供销社外汇储备灰色收入供需矛盾财政赤字房地产纺织工业库存三角债国有企业养老保险失业保险医疗保险小康社会温室气体境外投资工业化信息化城镇化市场化国际化内需低碳技术战略性新兴产业电子商务
gograveng qiuacute maacuteo dugraven diagraveo kograveng neacuteng ligrave jigraveng jigraven kǒu jigraveng chū kǒu gugrave digraveng zī chǎn toacuteu zī guoacute yǒu miacuten yiacuteng gograveng xiāo shegrave wagravei huigrave chǔ begravei huī segrave shōu rugrave gograveng xū maacuteo dugraven caacutei zhegraveng chigrave zigrave faacuteng digrave chǎn fǎng zhī gōng yegrave kugrave cuacuten sān jiǎo zhagravei guoacute yǒu qǐ yegrave yǎng lǎo bǎo xiǎn shī yegrave bǎo xiǎn yī liaacuteo bǎo xiǎn xiǎo kāng shegrave huigrave wēn shigrave qigrave tǐ jigraveng wagravei toacuteu zī gōng yegrave huagrave xigraven xī huagrave cheacuteng zhegraven huagrave shigrave chǎng huagrave guoacute jigrave huagrave negravei xū dī tagraven jigrave shugrave zhagraven luegrave xigraveng xīn xigraveng chǎn yegrave diagraven zǐ shāng wugrave
supply-demand imbalancecontrol capacitynet importnet exportfixed asset investmentstate owned private runsupply and marketing cooperativeforeign reservegrey incomesupply demand imbalancefiscal deficitreal estate textile industry inventory chain debtstate-owned enterprise endowment insuranceunemployment insurance health insurancemoderately well-off society greenhouse gas outbound foreign direct investment industrializationinformationalization urbanizationmarketization internationalizationdomestic demandlow carbon technologystrategic emerging industryEcommmerce
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
11American Mandarin Society
绩效评价民间资本市场准入上市公司债券市场收支平衡利率市场化负面清单
jigrave xiagraveo piacuteng jiagrave miacuten jiān zī běn shigrave chǎng zhǔn rugrave shagraveng shigrave gōng sī zhagravei quagraven shigrave chǎng shōu zhī piacuteng heacuteng ligrave lǜ shigrave chǎng huagrave fugrave miagraven qīng dān
performance evaluation private capitalmarket entrypublicly trade companybond marketbalance of paymentinterest rate marketization negative list
中文 拼音 英文
Appendix gtgt
