How China Grows:Investment, Finance, and Reform中国如何成长：投资、财务和改革 下载 极速 rtf epub 在线 word txt pdf

Although China's economy has grown spectacularly over the last twenty-five years, economists disagree about how the Chinese economy is likely to fare in the short- and long-term future. Is China's growth sustainable, or has China relied too much on investment, which is subject to diminishing returns, and not enough on technological change? The first book on the relation between investment, finance, and growth in China, How China Grows dismisses this concern. James Riedel, Jing Jin, and Jian Gao argue that investment has not only been the engine of growth, but also the main source of technological progress and structural change in China.

What threatens future growth instead, the authors argue, are the weaknesses of China's financial system that undermine efficiency in investment allocation. Financial-sector reform and development are necessary, not only for sustaining long-term growth, but also for maintaining macroeconomic stability.

Although it includes some technical economic analysis, How China Grows is accessible to noneconomists and will benefit anyone who is interested in development finance in general and in China's economic growth in particular--whether economists, political scientists, bankers, or business people.

Preface

Acknowledgments

CHAPTER 1 Overview of Economic Reforms and Outcomes

1.1 Agricultural Reform: 1979-85

1.2 Industrial Reform: 1978-93

1.3 Transition to a Market Economy: 1994-2003

1.4 Foreign Trade and Investment

1.5 Financial Sector

CHAPTER 2 The Source of Growth and the Role of Investment

2.1 Methodology of Growth Accounting

2.2 Measurement of TFPG in China

2.3 Production Function Estimates of TFPG in China

2.4 Explaining TFPG in China

2.5 The Contribution of Investment Reconsidered

2.6 Technological Change Reconsidered

2.7 Postscript: Investment versus Domestic Demand as a Source of Growth

CHAPTER 3 Saving and the Financing of Investment in China

3.1 Investment

3.2 Financing Investment

3.3 Financial Flows between Sectors

3.4 Household Saving

3.5 Government Saving and Investment

3.6 Foreign Saving

3.7 Summary and Conclusions

CHAPTER 4 Financial Sector Repression

4.1 Why Repress the Financial System?

4.2 How Repressed Is China's Financial System?

4.3 Finance and Growth in China

4.4 Strategy of Financial Development

CHAPTER 5 Banking Sector Reform

5.1 Key Features of the Banking Sector

5.2 Problems of the Banking Sector

5.3 Measures Taken to Strengthen the Banking Sector

CHAPTER 6 Developments in the Bond Market

6.1 The Role of a Bond Market

6.2 The Bond Market in China

6.3 Government Bonds

6.4 Corporate Bond Market

6.5 Conclusion

CHAPTER 7 The Rise and Fall of the Stock Market

7.1 The Rise

7.2 The Fall

7.3 Conclusion

CHAPTER 8 Macroeconomic Policy and Performance

8.1 Ups and Downs in the Macro Economy

8.2 Investment Spending as the Proximate Cause of Macroeconomic Cycles

8.3 Anatomy of Macro Cycles in China

8.4 Monetary Policy

8.5 Capital Flows and Exchange Rate Policy

8.6 Fiscal Policy

8.7 Conclusion

References

Index

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作者简介：

James Riedel is Professor of International Economics at Johns Hopkins University's School of Advanced International Studies. Jing Jin is Director of China Strategy for UBS AG Hong Kong, and a professor at Beijing's Central University of Finance and Economics. Jian Gao is Vice-Governor of the China Development Bank in Beijing.