China In The Global Economy Reforming China S Enterprises

This volume describes the main reforms that are being undertaken in China's enterprises, the progress that is being made, the problems that are being encountered, and the challenges that remain to be overcome.

This volume describes the main reforms that are being undertaken in China's enterprises, the progress that is being made, the problems that are being encountered, and the challenges that remain to be overcome.

China's economic reforms over the past two decades have brought tremendous economic transformation, rapid growth, and closer integration into the global economy. Real income per capita has increased fivefold, raising millions of Chinese out of poverty. Despite these achievements, difficult reforms--involving the state-owned enterprises and the financial sector--must still be completed, and social pressures from rising unemployment and income inequalities need to be addressed. China's accession to the World Trade Organization will bring benefits but will also impose obligations on the economy, and could prove to be a watershed for the reform process. This book looks at the country's reform process, its past successes and future challenges.

China's recent economic reforms have led to impressive growth, and an unprecedented enthusiasm for establishing foreign enterprises in China. Since 1993, China has been the second largest recipient of foreign direct investment in the world and is now considered to be the world's third biggest economy. Its greater economic integration with the rest of the world, especially since its accession to the World Trade Organisation (WTO), has further accelerated its market-oriented economic reforms. China is now opening its protected markets and beginning to submit to the rule of international law. This ongoing transition and increasing participation in the world economy has resulted in significant changes in human resource management and social welfare practices in China's enterprises. The book examines the key areas, all of which are linked, where China is grappling with institutional reforms as it opens up to the outside world: state-owned enterprise reform, capital markets and financial reform, human resources and labour market reform, social welfare reform, and China's accession to the WTO and the growth of the private sector.

China's recent economic reforms have led to impressive growth, and an unprecedented enthusiasm for establishing foreign enterprises in China. Since 1993, China has been the second largest recipient of foreign direct investment in the world and is now considered to be the world's third biggest economy. Its greater economic integration with the rest of the world, especially since its accession to the World Trade Organisation (WTO), has further accelerated its market-oriented economic reforms. China is now opening its protected markets and beginning to submit to the rule of international law. This ongoing transition and increasing participation in the world economy has resulted in significant changes in human resource management and social welfare practices in China's enterprises. The book examines the key areas, all of which are linked, where China is grappling with institutional reforms as it opens up to the outside world: state-owned enterprise reform, capital markets and financial reform, human resources and labour market reform, social welfare reform, and China's accession to the WTO and the growth of the private sector.

China is well-known as the largest recipient of foreign direct investment among developing countries. Little is known so far of the fact that China has become (quietly) one of the most significant third world investors in the global economy. This book traces the evolutionary path of China's outward investment activities and examines the political economy of the rapid rise of China's global businesses in the context of the economic reforms since 1978. The analysis of changing policy regimes for China's outward investment is complemented by detailed investigations of the rise and operation of three pioneering Chinese multinationals to illustrate this new thrust of China's engagement with the global economy. China's global reach examined in this study explores issues concerning China's creative responses to globalisation and the processes through which China his becoming a globalised state. The first ever book-length study of China's global investment activities, this book fills a significant gap in the literature on China's economic transformation and the rise of multinational corporations from developing countries.

This book is about China’s economy transformation. Currently, China’s macro-leverage ratio has been effectively controlled, the central market interest rate (one year fixed interest rate) has gone down, and liquidity is now relatively abundant. However, financial institutions are generally reluctant to lend, the local governments are unwilling to act, and the fact that liquidity released by the central bank cannot be effectively transmitted to the real economy is leading to a contraction of credit and higher financing costs for private enterprises. Meanwhile, the downturn in the internal economic cycle has been exacerbated by the external shocks caused by frictions in Sino-US trade, and this set of circumstances has contributed to the polarization of expectations regarding China's real economic prospects and policy trends, as seen, for example, in the questions and discussions about policy trends relevant to the private economy. Indeed, one might claim that the current confusion of expectations even exceeds that of 2008, when the international financial crisis breaks out. From a dialectical perspective, the more pessimistic expectation of economic trend, the easier it is to build consensus on reform, and the more remarkable actual effects of reform, which must be based on a comprehensive understanding of the phased characteristics of China’s economic development. In this book, based on the experience working in central bank of China, the author argues that China’s policy should focus on internal demand. In the coming period, China needs to persevere in the market orientation, step up reform and opening up, and create a favorable business environment. This book represents the following opinions: First, to reach a common understanding of the medium and high economic growth, and avoid the dream of high growth. Second, to stick to supply-side structural reform, accelerate economic transformation and structural adjustment, and further unleash the reform dividends and growth potential. The long-term and structural problems cannot be attributed to short-term and cyclical problems. Third, the challenges of external shocks could be also regarded as opportunities, which include but not limited to accelerate reform to improve property rights protection, state-owned capital management, corporate governance, income distribution, and social security. Fourth, whenever the trade friction happens, a multilateral framework is always helpful.

China has used industrial policies to try to build large corporations that can challenge those based in more advanced countries. By the late 1990s the operational mechanism of China's large firms had seen large advances. Simultaneously, a revolution has taken place in global business systems, and China's large firms are even further behind the global leaders than when they began their reforms. The WTO will require China to operate rapidly on the 'global playing field' in competition with the world's leading corporations, and this increased gap presents a deep challenge for China's business and political leaders. Peter Nolan presents here the first in-depth case studies of China's large corporations under economic reform, combined with systematic benchmarking of these firms against the world's leading corporations. The book is an unrivalled resource of information on Chinese businesses, and also leads the reader to consider the impact of China's response to its current challenges not only on China itself, but on the wider global economy.