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| 1 |
ID:
158910
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| Summary/Abstract |
The present paper describes the trajectory of China's fiscal and tax reform in the past 40 years, which can be summarized in five phases. The reform commenced with “decentralizing power and transferring benefits.” Then, under great fiscal pressure, institutional reform was instigated, which aimed to establish a new fiscal and tax system. To regulate the government revenue and expenditure beyond the fiscal and tax system, reforms were put in place to build an institutional framework for public finance. As the fiscal and tax reform had gradually entered the more sophisticated phases, China took a series of measures to further improve the public finance system. Since 2012, based on the overall plan of comprehensively deepening reform, China has embarked on establishing a modern public finance system. The present paper characterizes China's fiscal and tax reform as gradually moving toward a system that aligns with the overall reform and complements the goal of marketization and modernization of state governance.
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| 2 |
ID:
158907
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| Summary/Abstract |
This paper comprehensively reviews China's openness since 1978 from three aspects: trade, foreign investment and global production sharing. We point out that the economic development of China is now standing at a historic turning point. Specifically, economic changes in China are discussed from four dimensions: (i) from China being a world assembly line to a world manufacturing powerhouse; (ii) from China being a world capital receiver to a world investor; (iii) from China being a world factory to a world market; and (iv) from the situation of “made in China” to “innovated in China.” At the same time, the global economic system has also reached a turning point. A “North America–Europe–Asia” tri‐polar system has formed, in which the USA, Germany and China, respectively, serve as the regional core economies.
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| 3 |
ID:
158908
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| Summary/Abstract |
In the post‐reform era, China achieved poverty reduction that was unprecedented in human history This poverty reduction was accompanied by fast growth and worsening income distribution. The present paper examines the poverty–growth–inequality triangle in China by: (i) providing growth, inequality and poverty profiles at the national and provincial levels; (ii) uncovering the contributions of growth and inequality changes to poverty reduction; and, finally, (iii) drawing lessons for other developing countries. Based on the World Bank's definition of the poverty line, China has already eliminated abject poverty, even though the poverty rate was as high as 88.3 percent in 1981. The remarkable record in poverty reduction is predominantly attributable to growth. The effect of inequality varied in different periods. In addition, the impact of growth on poverty reduction is found to be diminishing over time, a phenomenon worth further research and policy attention.
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| 4 |
ID:
158909
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| Summary/Abstract |
The astonishing surge in China's international trade is the result of comprehensive economic reforms in the 1980s and 1990s. Trade was further bolstered by China's accession to the World Trade Organization (WTO) in 2001. We examine several aspects of China's international trade that might help to explain its surprisingly fast growth and its ever‐growing role in the global economy. A large number of studies have analyzed how trade liberalization, the WTO accession in particular, has profoundly changed the Chinese economy. We survey notable contributions to this literature that analyze the effects of trade liberalization on Chinese firms, individuals and households. Meanwhile, China's exports have had various effects on importing countries and the enormous growth of China's exports is seen by some observers as posing a threat to China's trading partners. Therefore, we discuss the emerging literature on the effects of China's spectacular export growth on consumers, labor markets, innovation, media and politics in foreign countries. Given the new domestic and external circumstances, the Chinese Government is determined to push for the formation of a new trade structure characterized by broad opening up to transform China into a strong trading powerhouse.
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| 5 |
ID:
158911
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| Summary/Abstract |
Following China's accession to the World Trade Organization (WTO), it has been impossible to overlook the influence of its economy on the multilateral trading system. Many published studies have examined why China joined the WTO and the comprehensive impacts of WTO membership on China, but few studies have focused on China's impact on the WTO. This article attempts to fill this gap by examining China's changing role in the multilateral trading system from political and legal perspectives, seeking to shed light on how Chinese characteristics have reshaped the power structure and rule‐based system of the WTO. While its accession has made the WTO more relevant in regards to global trade governance, China has been accused of upsetting the WTO's rules‐based system because of its unique political and economic regime. The WTO and its members should take the Chinese characteristics into consideration and regulate China's practices through using the dispute settlement mechanism, promoting China's accession to plurilateral agreements and adopting a “soft law” approach.
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| 6 |
ID:
158906
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| Summary/Abstract |
China's reform, opening up and resultant economic growth in the past 40 years have led to the accumulation of an immense array of experiences, which economists are obligated to look into, analyze and theorize upon. In fact, the rich literature in this area has positively assessed and documented China's successful experiences. However, theories that were established in Western countries have been applied as doctrine to judge China's experiences. By adopting an analytical framework unifying historical logic and theoretical logic, the purpose of this paper is to reveal the unique Chinese experience and its relevance to the general laws of economic development. Based on the experiences of and in reference to research findings about China, this paper chronicles the process of reform, opening up and economic growth, and analyzes the nexus between them. The study demystifies how the incentive mechanism, the factor accumulation and allocation system, market development, and macro policy environment reforms have spurred China's economic growth, structural changes and the increase in productivity. The changes in development stage are examined and policy implications for further reform are discussed.
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