China's Role in Global Economic Recovery

China's Role in Global Economic Recovery

China's Role in Global Economic Recovery

China's Role in Global Economic Recovery

Synopsis

This book presents a wide-ranging assessment of the current state of China's economy in relation to the global international economy. It discusses the role China has played in responding to the economic crisis; assesses the continuing strong prospects for further economic growth in China; and examines China's deepening integration into the world economy. Specific topics covered include China's foreign reserves and global economic recovery; the international expansion of Chinese multinationals and China's private businesses; and the role of technological innovation in China's economic growth. Overall, the book provides a wealth of detail and up-to-date insights concerning China's development path, growth potential, sustainability and impact.

Excerpt

The financial crisis that began in 2007 has led to the most severe global economic recession since the Second World War. the consequences of the crisis have been felt in almost every economy and have posed a significant threat to world economic and social development. Such a severe global economic crisis has called for global partnership and global solutions. As fast-rising economic forces, China and the other emerging economies have played a crucial role in the global battle against the world economic crisis, working as part of an international partnership that aims to lead the world towards economic recovery.

As indicated by the un report “World Economic Situation and Prospects 2011,” the weaknesses in major developed economies have slowed global recovery and have posed risks for world economic stability. Although developed country policy measures adopted during the early stages of the financial crisis have helped to stabilise financial markets and jump-start a recovery, overcoming the structural problems that led to the crisis is a lengthy process. in contrast, many emerging economies have exhibited strong gdp growth as they have been able to use the policy buffers permitted by growth and strong performance in the years before the crisis to adopt aggressive stimulus packages. These stimulus packages have helped boost domestic demand and have thus facilitated a relatively quick recovery from the global downturn. in total, the emerging economies have contributed to more than half of the expansion of the world economy since the third quarter of 2009. the large emerging economies in Asia and Latin America, particularly China, India and Brazil, have taken the leading roles in driving the world economic recovery.

This volume includes a selection of papers presented at the 21st Chinese Economic Association (UK) and the 2nd Chinese Economic Association (Europe) joint annual conference in 2010 at Oxford University and Peking University. the papers selected cover a wide range of issues regarding the impact of the global economic crisis on China and other emerging economies, the responses of these countries at national, regional and firm levels and their role in the global battle for economic recovery and prosperity. a total of 15 papers have been included in this volume, selected from around 450 papers submitted to the conferences. a three-tier scrutiny process was employed, involving an initial selection by the conference organisation committee, a second round of selection by the editor and a final round involving review and revision procedures.

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