Macroeconomic Effects of China’s Financial Policies https://ift.tt/2JQtr45 Macroeconomic Effects of China’s Financial Policies NBER Working Paper No. 25222 Issued in November 2018 NBER Program(s):Development Economics, Economic Fluctuations and Growth, Monetary Economics The Chinese economy has undergone three major phases: the 1978-1997 period marked as the SOE-led economy, the 1998-2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government’s financial policies, defined as a set of credit policy, monetary policy, and regulatory policy. We analyze the macroeconomic effects of these financial policies throughout the three phases and provide the […]
The Mandatory Canteens of Communist China https://ift.tt/2QaVGwj A People’s Commune canteen pictured in 1958. Public Domain In 1958, Chinese communist cadre descended into farmers’ homes on an official government mission: to confiscate food supplies and cooking equipment, and destroy private kitchens. Officially, the communist government demonized private kitchens as “symbols of selfishness.” But for Chinese farmers, this meant that the ubiquity of cooking and eating meals at home suddenly became illegal. The measure stemmed from Chairman Mao Zedong’s “Great Leap Forward,” a series of communist government initiatives that revolutionized the Chinese countryside. Mao believed that agricultural collectivization was central to […]
PacNet #62 – The 115th Congress Aligns with the Trump Administration in Targeting China https://ift.tt/2NcgNAr After a slow start in 2017, reflecting preoccupations with health care and tax reform, the 115th Congress has demonstrated remarkable activism on China policy in 2018. This Congress has broken the mold of past practice where the US Congress more often than not since the normalization of US relations with China four decades ago has served as a brake and obstacle impeding US initiatives in dealing with China. That pattern saw repeated congressional resistance to administration efforts to advance US engagement with China at the […]
Expect ‘deep structural change’ in China-US ties, senior adviser says https://ift.tt/2N1u7rn A senior Chinese government adviser says he expects “deep structural change” in the relationship between the world’s two largest economies after the trade war, with the US treating China as a key rival. Long Guoqiang, vice-president of the State Council’s Development Research Centre, also called for “strategic confidence” and “strategic patience” in China in the face of mounting pressure from tariffs and other punitive trade measures imposed by Washington. The senior adviser made the remarks in a commentary on Wednesday in People’s Daily, mouthpiece of the ruling Communist Party. […]
Click to access chinaboom_final.pdf Abstract Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014, and are now between two and ten times higher than the construction cost of apartments. At the same time, Chinese developers built 100 billion square feet of residential real estate. This boom has been accompanied by a large increase in the number of vacant homes, held by both developers and households. This boom may turn out to be a housing bubble followed by a crash, yet that future is far from certain. The demand for real estate in […]
Click to access clm49bn.pdf Barry Naughton PRC Policy-making with respect to economic reform has been extremely inconsistent since early 2015. Some of this inconsistency can be traced to different conceptions of reform, and some to different centers and channels of policy-making. The recent introduction of “Supply-side Structural Reform” is an important development best understood in the context of the problems that emerged over the past year.
No strings, no summer! The 12 chain stores in Beijing are perfect match with the World Cup! https://ift.tt/2LYxoTE The World Cup has already begun! Summer, Of course, you have to drink while you sip Watch the game! I don’t have much to say, Xiaobian will take you to see. What are the good places in the capital! 1 Old Six Strings Store (Sanjianfang) Don’t look at the face of the small face, this is the veteran of the dark food industry in Chaoyang Road. After so many years of accumulation, the mutton of the sixth child is very reassuring. In […]