The book analyzes the nature of Chinese economy which enables it to
go through the financial tsunami pretty unscathed. It discusses the
stimulus package designed by the Chinese government to keep the
economy on course, as well as its results - both positive and
negative aspects in the middle and long term.The 2008-09 financial
crisis makes it very clear that we need a two-pronged approach to
deal with the situation, namely governments need a) to take quick
and decisive actions to stem any further deterioration in financial
systems; b) to revamp their economies by refitting existing engines
in the real economy. China, as the third largest economy in the
world, and with its robust domestic consumption and a healthy
financial system, is one of the most important drivers to pull the
world out of recession.According to the Chinese leadership, China's
main contribution is to keep its own economy running smoothly. In
response to the crisis, the Beijing government has poured money
into the following sectors: public housing, earthquake
reconstruction, physical infrastructure, social security, education
and healthcare. So far, the results have helped China to maintain
the targeted high growth. Given the open nature of its economy, its
high growth has also benefited other countries, thereby
contributing to the global economy.The current crisis strengthens a
trend that has emerged since the Asian financial crisis of 1997.
And that is the enhanced economic integration of China with its
East Asian neighbours and Southeast Asia. This augurs well for East
Asian regionalism which may include the birth of Asian Monetary
Fund.The global environment in the wake of the crisis poses new
challenges to China, for example, in the form of shrinking size of
its traditional export market in the USA and Europe. China needs to
modify its strategy from previous export-oriented and
investment-driven strategy into one with more emphasis on
consumption. There is a lot of scope for China to embark on
productive consumption such as cleaning up the environment,
physical infrastructure, social security, education and healthcare.
If done well, they will lay a firm basis for long-term economic
development. It represents an occasion for China to embark on a
nation-wide effort to upgrade its economy in the key sectors. At
the same time, attention needs to be paid to improving
economic-legal institutional framework to support China's role as a
major global player.
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