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China's Global Economic Footprint is large and growing. In recent
years, China has contributed a third or more to the growth of the
global economy following its meteoric rise starting in the 1980s
and gathering momentum in the 1990s. China has convincingly
demonstrated the efficacy of investment and export-led growth as a
model of development and has achieved economic stardom using a mix
of industrial, trade and exchange rate policies within the
framework of a gradually reforming socialist market economy. This
Research Review explores China's economy and will be an invaluable
resource for China watchers and researchers, students and
policymakers interested in learning from East Asia's development,
understanding how China transformed its economy and exploring how
China might come to grips with the challenges ahead.
Throughout East Asia, the growth process and its sources are
changing in a number of important respects, especially for middle-
and high-income economies. Growth is increasingly coming from the
strength of innovative activities in these economies rather than
from factor accumulation as in the past. Such innovative
activities2;especially in producer services and the creative
industries2;are concentrated in high-tech clusters in globally
linked cities.
Drawing on a wide range of literature and on interviews with firms,
this book explores these issues with a focus on six East Asian
cities: Bangkok, Beijing, Seoul, Shanghai, Singapore, and Tokyo. It
suggests how policies and institutions can induce and furnish an
urban environment that supports innovative activities. A valuable
resource for researchers, urban planners, urban geographers, and
policy makers interested in East Asia, Post-Industrial East Asian
Cities presents the latest findings on creative industries in East
Asia and their effect on economic growth.
Throughout East Asia, the growth process and its sources are
changing in a number of important respects, especially for middle-
and high-income economies. Growth is increasingly coming from the
strength of innovative activities in these economies rather than
from factor accumulation as in the past. Such innovative
activities--especially in producer services and the creative
industries--are concentrated in high-tech clusters in globally
linked cities.
Drawing on a wide range of literature and on interviews with firms,
this book explores these issues with a focus on six East Asian
cities: Bangkok, Beijing, Seoul, Shanghai, Singapore, and Tokyo. It
suggests how policies and institutions can induce and furnish an
urban environment that supports innovative activities. A valuable
resource for researchers, urban planners, urban geographers, and
policy makers interested in East Asia, Post-Industrial East Asian
Cities presents the latest findings on creative industries in East
Asia and their effect on economic growth.
Although the relative size of the public sector has been much
reduced worldwide since the early 1980s, it remains the dominant
borrower from the banking system and responsible for the majority
of the non-performing assets of banks. Drawing upon new firm-level
survey data, this volume assesses how changes in the ownership
structure of SOEs affect management, governance, innovation, and
performance, comparing these SOEs to other types of firms in China.
It also considers China's reform efforts against the experiences of
other transition economies. The research reveals that the medium-
and longer-term gains from privatization far outweigh costs of
adjustment and that the precise mechanics of privatization have
little effect on outcomes. The volume argues that privatization of
large industrial SOEs and market-based consolidation of small- and
medium-sized enterprises will be necessary to transform them into
competitive and innovative world-class firms. Chapters include:
China's Industrial System: Where is it, Where it Should be Headed,
and Why; Reform in China, 1978-1997; The Accelerated Change in
Enterprise Ownership, 1997-2003; Chinese Ownership Reform in the
East European Mirror; Empirical Evidence on the Effect of SOE
Reform in China; and Making Privatization Work.
Although the relative size of the public sector has been much
reduced worldwide since the early 1980s, it remains the dominant
borrower from the banking system and responsible for the majority
of the non-performing assets of banks. Drawing upon new firm-level
survey data, this volume assesses how changes in the ownership
structure of SOEs affect management, governance, innovation, and
performance, comparing these SOEs to other types of firms in China.
It also considers China's reform efforts against the experiences of
other transition economies. The research reveals that the medium-
and longer-term gains from privatization far outweigh costs of
adjustment and that the precise mechanics of privatization have
little effect on outcomes. The volume argues that privatization of
large industrial SOEs and market-based consolidation of small- and
medium-sized enterprises will be necessary to transform them into
competitive and innovative world-class firms. Chapters include:
China's Industrial System: Where is it, Where it Should be Headed,
and Why; Reform in China, 1978-1997; The Accelerated Change in
Enterprise Ownership, 1997-2003; Chinese Ownership Reform in the
East European Mirror; Empirical Evidence on the Effect of SOE
Reform in China; and Making Privatization Work.
Countries worldwide are struggling to imitate the industrial
prowess of the East Asian pacesetters, but growth accelerations
have proven remarkably transient. Building a portfolio of tradable
goods and services and steadily raising the level of investment in
these activities, has generally defied the best policy efforts in
particular, bringing investment ratios on par with East Asian
averages has presented the greatest challenge. Hence the search is
on for growth recipes not so tightly bound to investment, to
manufacturing activities, and to the export of manufactured
products. In casting around for such recipes validated by
demonstrated results, the experience of economies which have relied
more on other drivers of growth human capital and knowledge is
highly attractive. Finland and Ireland are among the tiny band of
small nations that grew rapidly for well over a decade by achieving
the maximum mileage from an adequate investment in physical assets
and by harnessing the potential of human capital and technologies.
Singapore combined high investment with a comprehensive and
complementary strategy of building high quality human and knowledge
assets. This approach enabled the three countries to diversify much
faster into higher tech manufactures and tradable services and
profit from globalization. The approach adopted by these three
countries may be of greater relevance in the highly competitive
global environment of the early 21st century because it does not
necessarily assume heroic levels of investment. Moreover, it may be
better tailored to the opportunities for middle and lower middle
income economies threatened by the middle income trap and seeking
growth rates in the 6 percent range, and for the smaller, late
starting, low income countries with youthful, rapidly increasing
populations that need to grow at high single digit rates in order
to create enough jobs and to double per capita incomes in 10
years."
Since the 1990s, new economic geography has received a lot of
attention as mainstream economists such as Krugman and others began
to focus on where economic activity occurs and why. Coincidentally,
international trade, location theory, and urban economics all
appear to be asking the same question: where is economic activity
located and why? The challenge is to explain the economic
concentration or agglomeration of a large number of activities in
certain geographical space. This volume breaks down the various
types of cities and evaluates the key factors used to look at
cities, such as innovation, green growth, spatial concentration,
and smart cities in order to understand how cities work. Why is it
that certain cities attract talent? How do some cities become
business hubs? Why is it that few cities become increasingly
competitive while others remain stagnant? As development
specialists are increasingly focusing on how to make cities
competitive, this book can serve as a guide for providing key
insights, backed by cases on how cities can possibly become more
competitive and productive.
Sources of economic growth are well understood. Successfully
translating that knowledge into sustained high rates of growth is
harder to achieve. Relatively few countries have done so. Of those,
China-with an unmatched average GDP growth rate of 10 percent
between 1978 and 2008-stands out. At the crux of China's success
lie two cities: Beijing, the powerful hinge of the Bohai region,
and Shanghai, the economic axis of the thriving Yangtze River
Delta. The performance of these two megacities, along with a
handful of other urban regions, will determine China's economic
fortunes in the decades to come. Can their momentum be sustained?
Can the growth rates of the past be continued into the future? Two
Dragon Heads explores the contrasting development options available
to Beijing and Shanghai, and it proposes strategies for each city
based on the current and acquired capabilities of each, the
experiences of other world cities, the emerging demand in the
national market, and likely trends in global trade. Its fi ndings,
which are supported by a wealth of research, will be of particular
interest to policy makers, urban planners, business people, and
researchers. This is a fascinating book about the future
development paths of the 'twin capitals' of China: the political
capital of Beijing and the commercial capital of Shanghai. The
authors weave economic growth, urban development, and technological
innovation into a seamlessly coherent and cogent analysis. The book
not only offers important insights and lessons for the development
of other megacities in China, but also has long-term implications
for many developing countries undergoing similar transitions.
Southeast Asian tiger economies feel threatened by competition from
other countries and worry that their growth momentum might be
flagging. Even though their growth rates are above the average for
the world and for developing countries, they fall short of
yesterday's economic performance. The underlying worry is that they
presage the beginning of a downward trend, the harbingers of which
are lower rates of investment, persistently low rates of total
factor productivity and low levels of innovativeness. The South
East Asian tigers' worries motivate three questions: First, are the
tigers rightly threatened by a creeping economic sclerosis or what
some observers are calling the "middle income trap"? Second, if the
threat is real, what are the underlying causes? Third, are there
ways of neutralizing the problems and at least maintaining if not
raising the growth rates of the recent past? This book tackles
these questions by means of a comparative analysis of the Southeast
Asian tiger economies, centered on Malaysia. This analysis draws
upon a comprehensive set of techniques and indicators to assess
competitive pressures, gauge industrial and technological
capabilities and to indicate the directions of industrial change in
Southeast Asia could take.
The key challenges facing China in the next two decades derive from
the ongoing process of urbanization. China's urbanization rate in
2005 was about 43%. Over the next 10-15 years, it is expected to
rise to well over 50%, adding an additional 200 million mainly
rural migrants to the current urban population of 560 million. How
China copes with such a large migration flow will strongly
influence rural-urban inequality, the pace at which urban centers
expand their economic performance, and the urban environment. The
growing population will necessitate a big push strategy to maintain
a high rate of investment in housing and the urban physical
infrastructure and urban services. To finance such expansion will
require a significant strengthening and diversification of China's
financial system. Growing cities will greatly increase consumption
of energy and water. Containing this without at the same time
constraining the economic performance of cities or the improvement
in the standards of living will call for enlightened policies,
strategies, careful urban planning, and significant technological
advances. This volume identifies the key developments to watch and
discusses the policies which would affect the course as well as the
fruitfulness of change.
With the competitiveness of firms in an open and integrated world
environment increasingly reliant on technological capability,
universities are being asked to take on a growing role in
stimulating economic growth. Beyond imparting education, they are
now viewed as sources of industrially valuable technical skills,
innovations, and entrepreneurship. Developed and developing
countries alike have made it a priority to realize this potential
of universities to spur growth, a strategy that calls for
coordinated policy actions. The distinguished contributors to 'How
Universities Promote Economic Growth' examines the wealth of
international experience on efforts to multiply links between
universities and businesses. They offer valuable and succinct
guidance on some of the most effective policy measures deployed by
national and regional governments, firms and universities to
enhance the contribution that tertiary institutions can make to
economic change.
Although China's centrally planned economy is a little more than a
shadow of its former self, the closely inter-linked reforms of the
enterprise and banking sectors are still incomplete. The relative
size of the state-owned enterprise sector has been much reduced,
however, the sector remains the dominant borrower from the banking
system and is responsible for the majority of bank non-performing
assets. Thus in the interests of financial stability it is crucial
to implement the remaining reform agenda. The accession to the WTO
has also made it more urgent for China's most-dynamic state-owned
enterprises and her banking industry to compete through innovation,
continuing process upgrades, and active pursuit of strategies aimed
at succeeding in global markets. In order to do so, not only do
large state-owned industrial enterprises need to be privatized, but
the government also needs to create the conditions that will result
in market determined consolidation of small and medium size firms
into entities with a core strength. 'Under New Ownership' explores
the effects of ownership reform in China on the performance of
reformed industrial state-owned enterprises, and proposes
privatization as a course of action to truly transform these
enterprises into world class firms which compete on the basis of
sound strategy, effective organization, and innovation. It draws
upon newly collected firm level survey data to assess changes in
the ownership structure of state enterprises on management,
governance, innovation, and performance relative to other types of
firms in China. This title provides researchers, students, and
policymakers interested in the Chinese economy with in depth
information and analysis on key issues related to the reform of
state-owned enterprises.
This book assesses whether East Asian higher education is providing
research and innovation for growth and delivering its graduates
with the skills necessary for productivity in the labor market. It
also seeks to determine how higher education systems could be
improved in order to deliver these outcomes. It features new data
and diagnostic material to better understand labor markets, what
skills firms want, and what skills graduates have; shows how
countries can become more innovative; and describes in detail the
key areas of reform needed for higher education to be a larger
engine of East Asian growth. It will be of interest to
policymakers, governments, academia, donors, NGOs, students,
researchers, and lower- and middle-income countries looking to
break the middle-income trap. "
Industrial clusters in Silicon Valley, in Hsinchu Park, in Northern
Italy, and around Cambridge, U.K. have captured the imagination of
policymakers, researchers, city planners and business people. Where
clusters take root, they can generate valuable spillovers, promote
innovation, and create the critical industrial mass for sustained
growth. For cities faced with the hallowing out of their industrial
sectors and economic decline such as Kitakyushu in Japan, creating
a cluster which would reverse the trends, is enormously
attractive.By synthesizing the essential conditions and policies
responsible for the dynamism and resilience of successful clusters,
this volume delineates both the conditions which contributed to
past successes, and also how the reading of this experience is
being used to seed new clusters in Singapore, Bangalore and Seoul.
The volume sheds fresh light on the promise of clusters, the
challenges facing policymakers and the track record to date of
progress with promising new starts.
Throughout East Asia, the growth process and its sources are
changing in a number of important respects, especially for middle
and higher income economies. Growth will increasingly come from the
strength of innovative activities in these economies instead of
factor accumulation as in the past. Such innovative activities,
especially in producer services and the creative industries are
concentrated in high-tech clusters in globally-linked cities. The
development of such cities is influenced by ongoing structural
changes and initiatives by governments and firms. A successful
transition from export-oriented manufacturing to a service economy
that is competitive and integrated with the global systems, will
involve a reshaping of the urban landscape so that providers of
business services and the creative industries perceive it to be
value augmenting for their purposes and a basis for competitive
advantage. The Creative Metropolis in East Asia explores these
issues by drawing on a wide literature and interviews of firms and
suggests how policies and institutions can induce and furnish an
urban environment that supports innovative activities with a focus
on four cities in East Asia: Beijing, Shanghai, Singapore, and
Tokyo. This title provides researchers, students, urban planners,
urban geographers, and policymakers interested in East Asia as well
as other middle income countries with an in depth review and
analysis of the role of high-tech manufacturing, creative
industries and business services in urban economic growth.
China is now the world's fourth largest economy and growing very
fast. India's economic salience is also on the rise. Together,
these two countries will profoundly influence the pace and nature
of global economic change. Drawing upon the latest research, this
timely new book analyzes the influences on the rapid future
development of these two countries and examines how their growth is
likely to impinge upon other countries. It considers international
trade, industrialization, foreign investment, and capital flows,
and the implications of their broadening environmental footprints.
It also discusses how the two countries have tackled poverty,
inequality and governance issues and whether progress in these
areas will be a key to rapid and stable growth.
In the coming decades, globalization will force East Asian
countries to come to terms with a far more demanding global market
environment. Their ability to capitalize on the opportunities
inherent in this environment will rest in no small part on acquired
technological capability and IT skills and on how East Asian firms
enlarge the gains from participating in global production networks.
Government macroeconomic policies and institution building
activities will be vital for sustaining competitiveness and growth
but the initiative of firms will be the critical factor in assuring
that the future for East Asia is as bright as the past three
decades. The experience of a number of economies points insistently
towards the contribution of large firms to innovation, as well as
the branding and marketing of products on a global scale. An
environment that is conducive to the growth of national firms that
can compete against the multi-national corporations on world
markets, match their innovative capability, and vie with them in
creating global production networks would be part and parcel of a
development strategy pegged to technological advance. The papers in
Global Production Networking and Technological Change in East Asia,
by leading experts in their respective fields, present some of the
latest findings on global production networks, and the evolution of
technological capability.
The salience of East Asia in the global economy is now
unquestionable, and with a population of nearly 1.9 billion, its
expanding markets will strongly influence the tempo of
international trade and the growth of global incomes. However,
while the potential of East Asian economies has been amply
demonstrated, their future performance is by no means assured. The
crisis of 1997, the uneven recovery, the intensifying trade
competition, and the rapidity of technological change, call for
initiatives by governments and by firms on several fronts. East
Asia needs to sustain its hard-earned stability by recalibrating
its fiscal and exchange rate policies, by strengthening social
safety nets and governance, and by invigorating financial,
regulatory, and legal institutions. Yet these are only
preconditions; future economic performance will depend on linking
growth to productivity. The major contribution of 'Innovative East
Asia' is that it identifies and analyzes the ingredients of an
innovative economy, discusses how these can be meshed together by
government policy and market initiatives, and demonstrates how
stability can be a stepping stone to innovation-driven growth.
The crisis which gripped East Asia during 1997-99 underscored the urgency for cross-sectoral reform just as the strong revival of virtually all the economies in the region convinced the doubters that the East Asia miracle had by no means run its course. This volume provides highly illuminating, analytic perspectives on key facets of the East Asian economies. It discusses weaknesses in the financial sector, corporate governance, exchange rate and trade policies, regulatory capability, and proposes remedies. Rethinking the East Asian Miracle is an indispensable reference for all those with an interest in East Asia's prospects in the early decades of the new century.
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