China and the World Economy Transition and Challenges

This book brings together leading international scholars and leading scholars from China’s highly prestigious Development Research Centre of the State Council of the People’s Republic of China, who all put forward their insights into the current challenges for the Chinese and the world economy. The book focuses on six topics: economic growth, trade, industry and services, innovation, finance, and environment and ecology, all of which are central to the sustainable economic growth of China and the world. Overall, the book provides balanced perspectives as well as rich empirical evidence from China and other parts of the world on the development and regulation of the Chinese and the world economy.

Introduction Part I Macroeconomy 1. China’s economic transition: features and policy response, LI WEI 2. The shifts and the shocks: emerging economies in an age of financial crises, MARTIN WOLF 3. China’s transition in growth stages: causes, challenges, and policy response, ZHANG JUNKUO, YU BIN AND WU ZHENYU 4. China’s development and its implications for the world economy, ZHAO JINPING AND ZHAO FUJUN Part II Trade and investment 5. The inconsistent quartet: free trade versus competing goals, MARTIN DAUNTON 6. Looking ahead: the new world of trade, PASCAL LAMY 7. The evolution of comparative advantage and the adjustment of export strategy in China, LONG GUOQIANG Part III Industries and services 8. The development of China’s real economy: challenges and response, ZHANG LAIMING AND LI JIANWEI 9. Globalisation and the transformation of multinational enterprises, JIN ZHANG 10. Very large enterprises, focal firms and global value chains, PAUL DEMBINSKI 11. China’s cross-border e-commerce: current status, development trend and policy suggestions, LAI YOUWEI 12. New drivers of China’s economic growth in its late stage of industrialisation, ZHAO CHANGWEN, XU ZHAOYUAN AND ZHU HONGMING Part IV Finance 13. China’s financial reform: challenges and breakthroughs, ZHANG CHENGHUI 14. The internationalisation of China’s financial sector, ZHANG LIPING 15. The new politics of central banking: the central bank trap, ANDREW SHENG Part V Innovation 16. Regional innovation in China: current status and determinants, LYU WEI 17. Innovation in China: progress and gaps from the perspective of development stages, MA MINGJIE AND SHI GUANG 18. Reform, innovation and restructuring, PETER NOLAN Part VI Energy and Environment 19. China’s energy system revolution 2030: strategic goals and contents, GUO JIAOFENG AND GAO SHIJI 20. Inventing and designing a Mobility Innovation Ecosystem for Chinese cities to combat congestion, pollution and global warming – putting it all together and making it happen, MARTIN FRANSMAN

Jin Zhang is a Senior Research Fellow of Cambridge China Development Trust, University Lecturer in International Business at the Judge Business School, University of Cambridge and Deputy Director of the Cambridge China Executive Leadership Programme. Zhang Laiming is Vice President (Vice Minister) of the Development Research Centre of the State Council of the People’s Republic of China.