Demystifying China’s Economy Development (eBook)

Fang Cai, graduated from the Agricultural Economics Department at Renmin University of China in 1982. Cai received a Master's Degree in Economics from the Graduate School of the Chinese Academy of Social Sciences in 1985 and earned a Doctorate of economics from the same institution in 1989. Cai is director of the Institute of Population Studies and Chief editor of the Chinese Population Sciences, ”Carter Center" Professor of Zhejiang University, member of the Ministry of agriculture, Cargill member of the Committee of experts of the Ministry of Labor and Social security. His masterpieces are The Miracle of China, Development Strategy and Economic Reform, The Chinese Ongoing Agricultural Economic Reform, and Competition, Policy Burden and Reform of State-Owned Enterprises, etc.

Preface 6
Contents 8
Chapter 1: It Takes 30 Years to Reach Benevolent Governance 10
1.1 Doubling of Per Capita Income 11
1.2 Worldwide Example of Poverty Reduction 13
1.3 China’s Featured Policies of Agriculture, Farmer and Rural Area 17
1.4 Social Protection That Develops from Nothing 21
1.5 Unbalanced Inclusive Development 26
References 28
Chapter 2: Development Is an Unyielding Principle 29
2.1 “The Scenery Here Is Exceptionally Beautiful” 29
2.2 “China Collapse” 32
2.3 Source of Economic Growth to Date 34
2.4 Towards Scientific Development 37
2.5 Transforming Economic Development Model 42
References 45
Chapter 3: Reform Is the Fundamental Driving Force 47
3.1 Logics of Reform 47
3.2 Incentive Mechanism and Governance Mode 51
3.3 Market Competition Environment 56
3.4 Development-Oriented Government 60
References 64
Chapter 4: Globalization and Chinese Factor 65
4.1 Meaning of Globalization 65
4.2 Catch-up and Convergence 68
4.3 Break the Supply “Bottleneck” 69
4.4 Is This “Toil Just For The Benefit of Others”? 74
4.5 Effect of Large Economy 77
4.6 “Goose” or “Dragon” 80
References 85
Chapter 5: Development Stages and Turning Point 86
5.1 Economic Development Stages 86
5.2 Turning Point of Chinese Economy 90
5.3 Understanding the Macroeconomic Situation 95
5.4 Is It a “Middle Income Trap”? 99
5.5 Responses with Chinese Characteristics 102
References 104
Chapter 6: Engine for Sustainable Growth 106
6.1 Focusing on the Supply Factors 106
6.2 Labor Productivity 111
6.3 Capital-Labor Ratio 114
6.4 Total Factor Productivity 118
References 121
Chapter 7: Sustaining Demographic Dividend 122
7.1 Future Challenges of Employment 122
7.2 Will Education Be Excessive? 129
7.3 Dealing with “Getting Old Before Getting Rich” 135
References 139
Chapter 8: Realization of Inclusive Growth 141
8.1 To Improve Labor Force Participation Rate 141
8.2 The True Meaning of Urbanization 146
8.3 Agriculture Should Be Self-Supporting 150
References 158
Chapter 9: Digging the Institutional Dividend 159
9.1 Breaking Government Paradox 159
9.2 Removing Allocation Obstacles 164
9.3 Fear for Poverty and Unequal Distribution 167
9.4 Social Protection Is Not a Negative Incentive 174
References 181
Chapter 10: Embracing the Great Renaissance 182
10.1 “Needham Puzzle” 182
10.2 Two “Century Goals” 188
10.3 China’s Version of “Income Doubling Programme” 190
10.4 Connotations of Modernization 193
10.5 Climbing Growth and Difficulty Overcoming 196
References 198