By Zhongmin Wu
China's economic system keeps to develop at an exceptional expense, with very important outcomes for China's society and setting, in addition to for the broader international financial system. Reforms are being undertaken in lots of components inside China, either to inspire persevered monetary progress and in addition to mitigate the opposed results of progress on society and the surroundings. This ebook, in line with wide unique learn by means of a variety of prime specialists, examines many key matters hooked up to China's financial development and its influence. topics lined among many others comprise: development and inequality; labour marketplace reforms; technological concepts and their effect; employment, unemployment and coaching; and the quest for monetary improvement that's ecologically sustainable.
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Notes 1 The reliability of the NBS statistics is an open matter. See, among others, Rawski (2001), Wang and Meng (2001), Xu (2004) and Scharping (2001). 2 A full description of the data sources is available upon request. 3 Since the WDI series end in 2004, in this as well as in some other cases we utilized the growth rates of the series in EIU for updating the WDI data up to 2006. 4 In this, as well as in some of the following cases, the NBS series were supplemented with the data reported by Inada (2000) for the years 1978 to 1988.
We assume implicitly that the FDI ﬂow is allocated between sectors using the same ratios as domestic investment (for a similar assumption, see Inada 2000). 16 In the import function the scale variable was disaggregated into domestic absorption and exports. 18 Real exports depend on world aggregate demand and the real exchange rate. The stock of FDI was introduced in the long-run equation as a proxy for non-price competitiveness. Revenues Rural income is placed in relation to the nominal primary sector output and per capita urban residents’ disposable income, the latter considered as a proxy for the size of urban workers’ remittances.
Meanwhile, the estimator of Kejriwal (2008) has appeared: we leave its application for future research. References Bagnai, A. (2004) ‘Dynamic paths of the European economy: simulations with an aggregate model of the EMU as a part of the world economy’, Chapter 9 in A. ), The Past, Present, and Future of the European Union, New York: Palgrave Macmillan. Bagnai, A. and Carlucci, F. (2003) ‘An aggregate model for the European Union’, Economic Modelling, 20, 623–649. J. and Mestre, R. (1998) ‘Error-correction mechanism tests for cointegration in a single-equation framework’, Journal of Time Series Analysis, 19, 267–283.
China in the World Economy by Zhongmin Wu