This book summarizes the financial development of China from 1949 to 2019. This book divides the process of financial development during the past 70 years into five stages, focusing on the development characteristics of different parts of the financial institution system, including banks, securities, insurance, and other financial institutions, as well as the difficult growth process of financial markets (currency, capital, bond, and foreign exchange markets, etc.) from absence to existence, from small to large. This book objectively analyzes the achievements of China’s financial industry in the past 70 years and reveals the historical experience and enlightenment contained therein.

Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.

The new edition of a comprehensive overview of the modern Chinese economy, revised to reflect the end of the “miracle growth” period. This comprehensive overview of the modern Chinese economy by a noted expert on China's economic development offers a quality and breadth of coverage not found in any other English-language text. In The Chinese Economy, Barry Naughton provides both a broadly focused introduction to China's economy since 1949 and original insights based on his own extensive research. This second edition has been thoroughly revised to reflect a decade of developments in China's economy, notably the end of the period of “miracle growth” and the multiple transitions it now confronts—demographic, technological, macroeconomic, and institutional. Coverage of macroeconomic and financial policy has been significantly expanded. After covering endowments, legacies, economic systems, and general issues of economic structure, labor, and living standards, the book examines specific economic sectors, including agriculture, industry, technology, and foreign trade and investment. It then treats financial, macroeconomic, and environmental issues. The book covers such topics as patterns of growth and development, including population growth and the one-child family policy; the rural and urban economies, including rural industrialization and urban technological development; incoming and outgoing foreign investment; and environmental quality and the sustainability of growth. The book will be an essential resource for students, teachers, scholars, business practitioners, and policymakers. It is suitable for classroom use for undergraduate or graduate courses.

*** WINNER OF THE 2019 CUNDILL HISTORY PRIZE SHORTLISTED FOR THE BAILLIE GIFFORD PRIZE FOR NON-FICTION 2019 SHORTLISTED FOR THE NAYEF AL-RODHAN PRIZE FOR GLOBAL UNDERSTANDING SHORTLISTED FOR DEUTSCHER PRIZE LONGLISTED FOR THE 2020 ORWELL PRIZE FOR POLITICAL WRITING*** 'Revelatory and instructive… [a] beautifully written and accessible book’ The Times For decades, the West has dismissed Maoism as an outdated historical and political phenomenon. Since the 1980s, China seems to have abandoned the utopian turmoil of Mao’s revolution in favour of authoritarian capitalism. But Mao and his ideas remain central to the People’s Republic and the legitimacy of its Communist government. With disagreements and conflicts between China and the West on the rise, the need to understand the political legacy of Mao is urgent and growing. The power and appeal of Maoism have extended far beyond China. Maoism was a crucial motor of the Cold War: it shaped the course of the Vietnam War (and the international youth rebellions that conflict triggered) and brought to power the murderous Khmer Rouge in Cambodia; it aided, and sometimes handed victory to, anti-colonial resistance movements in Africa; it inspired terrorism in Germany and Italy, and wars and insurgencies in Peru, India and Nepal, some of which are still with us today – more than forty years after the death of Mao. In this new history, Julia Lovell re-evaluates Maoism as both a Chinese and an international force, linking its evolution in China with its global legacy. It is a story that takes us from the tea plantations of north India to the sierras of the Andes, from Paris’s fifth arrondissement to the fields of Tanzania, from the rice paddies of Cambodia to the terraces of Brixton. Starting with the birth of Mao’s revolution in northwest China in the 1930s and concluding with its violent afterlives in South Asia and resurgence in the People’s Republic today, this is a landmark history of global Maoism.

Since the founding of the People’s Republic of China over 70 years ago, five paramount leaders have shaped the fates and fortunes of the nation and the ruling Chinese Communist Party: Mao Zedong, Deng Xiaoping, Jiang Zemin, Hu Jintao, and Xi Jinping. Under their leaderships, China has undergone an extraordinary transformation from an undeveloped and insular country to a comprehensive world power. In this definitive study, renowned Sinologist David Shambaugh offers a refreshing account of China’s dramatic post-revolutionary history through the prism of those who ruled it. Exploring the persona, formative socialization, psychology, and professional experiences of each leader, Shambaugh shows how their differing leadership styles and tactics of rule shaped China domestically and internationally: Mao was a populist tyrant, Deng a pragmatic Leninist, Jiang a bureaucratic politician, Hu a technocratic apparatchik, and Xi a modern emperor. Covering the full scope of these leaders’ personalities and power, this is an illuminating guide to China’s modern history and understanding how China has become the superpower of today.

In The Price and Promise of Specialness, Jin Li Lim revises narratives on the overseas Chinese and the People’s Republic of China by analysing the Communist approach to ‘overseas Chinese affairs’ in New China’s first decade as a function of a larger political economy. Jin Li Lim shows how the party-state centred its approach towards the overseas Chinese on a perception of their financial utility and thus sought to offer them a special identity and place in New China, so as to unlock their riches. Yet, this contradicted the quest for socialist transformation, and as its early pragmatism fell away, the radicalising party-state abandoned its promises to the overseas Chinese, who were left to pay the price for their difference.

The objective of this book is to take stock of the research Paolo Urio has conducted since 1997 on the rise of modern China, with emphasis on strategic public management. The starting point of the book is China’s will to recover world power status. This objective is of paramount importance for understanding the policies implemented since 1949, their rationale, content, and consequences upon Chinese society and economy, as well as their sequence in time, i.e. the underlying grand strategy. Starting from these premises, the book proposes an analysis of the contradictions that have developed within China since 1949, the positive and the negative consequences of the public policies implemented to overcome these imbalances, i.e.: the Communist Party’s loss of reputation at the end of Mao era; the introduction of market mechanisms by Deng and the resulting imbalances within Chinese economy, society and environment; the rebalances policies of the Hu Jintao era; and finally the assertive power policies of Xi Jinping, both nationally, e.g. the fight against corruption, and internationally, i.e. China’s new role in the world, especially as a competitor of the Unites States.