作为世界济者leader of the world economy.pptx

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作为世界济者leader of the world economy.pptx

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ChinaasaLeaderoftheWorldEconomy

GregoryCChowPrincetonUniversityMarch20111

Outline1.HowdidChinamanagetogrowsorapidly2.China’sEconomicStrength3.ComparingChinasmarketinstitutionswithUSinstitutions4.Chinasshort-termeconomicpolicies5.China’slong-termeconomicpolicies6.RoleofChinaasaleaderintheworldeconomy2

1.HowdidChinamanagetogrowsorapidlyThreefundamentalfactorscontributingtorapideconomicgrowth:high-qualityhumancapital;functioningmarketinstitutions;earlystageofdevelopmentthatenablesChinatocatchup.Governmentpolicyofgradualismforreformcorrect,partofhumancapital.TodayitisentrepreneurshipthatpropelsChinaeconomicchangesandinnovations.Growthwillcontinueaslongasthethreefundamentalfactorsremain,givenpoliticalstability,alsopartofhumancapital.3

2.ChinaseconomicstrengthGDPtoexceedUSinthecurrentdecadeIn2010ChinasGDPequaledto.692oftheUSGDPinpurchasingpowerparityasIMFandWorldBankestimated.From2011assumeUSrealGDPtogrowasmuchas3.5percentperyear,andChinasGDPtogrowat8percentperyear.By2019China’sGDPwillexceedtheUSGDP.4

OthersignsofChina’seconomicstrengthIntechnologyithasthefastestputer.In2011ChinawillfilemorepatentsthantheUS.Intheproductionofalternativeenergy,itistheworldslargestproducerofwindenergy,nuclearenergyandsolarpanels.ConsumergoodsproducedbyChinafloodtheworldmarket.Chinesetouristsareseentravellingallovertheworldandmakingexpensivepurchases.FrommostlyreceivingforeigninvestmentChinahasincreaseditsinvestmentabroadrapidly.5

3.ChinasmarketinstitutionsascomparedwiththeUSinstitutionsUSinstitutionalweaknessesasshownbythehousingbubbleandeconomicdownturn.USfinancialinstitutionsallowedtotaketoomuchriskinthetradingofderivativesandinpackaginghomemortgagesassecuritiesforsale.USconsumersallowedtot