China's Economic Rise: History, Trends, Challenges, and Implications for the United States Page: 3 of 51
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China's Economic Rise: History, Trends, Challenges, Implications for the United States
Contents
The History of China's Economic Development......................................................................... 2
China's Economy Prior to Reforms ..................................................................................... 2
The Introduction of Economic Reforms............................................................................... 4
China's Economic Growth and Reforms: 1979-the Present.................................................. 5
Causes of China's Economic Growth.................................................................................... 7
Measuring the Size of China's Economy ..................................................................................... 8
China as the World's Largest Manufacturer ........................................................................ 10
Changes in China's Wage and Labor Cost Advantages...................................................... 12
Foreign Direct Investment (FDI) in China ................................................................................. 13
Factors Driving China's Growing FDI Outflows ...................................................................... 18
China's M erchandise Trade Patterns .......................................................................................... 20
China's M aj or Trading Partners .......................................................................................... 23
Major Chinese Trade Commodities.................................................................................... 24
China's Regional and Bilateral Free Trade Agreements ...................................................... 26
Major Long-Term Challenges Facing the Chinese Economy.................................................... 29
China's Incomplete Transition to a Market Economy........................................................ 30
Industrial Policies and SO Es........................................................................................ 30
A State-Dominated Banking Sector, Excess Credit, and Growing Debt........................ 31
Large Internal Imbalances of Savings, Fixed Investment, and Consumption................ 35
Environm ental C hallenges ............................................................................................. 41
Corruption and the Relative Lack of the Rule of Law.................................................. 43
D em ographic C hallenges ............................................................................................... 44
Challenges to U.S. Policy of China's Economic Rise ............................................................... 45
Figures
Figure 1. Chinese Per Capita GDP: 1950-1978........................................................................... 3
Figure 2. Comparison of Chinese and Japanese Per Capita GDP: 1950-1978............................ 4
Figure 3. Chinese Real GDP Growth: 1979-2016........................................................................ 6
Figure 4. China's Real GDP Growth 2007-2016 and Projections through 2022......................... 6
Figure 5. U.S. and Chinese Real GDP Growth Rates in 2016 and
Projections through 2050 ....................................................................................................... 8
Figure 6. Chinese and U.S. GDP (PPP Basis) as a Percent of Global Total: 1980-2016............ 10
Figure 7. Gross Value Added Manufacturing in China, the United States, and Japan:
2005-2014....................................................................................................................................11
Figure 8. Average Monthly Wages for Selected Countries: 1990-2016 .................................... 12
Figure 9. Labor Cost Index for Selected Countries Relative to the United States ..................... 13
Figure 10. Industrial Output by Foreign-Invested Firms in China as a Share of National
Output Total: 1990-2011 ............................................................................................................ 14
Figure 11. Share of Chinese Merchandise Exports and Imports
by Foreign-Invested Enterprises in China: 1990-2017........................................................... 14
Figure 12. UNCTAD's Estimates of China's Annual FDI Flows: 1990-2016........................... 15Congressional Research Service
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Morrison, Wayne M. China's Economic Rise: History, Trends, Challenges, and Implications for the United States, report, August 30, 2017; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc1020740/m1/3/: accessed July 17, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.