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Article

Peiyong Gao and Jiang Zhen

More and more statistics have repeatedly shown that as the economic development has entered the New Normal, the Chinese fiscal system has experienced tremendous changes…

Abstract

Purpose

More and more statistics have repeatedly shown that as the economic development has entered the New Normal, the Chinese fiscal system has experienced tremendous changes. Although chance cannot be ruled out, much of those changes indicate trends, and they can even be said to be the result of the law of economic development. These trends and changes have repeatedly demonstrated that, as a reflection and an inevitable result of the economic developing speed shift, structural adjustment and energy conversion, the Chinese fiscal system, far from the conventional operating state, has progressed on a new path. The paper aims to discuss this issue.

Design/methodology/approach

This paper systematically analyzes several new trends and changes in the Chinese fiscal system under the New Normal. First, revenue growth has experienced a sharp downward trend, while the tax elasticity coefficient has declined rapidly. Second, fiscal expenditure has risen against the tendency, while the rigidity of expenditure has kept on increasing.

Findings

Considering the present fiscal and taxation system reform with the analysis above, it can be seen that if the reform’s progress for the past two years is slower than expected – thus, preventing the effects of all aspects from a timely achievement – then, in the recent period, the agreement on the fiscal and taxation system reform will be reached and challenges entirely different from the past, including sharp slowdown in revenue growth rate, fiscal expenditure rising against trend and increases in fiscal deficit and government debts will be faced. The factors encouraging the reform are gathering gradually. The growth of the strength to push the reform forward is speeding up. And the pace of the reform in relevant areas is quickening.

Originality/value

In the face of those trends and changes, on the one hand, the authors should deeply understand and accurately grasp them through a comprehensive summary and systematic analysis. On the other hand, a series of conventional ideas, thoughts and strategies should be adjusted comprehensively and duly. Taking a train of new ideas, thoughts and strategies, the authors ought to actively adapt to and initiate a new Chinese fiscal structure under the New Normal of China’s economy.

Details

China Political Economy, vol. 1 no. 1
Type: Research Article
ISSN: 2516-1652

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Article

Taiyan Huang

The purpose of this paper is to promote the theoretical innovation of socialist economics with Chinese characteristics in these areas.

Abstract

Purpose

The purpose of this paper is to promote the theoretical innovation of socialist economics with Chinese characteristics in these areas.

Design/methodology/approach

We must “excavate new materials, discover new problems, propose new ideas, and construct new theories from the practice of China’s reform and development.”

Findings

Giving full play to the government’s role in realizing optimal allocation of resources required for the public economy to better exert its control, influence and guidance, and at least assume the following three responsibilities. The first is to iron out the economic cycle. The second is to lead the industry to upgrade. The third is to ensure national economic security.

Originality/value

Some deep-rooted issues still need to be further studied in order to establish the scientific and practical nature of the socialist economics with Chinese characteristics. For instance, why is the theory of a socialist economy with Chinese characteristics summarized from the development practice in China a scientific theory?

Details

China Political Economy, vol. 1 no. 1
Type: Research Article
ISSN: 2516-1652

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Article

Fusheng Xie, Ling Gao and Peiyu Xie

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and…

Abstract

Purpose

This paper examines the different features of China's economic development in different stages of economic globalization. The study finds that the investment- and export-based growth model drove China's high-speed economic growth between 2000 and 2007, which came into existence around 2000 when China plugged into the global production network.

Design/methodology/approach

This paper also finds that China slowed down to the New Normal because of the disruption to the socio-economic underpinnings of this growth model. As China adapts to and steers the New Normal, supply-side structural reforms can channel excess capacity to the construction of underground pipe networks in rural areas of central China and fix capital while advance rural revitalization.

Findings

At the same time, enterprises must strive to build a key component development platform for key component innovation and the standard-setting power in global manufacturing.

Originality/value

The establishment of a domestic production network integrating the integrated innovation-driven core enterprises and modular producers at different levels can satisfy the dynamic demand structure of China in which standardized demands and personalized demands coexist.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

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Article

Yang Li

China’s economic development in the past 40 years has an array of distinctive features that have attracted the attention of the world. The paper aims to discuss this issue.

Abstract

Purpose

China’s economic development in the past 40 years has an array of distinctive features that have attracted the attention of the world. The paper aims to discuss this issue.

Design/methodology/approach

The analysis logic is as follows: with regard to the mechanism, the above factors were met in a timely manner and jointly contributed positive energy to China’s economic growth, with the increase in the savings rate as the necessary condition and foundation, and the increase in the savings rate is attributed to the explosive expansion of the financial system at the beginning of reform and the formation of positive incentives for residents, enterprises and governments at all levels, and the expansion of the financial system and the formation of positive incentives are clearly the crystallization of the wisdom of Chinese-style progressive reform.

Findings

Therefore, we have every reason to believe that the growth prospects of the Chinese economy remain bright. The author is nonetheless confident that the new two-step strategy for economic development will be realized, proposed by the 19th CPC National Congress.

Originality/value

Moreover, the growth of China’s economy has long been accompanied by the “double surplus” of current accounts and capital and financial accounts in the international balance of payments, which is not completely consistent with the traditional paradigm of development economics. These phenomena are so unique that the international community calls it the “Mystery of China” or “China’s Development Path.”

Details

China Political Economy, vol. 2 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

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Article

Yinxing Hong

At present, the Chinese economy has entered the “new normal” phase with the transformation of development stages from the low-income to the middle-income ones…

Abstract

Purpose

At present, the Chinese economy has entered the “new normal” phase with the transformation of development stages from the low-income to the middle-income ones. Accordingly, there appear a series of innovations in development theories. Innovations involve creative destructions. Therefore, innovative development theories at the present stage either deny the prevailing principles of development economics, or deny the theories that once effectively guided development at the low-income stage, or even sublate some of the development polices which were propelled and proved effective at the beginning of the reform and opening-up. The fundamental reason is that, as the development stages evolve, there occur new development tasks, new periodical characteristics and new laws of development. The paper aims to discuss these issues.

Design/methodology/approach

Any development theory from abroad will find it difficult to correctly guide and clarify development problems in a socialist country, such as the huge population and the extreme imbalance between the urban and the rural and among regional developments.

Findings

In conclusion, China, as a large world economy, has made innovations in its economic development theory, which indicates that it intends to perfect itself rather than seek hegemony. As the world’s second largest economy, China should adapt to the transformation and further free people’s minds instead of adhering to the old patterns of thinking. It should think over the path of development for a great world economy from the historical starting point of a large world economy and find development strategies to transform itself from a large economy to a great economy, so as to realize the dream of the Chinese nation to build a powerful country.

Originality/value

Only political economy studies both the relations of production and the productive forces, and only a theory combining both can correctly guide China’s economic development, which especially needs to be promoted by taking advantage of socialist economic system. Therefore, the first and foremost principle for a socialist political economy with Chinese characteristics is to insist on liberating and developing productive forces.

Details

China Political Economy, vol. 1 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

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Article

Gu Hailiang

Xi Jinping’s speech on the theme of “Continuously Exploring the New Zeitgeist of Marxist Political Economy in China,” dated back to November 2015, has illuminated the…

Abstract

Purpose

Xi Jinping’s speech on the theme of “Continuously Exploring the New Zeitgeist of Marxist Political Economy in China,” dated back to November 2015, has illuminated the historical background, social roots, practical basis, basic characteristics, Zeitgeist, ideological realm and other issues relative to the development of “Systematic Economic Theory” with Chinese characteristics (hereinafter referred to as SETCC). The paper aims to discuss these issues.

Design/methodology/approach

Exploring the SETCC marks a fundamental postulation for the development of contemporary Chinese Marxist political economy, and an important indicator of the Chinese wisdom thereof.

Findings

Unswervingly adhering to the new development concept as the leading factor, General Secretary Xi Jinping’s elucidation of the theoretical propositions and practical topics of building a modern economic system has, starting from the five aspects of development mainline, strategic support, fundamental approach, necessary road and institutional guarantee, and their interrelationships, unfolded new connotations and opened up a new realm of Xi’s New Economic Zeitgeist with new explorations on the structure and system of SETCC.

Originality/value

This paper first explains the development of Xi Jinping’s economic thoughts and reveals its systematization characteristics.

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Article

Walter Amedzro St-Hilaire and Patrick Boisselier

The purpose of this paper is to analyze the variables improving the business model and provide a theoretical basis for the scientific implementation of the current…

Abstract

Purpose

The purpose of this paper is to analyze the variables improving the business model and provide a theoretical basis for the scientific implementation of the current financial strategy.

Design/methodology/approach

According to the principle of testability, availability and correlation, the annual data are uses to measure the interaction level of business system in order to accurately reflect the evolution of the financial decision, and explore the main factors restricting the multiple strategies coordination.

Findings

The promotion of business growth relies mainly on the coordinated development of innovation, industries, consumption, investment and export. Further transformation and upgrading is one of the paths to achieve the coordinated development of financial strategy multiple objectives. The irrational business structure is the main obstacle to that coordination.

Research limitations/implications

In future research, it may be possible to identify “a financial broader strategy impact discussion for impact on Basel, IMF/World Bank and Capital Foundations or other regulatory strategies to avert future economic crises.” If so, it should be possible for financial institutions to use the results of research examining antecedents to better manage their experiences so as to foster the development of the desired strategies.

Practical implications

The initiatives taken to try to clarify the variables improving the business model and provide a theoretical basis for the scientific implementation of the current financial strategy show how complex it seems to identify practices and those to be developed as a priority. Institutions tend to adopt an increasingly wide range of commonly accepted strategical practices, such as coordinated-determining practices, without really knowing the effect of their interaction on efficient Management processes. In this regard, this paper provides practical advice that may assist successful adaptation for institutions leaders. The study provides new insights into the understanding of the coordinated strategy mechanisms that can influence the optimization of the interaction level of decision control and promote the effectiveness of managerial practices in determining the business model. Always in terms of practical implications, the findings from this paper may be particularly pertinent for managers in public administration and institutional decision makers in many countries across the world where traditionally, the administrators may be more business-intelligence-averse than their counterparts in the private sectors. The specificities of such business model as regarding their constraints concerning the coordinated strategy may reflect at both structural as well as individual levels, considering the predominantly rigid nature of the planning in many configuration.

Originality/value

The conclusion provides a theoretical basis for the scientific implementation of the current monetary strategy.

Details

Journal of Economic and Administrative Sciences, vol. 35 no. 2
Type: Research Article
ISSN: 1026-4116

Keywords

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Article

Richard A. Slaughter

The purposes of this paper are as follows. Part one examines the role of denialism in the context of proposals advanced through the much-abused Limits to Growth (LtG…

Abstract

Purpose

The purposes of this paper are as follows. Part one examines the role of denialism in the context of proposals advanced through the much-abused Limits to Growth (LtG) project. Part two uses three sets of criteria (domains of reality, worldviews and values) to characterise some of the interior human and social aspects of the “denial machine.” It uses these criteria to address some vital, but currently under-appreciated “interior” aspects of descent. (N.B. A succinct “primer” or overview of the concept and underpinning rationale for notions of “descent pathways” is provided in the introduction to this special issue.)

Design/methodology/approach

The paper draws on a number of authoritative sources that track the dimensions of global change and, specifically, the ways that humanity is tracking towards Dystopian overshoot-and-collapse futures. The significance of the LtG project is assessed in this context. Part two employs the criteria noted above to identify and open out the centrality of the human and cultural interiors.

Findings

Responses to the LtG project are shown to have deprived humanity of the clarity and will to respond effectively to the emerging global emergency. The rise of climate change denialism has followed suit and made effective responses increasingly difficult. A new focus, however, on some of the dynamics of reality domains, worldviews and values, clarifies both the nature of the problem and prefigures a range of solutions, some of which are briefly outlined.

Research limitations/implications

This is primarily a conceptual paper that suggests a range of practical responses. For example, re-purposing parts of the current information technology (IT) infrastructure away from financial and economic indices to those tracking the health of the planet. Also translating the case put forward here for a new generation of Institutions of Foresight (IoFs) into real-world start-ups and examples. Further research is needed into the uses and limitations both of positive and negative views of futures. It is suggested that the latter have more value than is commonly realised.

Practical implications

In addition to those stated above, the practical implications include new uses for IT infrastructure based on worldcentric – rather than financial and economic worldviews; designing and implementing a new generation of IoFs; and finding new ways to inform the public of impending Dystopian outcomes without exacerbating avoidance and depression.

Social implications

The social implications are profound. Currently, humanity has allowed itself to “tune out” and ignore many of the well-founded “signals” (from the global system) and warnings (from those who have observed and tracked real-world changes). As a result, it has outgrown the capacity of the planet to support the current population, let alone the 10 billion currently projected by the United Nations (UN). Something must give. Applied foresight can provide essential lead time to act before human actions are overwhelmed by forces beyond its control.

Originality/value

The paper draws together material from hitherto disparate sources to assess the LtG project. It also deploys key concepts from an integral perspective that shed new light on human and cultural forces that determine how people respond to the prospect of Dystopian futures. In so doing, it provides insight into why we are where we are and also into some of the means by which humanity can respond. Specifically, it suggests a shift from collapse narratives to those of descent.

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Article

Jian Yu, Xunpeng Shi and James Laurenceson

Consumption volatility is a key source of economic growth volatility; thus, it is an important factor in designing macroeconomic policy. The purpose of this paper is to…

Abstract

Purpose

Consumption volatility is a key source of economic growth volatility; thus, it is an important factor in designing macroeconomic policy. The purpose of this paper is to investigate the factors that determine household consumption volatility, using urban household survey (UHS) data over the period 2002–2009 in 18 provinces in China.

Design/methodology/approach

Both a traditional variance decomposition method and an advanced variance decomposition method are used.

Findings

The traditional variance decomposition method suggests that heterogeneity of consumption goods is the key to analyze consumption volatility in China. Consumption of transportation makes the highest aggregate contribution and per-unit volatility in consumption volatility, whereas consumption of food makes the second highest aggregate contribution and the lowest per-unit volatility. Further investigation with the advanced variance decomposition method, which allows the authors to capture intertemporal dynamics and cross-household differences simultaneously, finds that the main factor determining the consumption volatility in China is intertemporal dynamics, rather than cross-household differences.

Research limitations/implications

Future research could fruitfully explore four issues. First, consumption upgrading has increased the volatility of China’s household consumption. How much will this affect economic growth in China under its “new normal” conditions, and how should the Chinese government respond? Second, differences between UHS data and aggregate data in the calculations of consumption risk sharing need to be investigated. Third, it is important to investigate the channels through which the Chinese government can enhance its ability to spread consumption risks and thus reduce consumer consumption volatility. Finally, further study could extend the current 18 provinces to a nation-wide sample and update the data beyond 2009 to estimate the impact of the global financial crisis.

Practical implications

The results suggest that when policy makers design macroeconomic policies to smooth consumption volatility, they should consider heterogeneity in household consumption goods, regional disparity and intertemporal dynamics simultaneously. Well-managed volatility of Chinese household consumption can contribute to a stable economic growth in China and the world.

Social implications

Well-managed volatility of Chinese household consumption can contribute to a stable economic growth in China and the world.

Originality/value

This paper fills this gap by using China’s UHS data to assess consumption volatility from the perspectives of heterogeneity in household consumption goods, cross-household differences and intertemporal dynamics. We make three contributions to the literature. The first contribution of this paper consists of demonstrating the contributions of heterogeneity in household consumption goods to consumption volatility. The second contribution consists of using the advanced variance decomposition method proposed by Crucini and Telmer (2012). This decomposition methodology allows the authors to examine whether household consumption volatility is due to cross-household differences or intertemporal dynamics. The third contribution is that this paper takes Chinese residents’ consumption fluctuations as the starting point to analyze the impact of consumption fluctuations on the future trend of China’s economy.

Details

International Journal of Emerging Markets, vol. 15 no. 4
Type: Research Article
ISSN: 1746-8809

Keywords

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Article

Conglai Fan and Gao Jiechao

In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in…

Abstract

Purpose

In recent years, with the gradual differentiation of economic and financial cycles, it has been increasingly difficult for monetary policies to remain balanced in stabilizing both economy and finance. Taking the period of 1999–2017 as a sample, the purpose of this paper is to find whether the synergy between the growth cycle and the price cycle is constantly improving in the economic cycle is more appropriate.

Design/methodology/approach

The key to stabilizing the economic cycle lies in the monetary policy and it should abandon the goal of boosting growth in a timely manner and turn into the goal of maintaining steady growth. At present, quantitative monetary policy is still more effective than price-oriented monetary policy in smoothing the economic cycle.

Findings

The impact of quantitative regulation on the financial cycle is more neutral, whereas price regulation will increase the volatility of price and financial cycles in the course of smoothing the growth cycle. In view of the continuous differentiation between the economic and financial cycles, it is realistic and reasonable to accelerate the establishment of a sound dual-pillar regulatory framework of “monetary policy and macro-prudential policy.”

Originality/value

The macro-prudential policy is specially used to smooth the financial cycle, so as to reduce the burden and increase the efficiency of the monetary policy on regulating economic cycle. Moreover, the transformation of monetary policy to price-oriented regulation must keep pace with the construction of the dual-pillar regulation framework and complement each other to prevent undesirable consequences in the financial sector. On the other hand, monetary policy still needs to rely on quantitative regulation in the future. The research in this paper also provides a new perspective for understanding the internal and external reform of China’s monetary policy in recent years.

Details

China Political Economy, vol. 2 no. 2
Type: Research Article
ISSN: 2516-1652

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