Informal or formal financing: First evidence on co-funding of Chinese firms

Hans Degryse, Liping Lu, Steven Ongena 21 August 2013

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The credit squeeze in June 2013 has triggered policymakers’ concern worldwide about a potential debt crisis in China, while at the same time the Chinese government has moved to crack down on undisciplined lending in order to alleviate the debt-bubble fears emanating from the shadow banking system.1 

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Topics:  Development Financial markets

Tags:  China, investment, Finance

Who becomes a top politician in China?

Ruixue Jia, Masa Kudamatsu, David Seim 20 August 2013

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In November 2012, China saw a new team of national political leaders assume office with Xi Jinping at the helm as the general secretary of the Communist Party. Earlier in the same year, Bo Xilai, who had been considered to be a promising candidate for the upcoming new political leadership, was expelled from the Party.

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Topics:  Development Politics and economics

Tags:  China

Protectionist clouds darken sunny forecast for solar power

Jeffrey Frankel 07 August 2013

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On 27 July negotiators reached a compromise settlement in the world’s largest anti-dumping dispute, regarding Chinese exports of solar panels to the EU. China agreed to constrain its exports to a minimum price and a maximum quantity. The solution is restrictive relative to the six-year trend of rapidly increasing Chinese market share (which had reached 80% in Europe), and plummeting prices.

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Topics:  International trade

Tags:  US, China, EU, dumping

Urbanisation and Migration Externalities in China

Pierre-Philippe Combes, Sylvie Démurger, Li Shi,

Date Published

Sun, 02/17/2013

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Urbanisation and migration externalities in China

Pierre-Philippe Combes, Sylvie Démurger, Li Shi 09 July 2013

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The latest population census conducted in China in November 2010 portrayed a rapidly urbanising country, with the urban population reaching 49.7%, up 13.5 percentage points compared to 2000.

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Topics:  Development Migration

Tags:  China, urbanisation, urban immigration

Hopes and false hopes in China’s interest-rate reform

Shang-Jin Wei 25 June 2013

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The Chinese central bank has recently dropped hints that it will quicken the pace of interest-rate reforms towards a market-determined regime. Both inside and outside the country, this has raised hopes of improving efficiency and reducing China’s ‘excessive’ savings and current account surplus. 

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Topics:  International finance International trade

Tags:  China, interest rate

Firms and credit constraints along the global value chain: Processing trade in China

Kalina Manova, Zhihong Yu 13 May 2013

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The past 20 years of globalisation have witnessed a dramatic expansion in the fragmentation of production across countries. Firms today can not only trade in final goods, but also conduct intermediate stages of manufacturing by importing foreign inputs, processing and assembling them into finished products, and re-exporting these to consumers and distributors abroad. While processing trade contributes just 10% of EU exports, at over 50% it has been a major driving force behind the rapid growth of Chinese exports (Cernat and Pajot 2012).

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Topics:  International trade

Tags:  China, global supply chain, global value chain

Finance and growth in China and India: Have firms benefited from the capital-market expansion?

Tatiana Didier, Sergio Schmukler 06 May 2013

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China and India are hard to ignore. Over the past 20 years they have risen as global economic powers, at a very fast pace. By 2012, China has become the second-largest world economy (based on nominal GDP) and India the tenth. Together, they account for about 36% of world population.

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Topics:  International finance

Tags:  China, India

Investigating the effect of exchange-rate changes in Japan, China, east Asia, and Europe

Willem Thorbecke 26 February 2013

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Policymakers are concerned about currency wars and competitive devaluations. Many complain that trading partners are artificially lowering their exchange rates through quantitative easing and managed exchange rates in order to gain price competitiveness for their exporters.

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Topics:  Exchange rates

Tags:  US, Europe, China, Japan, Eurozone crisis

China and the end of extrapolation

George Magnus 31 January 2013

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That the Chinese economy is slowing down as it quickly matures should come as no surprise. The global economic conditions of the two decades leading up to the financial crisis were exceptional; things are far more sober now.

Many of China’s development achievements are unrepeatable. Only once can you:

  • Join the WTO;
  • Accomplish rural-urban labour transfer;
  • Fulfill high secondary school enrollment;
  • Boost the investment share of GDP to 50%.

In spite of the current upward bounce in the economy, slower underlying growth is inevitable.

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Topics:  Development

Tags:  growth, China, Communist Party, middle-income trap

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