The Rise of the People’s Bank of China

The Rise of the People’s Bank of China

Author: Stephen Bell

Publisher: Harvard University Press

Published: 2013-06-10

Total Pages: 360

ISBN-13: 0674073614

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With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.


Book Synopsis The Rise of the People’s Bank of China by : Stephen Bell

Download or read book The Rise of the People’s Bank of China written by Stephen Bell and published by Harvard University Press. This book was released on 2013-06-10 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.



Making China Modern

Making China Modern

Author: Klaus Mühlhahn

Publisher: Belknap Press

Published: 2019-01-14

Total Pages: 737

ISBN-13: 0674737350

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Klaus Mühlhahn situates modern China in the nation's long, dynamic tradition of overcoming adversity and weakness through creative adaptation--a legacy of crisis and recovery that is apparent today in China's triumphs but also in its most worrisome trends. Mühlhahn's panoramic survey rewrites the history of modern China for a new generation.


Book Synopsis Making China Modern by : Klaus Mühlhahn

Download or read book Making China Modern written by Klaus Mühlhahn and published by Belknap Press. This book was released on 2019-01-14 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: Klaus Mühlhahn situates modern China in the nation's long, dynamic tradition of overcoming adversity and weakness through creative adaptation--a legacy of crisis and recovery that is apparent today in China's triumphs but also in its most worrisome trends. Mühlhahn's panoramic survey rewrites the history of modern China for a new generation.


Red China's Green Revolution

Red China's Green Revolution

Author: Joshua Eisenman

Publisher: Columbia University Press

Published: 2018-04-24

Total Pages: 427

ISBN-13: 0231546750

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China’s dismantling of the Mao-era rural commune system and return to individual household farming under Deng Xiaoping has been seen as a successful turn away from a misguided social experiment and a rejection of the disastrous policies that produced widespread famine. In this revisionist study, Joshua Eisenman marshals previously inaccessible data to overturn this narrative, showing that the commune modernized agriculture, increased productivity, and spurred an agricultural green revolution that laid the foundation for China’s future rapid growth. Red China’s Green Revolution tells the story of the commune’s origins, evolution, and downfall, demonstrating its role in China’s economic ascendance. After 1970, the commune emerged as a hybrid institution, including both collective and private elements, with a high degree of local control over economic decision but almost no say over political ones. It had an integrated agricultural research and extension system that promoted agricultural modernization and collectively owned local enterprises and small factories that spread rural industrialization. The commune transmitted Mao’s collectivist ideology and enforced collective isolation so it could overwork and underpay its households. Eisenman argues that the commune was eliminated not because it was unproductive, but because it was politically undesirable: it was the post-Mao leadership led by Deng Xiaoping—not rural residents—who chose to abandon the commune in order to consolidate their control over China. Based on detailed and systematic national, provincial, and county-level data, as well as interviews with agricultural experts and former commune members, Red China’s Green Revolution is a comprehensive historical and social scientific analysis that fundamentally challenges our understanding of recent Chinese economic history.


Book Synopsis Red China's Green Revolution by : Joshua Eisenman

Download or read book Red China's Green Revolution written by Joshua Eisenman and published by Columbia University Press. This book was released on 2018-04-24 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s dismantling of the Mao-era rural commune system and return to individual household farming under Deng Xiaoping has been seen as a successful turn away from a misguided social experiment and a rejection of the disastrous policies that produced widespread famine. In this revisionist study, Joshua Eisenman marshals previously inaccessible data to overturn this narrative, showing that the commune modernized agriculture, increased productivity, and spurred an agricultural green revolution that laid the foundation for China’s future rapid growth. Red China’s Green Revolution tells the story of the commune’s origins, evolution, and downfall, demonstrating its role in China’s economic ascendance. After 1970, the commune emerged as a hybrid institution, including both collective and private elements, with a high degree of local control over economic decision but almost no say over political ones. It had an integrated agricultural research and extension system that promoted agricultural modernization and collectively owned local enterprises and small factories that spread rural industrialization. The commune transmitted Mao’s collectivist ideology and enforced collective isolation so it could overwork and underpay its households. Eisenman argues that the commune was eliminated not because it was unproductive, but because it was politically undesirable: it was the post-Mao leadership led by Deng Xiaoping—not rural residents—who chose to abandon the commune in order to consolidate their control over China. Based on detailed and systematic national, provincial, and county-level data, as well as interviews with agricultural experts and former commune members, Red China’s Green Revolution is a comprehensive historical and social scientific analysis that fundamentally challenges our understanding of recent Chinese economic history.


Culture, Institution, and Development in China

Culture, Institution, and Development in China

Author: C. Simon Fan

Publisher: Routledge

Published: 2016-03-10

Total Pages: 288

ISBN-13: 1317241835

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How does culture shape history, and history shape culture? This book answers this question by bringing readers on a fascinating journey through the evolution of Chinese culture, political and legal institutions, and "national character" of historical and contemporary China. It illustrates how "national character" evolves endogenously along with an institutional environment through the use of economic theories. Recognizing the unique role of "personality" in violence and social order – important variables that contribute to successful economies, the book provides a meaningful take on "personality" from the "average personality" of a country’s people. It analyses the relationship between culture, institution and "national character", providing gainful, interesting insights into the monumental transformation of China.


Book Synopsis Culture, Institution, and Development in China by : C. Simon Fan

Download or read book Culture, Institution, and Development in China written by C. Simon Fan and published by Routledge. This book was released on 2016-03-10 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: How does culture shape history, and history shape culture? This book answers this question by bringing readers on a fascinating journey through the evolution of Chinese culture, political and legal institutions, and "national character" of historical and contemporary China. It illustrates how "national character" evolves endogenously along with an institutional environment through the use of economic theories. Recognizing the unique role of "personality" in violence and social order – important variables that contribute to successful economies, the book provides a meaningful take on "personality" from the "average personality" of a country’s people. It analyses the relationship between culture, institution and "national character", providing gainful, interesting insights into the monumental transformation of China.


The Making of the State Enterprise System in Modern China

The Making of the State Enterprise System in Modern China

Author: Morris L. BIAN

Publisher: Harvard University Press

Published: 2009-06-30

Total Pages: 346

ISBN-13: 0674020936

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When, how, and why did the state enterprise system of modern China take shape? The conventional argument is that China borrowed its economic system and development strategy wholesale from the Soviet Union in the 1950s. In an important new interpretation, Bian shows instead that the basic institutional arrangement of state-owned enterprise--bureaucratic governance, management and incentive mechanisms, and the provision of social services and welfare--developed in China during the war years 1937-1945.


Book Synopsis The Making of the State Enterprise System in Modern China by : Morris L. BIAN

Download or read book The Making of the State Enterprise System in Modern China written by Morris L. BIAN and published by Harvard University Press. This book was released on 2009-06-30 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: When, how, and why did the state enterprise system of modern China take shape? The conventional argument is that China borrowed its economic system and development strategy wholesale from the Soviet Union in the 1950s. In an important new interpretation, Bian shows instead that the basic institutional arrangement of state-owned enterprise--bureaucratic governance, management and incentive mechanisms, and the provision of social services and welfare--developed in China during the war years 1937-1945.


The Logic of Governance in China

The Logic of Governance in China

Author: Xueguang Zhou

Publisher: Cambridge University Press

Published: 2022-10-20

Total Pages: 605

ISBN-13: 1009179748

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Drawing on more than a decade of fieldwork, The Logic of Governance in China develops a unified theoretical framework to explain how China's centralized political system maintains governance and how this process produces recognizable policy cycles that are obstacles to bureaucratic rationalization, professionalism, and rule of law. The book is unique for the overarching framework it develops; one that sheds light on the interconnectedness among apparently disparate phenomena such as the mobilizational state, bureaucratic muddling through, collusive behaviors, variable coupling between policymaking and implementation, inverted soft budget constraints, and collective action based on unorganized interests. An exemplary combination of theory-motivated fieldwork and empirically-informed theory development, this book offers an in-depth analysis of the institutions and mechanisms in the governance of China.


Book Synopsis The Logic of Governance in China by : Xueguang Zhou

Download or read book The Logic of Governance in China written by Xueguang Zhou and published by Cambridge University Press. This book was released on 2022-10-20 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on more than a decade of fieldwork, The Logic of Governance in China develops a unified theoretical framework to explain how China's centralized political system maintains governance and how this process produces recognizable policy cycles that are obstacles to bureaucratic rationalization, professionalism, and rule of law. The book is unique for the overarching framework it develops; one that sheds light on the interconnectedness among apparently disparate phenomena such as the mobilizational state, bureaucratic muddling through, collusive behaviors, variable coupling between policymaking and implementation, inverted soft budget constraints, and collective action based on unorganized interests. An exemplary combination of theory-motivated fieldwork and empirically-informed theory development, this book offers an in-depth analysis of the institutions and mechanisms in the governance of China.


State Capitalism, Institutional Adaptation, and the Chinese Miracle

State Capitalism, Institutional Adaptation, and the Chinese Miracle

Author: Barry Naughton

Publisher: Cambridge University Press

Published: 2015-06-09

Total Pages: 297

ISBN-13: 1107081068

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This volume explores how Chinese institutions have adapted to the new challenges of 'state capitalism'.


Book Synopsis State Capitalism, Institutional Adaptation, and the Chinese Miracle by : Barry Naughton

Download or read book State Capitalism, Institutional Adaptation, and the Chinese Miracle written by Barry Naughton and published by Cambridge University Press. This book was released on 2015-06-09 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how Chinese institutions have adapted to the new challenges of 'state capitalism'.


The Economic History of China

The Economic History of China

Author: Richard von Glahn

Publisher: Cambridge University Press

Published: 2016-03-07

Total Pages:

ISBN-13: 1316538850

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China's extraordinary rise as an economic powerhouse in the past two decades poses a challenge to many long-held assumptions about the relationship between political institutions and economic development. Economic prosperity also was vitally important to the longevity of the Chinese Empire throughout the preindustrial era. Before the eighteenth century, China's economy shared some of the features, such as highly productive agriculture and sophisticated markets, found in the most advanced regions of Europe. But in many respects, from the central importance of irrigated rice farming to family structure, property rights, the status of merchants, the monetary system, and the imperial state's fiscal and economic policies, China's preindustrial economy diverged from the Western path of development. In this comprehensive but accessible study, Richard von Glahn examines the institutional foundations, continuities and discontinuities in China's economic development over three millennia, from the Bronze Age to the early twentieth century.


Book Synopsis The Economic History of China by : Richard von Glahn

Download or read book The Economic History of China written by Richard von Glahn and published by Cambridge University Press. This book was released on 2016-03-07 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: China's extraordinary rise as an economic powerhouse in the past two decades poses a challenge to many long-held assumptions about the relationship between political institutions and economic development. Economic prosperity also was vitally important to the longevity of the Chinese Empire throughout the preindustrial era. Before the eighteenth century, China's economy shared some of the features, such as highly productive agriculture and sophisticated markets, found in the most advanced regions of Europe. But in many respects, from the central importance of irrigated rice farming to family structure, property rights, the status of merchants, the monetary system, and the imperial state's fiscal and economic policies, China's preindustrial economy diverged from the Western path of development. In this comprehensive but accessible study, Richard von Glahn examines the institutional foundations, continuities and discontinuities in China's economic development over three millennia, from the Bronze Age to the early twentieth century.


China's Remarkable Economic Growth

China's Remarkable Economic Growth

Author: John Knight

Publisher: OUP Oxford

Published: 2012-04-12

Total Pages: 368

ISBN-13: 0191641022

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How has the Chinese economy managed to grow at such a remarkable rate - no less than ten per cent per annum - for over three decades? This well-integrated book combines economic theory, empirical estimation, and institutional analysis to address one of the most important questions facing contemporary economists. A common thread that runs throughout the book is the underlying political economy: why China became a 'developmental state', and how it has maintained itself as a 'developmental state'. The book examines the causal processes at work in the evolution of China's institutions and policies. It estimates cross-country and cross-province growth equations to shed light on the proximate, and some of the underlying, determinants of the growth rate. It explores important consequences of China's growth, posing a series of key questions, such as: is the economy running out of unskilled labour; why and how has inequality risen; has economic growth raised happiness; what are the social costs of the overriding priority accorded to growth objectives; can China continue to grow rapidly, or will the maturing economy, or the macroeconomic imbalances, or financial crisis, or social instability, bring it to an end? Based mainly on original research, this book will be of interest to growth economists, development economists, transition economists, China specialists, policy-makers, and indeed all those who are intrigued by the Chinese growth phenomenon.


Book Synopsis China's Remarkable Economic Growth by : John Knight

Download or read book China's Remarkable Economic Growth written by John Knight and published by OUP Oxford. This book was released on 2012-04-12 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Chinese economy managed to grow at such a remarkable rate - no less than ten per cent per annum - for over three decades? This well-integrated book combines economic theory, empirical estimation, and institutional analysis to address one of the most important questions facing contemporary economists. A common thread that runs throughout the book is the underlying political economy: why China became a 'developmental state', and how it has maintained itself as a 'developmental state'. The book examines the causal processes at work in the evolution of China's institutions and policies. It estimates cross-country and cross-province growth equations to shed light on the proximate, and some of the underlying, determinants of the growth rate. It explores important consequences of China's growth, posing a series of key questions, such as: is the economy running out of unskilled labour; why and how has inequality risen; has economic growth raised happiness; what are the social costs of the overriding priority accorded to growth objectives; can China continue to grow rapidly, or will the maturing economy, or the macroeconomic imbalances, or financial crisis, or social instability, bring it to an end? Based mainly on original research, this book will be of interest to growth economists, development economists, transition economists, China specialists, policy-makers, and indeed all those who are intrigued by the Chinese growth phenomenon.