China's economic growth has been revolutionary and forms the basis of its increasingly prominent role in global affairs. It is the second largest economy in the world, the largest producer and trading country, consuming half of the world's steel and coal, and is the largest source of international tourists. Multinational companies earn billions of dollars in China each year, while traders around the world fret over every fluctuation in the country's volatile stock markets. Paradoxically, its capitalist economy is governed by an authoritarian Communist Party that shows no signs of loosening its control.
China is often at the center of global news, whether due to trade disputes, challenges from the "One Belt, One Road" global infrastructure initiative, or its growing military might. China's political and technological challenges, arising from a political system and values that differ dramatically from those of other major global economies, create uncertainty and fear.
The book "China's Economy: What Everyone Needs to Know" is a concise introduction to the most remarkable economic and political story of the last three decades. Arthur Kroeber enhances our understanding of China's changes and their implications. Among the key questions it answers are: How did China manage to grow so quickly for so long? Can it continue to grow while simultaneously addressing the problems of environmental destruction, rapidly increasing debt, and widespread corruption? How compatible is its vibrant economy with the oppressive one-party system? How do China's changes impact the rest of the world?
This fully revised and updated second edition includes an extensive discussion of the roots and development of the US-China strategic rivalry, including Trump's trade war and the race for technological superiority. It also examines recent changes in China's political system, reflecting Xi Jinping's emergence as the most powerful leader since Mao Zedong. It includes insights into changes in China's financial sector, covering the rise and fall of shadow banking and its increasing integration into global financial markets. And it covers China's rapid technological development and the rise of its global internet leaders, such as Alibaba and Tencent.
Pages: 464, Dimensions: 20.3x20.3cm
