China's ‘New Normal’: Is the growth slowdown demand- or supply-driven?

This paper investigates the effects of China on the BRIS countries, namely Brazil, Russia, India and South Africa. We identify Chinese supply and demand shocks and assess their transmission to BRIS in a structural dynamic factor model framework estimated over the period 1995Q2-2009Q4. The findings show that Chinese supply shocks are more important than its demand shocks. Supply shocks produce positive and significant output responses in all BRIS countries. And while these supply shocks have a permanent impact on the BRIS countries, the effects of demand shocks are short-lived. Both supply and demand shocks are transmitted through trade rather than financial linkages. However, the responses of the BRIS countries are heterogeneous and therefore require country-specific policy responses.

https://www.econrsa.org/system/files/publications/working_papers/working_paper_362.pdf

Transmission of China's Shocks to the BRIS Countries

the paper addresses the need for a creativity curriculum in Chinese education provides a creativity development module designed to work effectively in the Chinese culture and educational environment. Drawing on an extensive cross-domain literature review of creativity research, the project concludes that individual creativity is best promoted through an interdisciplinary, self-reflective and holistic approach. Based on this research, a flexible creativity module is designed that creates a framework which can be used across disciplines to improve individual creativity in a diverse and complex environment like Chinese society.

/pdf/enhancing-creativity-in-chinese-classrooms-module-and-uq8m82z5ii.pdf

Enhancing Creativity in Chinese Classrooms Module and Techniques

/pdf/unequal-distribution-of-wealth-in-china-do-inconsistencies-1oc1qzbyhe.pdf

Unequal Distribution of Wealth in China: Do Inconsistencies in Government Policies Play a Role?

The combination of a high growth rate and low information has been observed since the late 1990s in the Chinese economy. Should the fact be considered as a result of greatly improved supply capability or should the fact reflect the improvement in the government’s aggregate demand management? In this paper, we try to assess the role of aggregate demand and supply shocks in China’s macroeconomic fluctuation. We use a bivariate structural VAR model to investigate macroeconomic dynamics for China within the aggregate-demand and aggregate-supply framework, using the quarterly data in the period of 1996Q1–2005Q4. Our principal findings are following: (1) China’s high growth shall be associated more with greatly improved supply capability, especially after its WTO entrance. The expansionary aggregate demand policies may have limited effects to raise the growth rate in the post-1996 in China. This result suggests that we need a more pro-growth policy stance in order to maintain a high and stable growth. (2) The low inflation in that period is driven primarily by weak aggregate demand rather than supply factors.

Assessing the role of aggregate demand and supply shocks in China’s macroeconomic fluctuation

The Chinese economy has been significantly affected by the global financial crisis. Moreover, a rapid decline in growth rate can be mainly attributed to the expenditure structural unbalance, which takes root in its uneven national income distribution. Furthermore, the uneven national income distribution is the result of the extensive pattern of China’s economic growth in the open economy. The extensive pattern is characterized by labor-intensive export-led growth model. The need for high growth rate and fiscal revenue maximization forces local governments to compete against each other to get FDI by undervaluing production factors, resulting in the extensive pattern of growth. From an institutional point of view, uneven social power between government and public, central government and local governments, capital owners and labor force, and so on, can be viewed as the main reason for the extensive pattern of growth and uneven national income distribution. Low wage, which has been the main factor for the comparative advantage, now turns out to be barriers to boosting domestic demand. The technology lag in the manufacturing industry also has a significant negative impact on improving labor productivity and increasing per capita income. Hence, to deal with the recession, not only quantitative easing, but also structural adjustments are needed.

China’s Growth Model and Structural Unbalance in the Open Economy

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Assessing the role of aggregate demand and supply shocks in China’s macroeconomic fluctuation

China’s Growth Model and Structural Unbalance in the Open Economy