The Sage Handbook of the Chinese Economy is a comprehensive resource that delves into the complexities of China's economic and financial systems. Bringing together some of the world's leading scholars, this handbook brings both depth and breadth to our understanding of China. It examines specific industries and issues, ranging from real estate to total factor productivity, while also covering China's domestic economy and its global impact. China's tremendous economic progress over the past five decades is well known, but understanding whether this growth can continue requires a deeper look beyond the headlines. This handbook aims to "look under the hood" at specific industries and sectors to better understand the accomplishments and impediments to sustainable growth. At a time when China is experiencing significant economic challenges, including supply constraints, demand declines, and frayed trade relations, this volume offers insights into the direction China might take as it navigates these issues. The handbook is organized into five key sections. The section on key industries provides the "state-of-play" in critical sectors, highlighting how industries are transforming in response to global forces, government policies, innovation, and competition. The financial markets section examines the government's dominant role and the opportunities for improving capital allocation to promote future growth. The section on human capital addresses the challenges of a shrinking labor force and the urban/rural divide, while the macroeconomics section explores the unique challenges of managing China's segmented economy. Finally, the section on China and the globe presents a picture of China's significant global presence and the potential future developments in its international economic relations. The Sage Handbook of the Chinese Economy is an essential guide for scholars, practitioners, and students seeking to understand the intricacies of China's economy. It provides a comprehensive and nuanced exploration of the field, equipping readers to engage with the theoretical and practical aspects of China's economic landscape. Part 1: Key Industries Part 2: Financial Markets Part 3: Human Capital Part 4: Macroeconomics Part 5: China and the Globe
Ron Schramm has been conducting research related to China since the early 1990s and is currently on the faculty of Columbia University at the School of International and Public Affairs. Most recently, he is the editor of the Handbook of the Chinese Economy and Financial System (forthcoming Sage Publishing, 2025). He is also the author of The China Macro Finance: A US Perspective. He was on the faculty of IBSS in Suzhou as an Associate Professor (2013-2016), creating and directing its Economics PhD program. Before IBSS he had been on the faculty of Columbia Business School for over 27 years where he taught the widest range of courses of any faculty member. He also served as Finance Editor for the International Journal of Emerging Markets. Professor Schramm's areas of specialization include international finance and the Chinese economy. He holds a bachelor's degree from Harvard University (with honors) and Master of Arts, Master of Philosophy and PhD in Economics from Columbia University. Schramm was a Fulbright Scholar at UIBE in Beijing and held visiting faculty positions at HKUST in Hong Kong, Shanghai Jiao Tong University and CEIBS Shanghai. He was at the IMF for 3 years as an Economist working on debt workouts for African economies. Professor Schramm is the chair/founder of the China Group at the Harvard Club of New York
Introduction - Ronald Michael Schramm Part One: Key Industries Chapter 1: The State of China's Urban Housing Markets - Yongheng Deng, Joe Gyourko and Jing Wu Chapter 2: Agricultural Growth, Transformation and Policies in China - Jikun Huang Chapter 3: The Rise of the Digital Economy: A New Growth Engine for China's Service Sector - Irina Fan Chapter 4: The Energy Sector with Implications for the Environment - Qinglong Shao Chapter 5: Institutional Sclerosis of Chinese Semiconductor Industry: Temporal; Structural, and Evolutionary Appraisal - Tariq H. Malik Chapter 6: State-Owned Enterprises and Privately-Owned Enterprises in China - Henri Schneider Part Two: Financial Markets Chapter 7: A Comparative Perspective on China's Flow of Funds: Banks, Bonds, Equity Markets, and Alternative Finance - Franklin Allen, Meijun Qian and Xiaoqian Zhang Chapter 8: Shadow Banking and Interest Rate Reform - Hao Wang and Hao Zhou Chapter 9: Entrepreneurial Finance - Celine Yue Fei and Xiaoyun Yu Chapter 10: Capital Budgeting and the Cost of Capital in China - Haili Wu Chapter 11: Key Elements of the Regulatory Framework: Key Elements of the Regulatory Framework - Tat Chee Tsui Part Three: Human Capital Chapter 12: Human Resources: Demographics, Human Capital, Labor Markets and Unions - Tony Fang, John Hartley, and Shanawaz Khan Chapter 13: Reforming China's Social Welfare System: Addressing Disparities and Embracing Change - Jiwei Qian Chapter 14: Inequality and poverty in China - Kristen Dalen and Hedda Flato Chapter 15: Digital inclusive finance and urban-rural income gap reduction - Xiangfeng JI, Gonghang Chen, Xueying Yuan Part Four: Macroeconomy Chapter 16: The Role of Government: Economic Planning and Political Economy - Gang Nathan Dong and Zigan Wang Chapter 17: Fiscal Policy and Public Finance - Paulo Jose' Regis Chapter 18: China's Consumption and Saving Puzzle Explained - Sherry Yu Chapter 19: The Declining China's GDP Growth Rate and Secular Stagnation - Abdol S. Soofi Chapter 20: China's Monetary Policy: Goals, Tools and Key Interest Rates - Lixin Sun Chapter 21: Data Quality and Macroeconomics: Three Key Series and Social Welfare - Bas van Leeuwen, Meimei Wang, Ye Ma Part Five: China and the Globe Chapter 22: Balance of Payments, Exchange Rate, and Foreign Exchange Reserves - Vladmir Popov Chapter 23: Exchange Rate Policy - Calla Wiemer Chapter 24: Foreign Direct Investment in China - Kevin Honglin Zhang Chapter 25: Is China an immature creditor? Implications for debt sustainability - Paola Subacchi Chapter 26: China Brands: Economic Impact of Global Branding in the Future - Jim Huangnan Shen, Christine Tsui Chapter 27: Economic Cooperation: The Belt and Road Initiative - Yuwen Dai Chapter 28: China's Financing: The World, Africa and Kenya - The Standard Gauge Railway - Ronald Michael Schramm
