contents

Tables vii
Figures xi
Abbreviations xv
Contributors xix
Acknowledgments xxiii
Part I China’s New Place in World Economy and Politics
1 China’s place in a world in crisis 1
Ross Garnaut
2. China and international fnancial reform 15
Wing Thye Woo
3. From an effcient to a viable international fnancial market 33
Chen Ping
4 China’s increasing external wealth 59
Guonan Ma and Haiwen Zhou
5. The geo-strategic implications of China’s growth 89
Hugh White

Part II Macroeconomic Adjustments Amid Global Recession
6 China’s exchange rate policy, its current account
surplus, and the global imbalances 103
W. Max Corden
7. Macroeconomic performance amid global crisis 121
Yiping Huang, Ken Peng and Minggao Shen
8 Economic crisis, Keynesianism and structural
imbalance in China 137
Xiaolu Wang and Fan Gang
9. State-owned enterprises in China: reform dynamics
and impacts 155
Xiao Geng, Xiuke Yang and Anna Janus

10Economic transition and labour market integration
in China 179
Prema-chandra Athukorala, Kyoji Fukao and Tangjun Yuan
11Flying geese within borders: how does China sustain
its labour-intensive industries? 209
Cai Fang, Dewen Wang and Qu Yue
12. Impact of economic slowdown on migrant workers 233
Sherry Tao Kong, Xin Meng and Dandan Zhang
Part III Economic Integration
13. Global implications of China as a manufacturing
powerhouse 261
Huw McKay and Ligang Song
14China’s textile and clothing trade and global adjustment 303
Will Martin

15. Inflow of foreign direct investment 325
Chunlai Chen
16. Chinese foreign direct investment in the Australian
resource sector 349
Peter Drysdale and Christopher Findlay
Part IV The Environment and Climate Change
17Greenhouse gas emissions reduction: a theoretical
framework and global solution 389
Project Team of the Development Research Centre of the State
Council, People’s Republic of China
18Can China rescue the global climate change negotiations? 409
Stephen Howes
19Moving towards low-carbon economic growth 431
Jinjun Xue

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