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Assessing Chinas Corporate Sector Vulnerabilities
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Book Synopsis Assessing China’s Corporate Sector Vulnerabilities by : MissMali Chivakul
Download or read book Assessing China’s Corporate Sector Vulnerabilities written by MissMali Chivakul and published by International Monetary Fund. This book was released on 2015-03-30 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.
Book Synopsis Assessing China's Corporate Sector Vulnerabilities by : Mali Chivakul
Download or read book Assessing China's Corporate Sector Vulnerabilities written by Mali Chivakul and published by . This book was released on 2015 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail of highly leveraged firms accounting for a significant share of total corporate debt, mainly concentrated in the real estate and construction sector and state-owned enterprises in general. The real estate and construction firms tend to face lower borrowing costs and could withstand a modest increase of interest rate shocks despite their high leverage. The corporate sector is however vulnerable to a significant slowdown in the real estate and construction sector. Our sensitivity analysis suggests that the share of debt that would be in financial distress would rise to about a quarter of total listed firm debt in the event of a 20 percent decline in real estate and construction profits.--Abstract.
Download or read book Global China written by Tarun Chhabra and published by Brookings Institution Press. This book was released on 2021-06-22 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global implications of China's rise as a global actor In 2005, a senior official in the George W. Bush administration expressed the hope that China would emerge as a “responsible stakeholder” on the world stage. A dozen years later, the Trump administration dramatically shifted course, instead calling China a “strategic competitor” whose actions routinely threaten U.S. interests. Both assessments reflected an underlying truth: China is no longer just a “rising” power. It has emerged as a truly global actor, both economically and militarily. Every day its actions affect nearly every region and every major issue, from climate change to trade, from conflict in troubled lands to competition over rules that will govern the uses of emerging technologies. To better address the implications of China's new status, both for American policy and for the broader international order, Brookings scholars conducted research over the past two years, culminating in a project: Global China: Assessing China's Growing Role in the World. The project is intended to furnish policy makers and the public with hard facts and deep insights for understanding China's regional and global ambitions. The initiative draws not only on Brookings's deep bench of China and East Asia experts, but also on the tremendous breadth of the institution's security, strategy, regional studies, technological, and economic development experts. Areas of focus include the evolution of China's domestic institutions; great power relations; the emergence of critical technologies; Asian security; China's influence in key regions beyond Asia; and China's impact on global governance and norms. Global China: Assessing China's Growing Role in the World provides the most current, broad-scope, and fact-based assessment of the implications of China's rise for the United States and the rest of the world.
Book Synopsis Resolving China’s Corporate Debt Problem by : Wojciech Maliszewski
Download or read book Resolving China’s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Book Synopsis China’s Incomplete Military Transformation by : Michael S. Chase
Download or read book China’s Incomplete Military Transformation written by Michael S. Chase and published by Rand Corporation. This book was released on 2015-02-13 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through extensive primary source analysis and independent analysis, this report seeks to answer a number of important questions regarding the state of China’s armed forces. The authors found that the PLA is keenly aware of its many weaknesses and is vigorously striving to correct them. Although it is only natural to focus on the PLA’s growing capabilities, understanding the PLA’s weaknesses—and its self-assessments—is no less important.
Book Synopsis China's Financial System by : Franklin Allen
Download or read book China's Financial System written by Franklin Allen and published by . This book was released on 2015-11-18 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.
Book Synopsis People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis by : International Monetary
Download or read book People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis written by International Monetary and published by International Monetary Fund. This book was released on 2021-06-15 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR (HKSAR) is a small and open economy, and a major international financial center with extensive linkages to Mainland China. Over the past two years, Hong Kong SAR’s economy and financial sector were adversely impacted by domestic social unrest, US-China tensions, and the global COVID-19 pandemic, resulting in an unprecedented two consecutive years of negative economic growth.
Book Synopsis Modernizing China by : W. Raphael Lam
Download or read book Modernizing China written by W. Raphael Lam and published by International Monetary Fund. This book was released on 2017-01-14 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china
Book Synopsis Cracking the China Conundrum by : Yukon Huang
Download or read book Cracking the China Conundrum written by Yukon Huang and published by Oxford University Press. This book was released on 2017-06-22 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's rise is altering global power relations, reshaping economic debates, and commanding tremendous public attention. Despite extensive media and academic scrutiny, the conventional wisdom about China's economy is often wrong. Cracking the China Conundrum provides a holistic and contrarian view of China's major economic, political, and foreign policy issues. Yukon Huang trenchantly addresses widely accepted yet misguided views in the analysis of China's economy. He examines arguments about the causes and effects of China's possible debt and property market bubbles, trade and investment relations with the Western world, the links between corruption and political liberalization in a growing economy and Beijing's more assertive foreign policies. Huang explains that such misconceptions arise in part because China's economic system is unprecedented in many ways-namely because it's driven by both the market and state- which complicates the task of designing accurate and adaptable analysis and research. Further, China's size, regional diversity, and uniquely decentralized administrative system poses difficulties for making generalizations and comparisons from micro to macro levels when trying to interpret China's economic state accurately. This book not only interprets the ideologies that experts continue building misguided theories upon, but also examines the contributing factors to this puzzle. Cracking the China Conundrum provides an enlightening and corrective viewpoint on several major economic and political foreign policy concerns currently shaping China's economic environment.
Book Synopsis Global Trends 2040 by : National Intelligence Council
Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Book Synopsis China’s Grand Strategy by : Andrew Scobell
Download or read book China’s Grand Strategy written by Andrew Scobell and published by Rand Corporation. This book was released on 2020-07-27 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.
Book Synopsis Economic Transformation and Business Opportunities in Asia by : Pongsak Hoontrakul
Download or read book Economic Transformation and Business Opportunities in Asia written by Pongsak Hoontrakul and published by Springer. This book was released on 2017-08-13 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the uneven economy in Asia, showing how the pace of economic transformation affects prosperity and the emerging middle class. Using the Lewis turning point and the long run cycle of the rise and fall of nations as a framework, it demonstrates how demographic trends, digitization rates and consumer preferences creates business opportunities in a disruptive and uncertain world. This includes moves toward promoting Eurasian integration, restructuring of state-owned enterprises, green economy, and the digital economies – ecommerce, fintech and sharing economy. Vanity capital, longevity and leisure economies are also discussed. The author explains what drives creative disruption, technical innovation and their effect on manufacturing, consumers, businesses, and sustainability. It is essential reading for students, academics, executives, and business persons wanting in-depth coverage of the economic landscape in Asia.
Book Synopsis Assessing Markets for Renewable Energy in Rural Areas of Northwestern China by : Tuntivate Voravate
Download or read book Assessing Markets for Renewable Energy in Rural Areas of Northwestern China written by Tuntivate Voravate and published by World Bank Publications. This book was released on 2000 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reports on a detailed market study of rural areas in China without access to electricity from the local or national grid. It obtained basic socio-economic data on households with and without photovaoltaic (PV) systems, and used the data to determine the market potential for PV systems in such areas.
Book Synopsis World Bank East Asia and Pacific Economic Update April 2016 by : World Bank
Download or read book World Bank East Asia and Pacific Economic Update April 2016 written by World Bank and published by World Bank Publications. This book was released on 2016-04-11 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past 6 months, developing East Asia and Pacific has faced a challenging external environment, but growth has generally remained resilient. Over the next 3 years, growth is expected to ease modestly. China will continue its gradual shift to a more sustainable growth path. Some economies will be affected by low commodity prices and weaker external demand. This outlook is subject to elevated risks. Countries should prioritize monetary and fiscal policies that reduce their exposure to risks and strengthen market confidence. In China, there is a need to reduce leverage. In several countries, action is required to enhance transparency, strengthen accountability, and redefine the role of the state. Efforts to reduce barriers to trade should be redoubled, with a particular focus on non-tariff measures and regulatory barriers, including to trade in services. The region must increase its readiness to benefit from the digital revolution, and in particular develop the essential “analog complements†? to digital technologies.
Book Synopsis Asian Development Outlook 2016 Update by : Asian Development Bank
Download or read book Asian Development Outlook 2016 Update written by Asian Development Bank and published by Asian Development Bank. This book was released on 2016-09-01 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: Steady growth endures in developing Asia despite external slack. Half-year results prompt this Update to affirm overall growth projections published in March in Asian Development Outlook 2016. External weakness is offset by resilient domestic demand in large regional economies led by the People's Republic of China, where policy regulates growth moderation as the economy restructures, and India, where progressive reform backs energetic expansion. Risks to the outlook include continued doldrums in the industrial economies, uncertainty about their monetary policies affecting capital flows, and rising rhetoric against free trade. Within the region, mounting private debt could sour under economic shock. And natural disasters, though impossible to predict, pose ever greater risks in view of climate change and Asia's outsized vulnerability. Asian policy makers are willing partners in the global effort against climate change. But the region can and must go beyond current national pledges to reduce greenhouse gas emissions and hold global warming short of catastrophe. This Update explores the options toward achieving this vital goal, highlighting that the benefits to developing Asia far outweigh the costs of its transition to low-carbon growth.
Author :Congressional Research Service Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976466953 Total Pages :52 pages Book Rating :4.4/5 (669 download)
Book Synopsis China's Economic Rise by : Congressional Research Service
Download or read book China's Economic Rise written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-09-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1475529929 Total Pages :90 pages Book Rating :4.4/5 (755 download)
Book Synopsis Republic of Korea by : International Monetary Fund. Asia and Pacific Dept
Download or read book Republic of Korea written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2016-08-26 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights that Korea’s growth has slowed after decades of impressive economic progress. The economy is facing a number of structural headwinds, including unfavorable demographic developments, heavy export reliance, pockets of corporate vulnerability, labor market distortions, lagging productivity, and high household debt. Inequality and poverty are also of concern. Growth is projected to tick up to 2.7 percent in 2016 and 3.0 percent in 2017, with inflation remaining subdued. Credit is expected to continue to grow, partly reflecting the impact of interest rate cuts, but at a slower pace consistent with the tightening of prudential measures and the envisaged moderation in construction investment after 2017.
