Xiaoxi biliang (eds ) chinas new deal; economic development under international financial crisis (2011)

GLOBAL ECONOMIC STUDIES CHINA‟S NEW DEAL ECONOMIC DEVELOPMENT UNDER INTERNATIONAL FINANCIAL CRISIS No part of this digital document may be reproduced, stored in a retrieval system or transmitted in any form or by any means The publisher has taken reasonable care in the preparation of this digital document, but makes no expressed or implied warranty of any kind and assumes no responsibility for any errors or omissions No liability is assumed for incidental or consequential damages in connection with or arising out of information contained herein This digital document is sold with the clear understanding that the publisher is not engaged in rendering legal, medical or any other professional services GLOBAL ECONOMIC STUDIES Additional books in this series can be found on Nova‘s website under the Series tab Additional E-books in this series can be found on Nova‘s website under the E-book tab GLOBAL ECONOMIC STUDIES CHINA‟S NEW DEAL ECONOMIC DEVELOPMENT UNDER INTERNATIONAL FINANCIAL CRISIS LI XIAOXI AND HU BILIANG EDITORS Institute of Economics and Resource Management, Beijing Normal University (BNU) Development Institute, Southwestern Uuniversity of Finance and Economics (SUFE) Nova Science Publishers, Inc New York Copyright © 2011 by Nova Science Publishers, Inc All rights reserved No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means: electronic, electrostatic, magnetic, tape, mechanical photocopying, recording or otherwise without the written permission of the Publisher For permission to use material from this book please contact us: Telephone 631-231-7269; Fax 631-231-8175 Web Site: http://www.novapublishers.com NOTICE TO THE READER The Publisher has taken reasonable care in the preparation of this book, but makes no expressed or implied warranty of any kind and assumes no responsibility for any errors or omissions No liability is assumed for incidental or consequential damages in connection with or arising out of information contained in this book The Publisher shall not be liable for any special, consequential, or exemplary damages resulting, in whole or in part, from the readers‘ use of, or reliance upon, this material Any parts of this book based on government reports are so indicated and copyright is claimed for those parts to the extent applicable to compilations of such works Independent verification should be sought for any data, advice or recommendations contained in this book In addition, no responsibility is assumed by the publisher for any injury and/or damage to persons or property arising from any methods, products, instructions, ideas or otherwise contained in this publication This publication is designed to provide accurate and authoritative information with regard to the subject matter covered herein It is sold with the clear understanding that the Publisher is not engaged in rendering legal or any other professional services If legal or any other expert assistance is required, the services of a competent person should be sought FROM A DECLARATION OF PARTICIPANTS JOINTLY ADOPTED BY A COMMITTEE OF THE AMERICAN BAR ASSOCIATION AND A COMMITTEE OF PUBLISHERS Additional color graphics may be available in the e-book version of this book LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA The development of China's economy under the international financial crisis / editors, Xiaoxi Li and Biliang Hu p cm Includes index ISBN 978-1-61324-864-5 (eBook) China Economic policy 2000- China Economic conditions 2000- Financial crises China Global Financial Crisis, 2008-2009 I Li, Xiaoxi II Hu, Biliang HC427.95.D46 2009 330.951 dc22 Published by Nova Science Publishers, Inc † New York 2010016086 Task Managers Li Xiaoxi Hu Biliang Task Coordinators Gan Li Liu Fangjian Zeng Xuewen Task Assistants Fan Gangzhi Lin Yongsheng Liu Yimeng CONTENTS Preface xi Columns xiii General Remarks: The China Model and Green New Deal Introduction Chapter 1 Four-Trillion (RMB) Economic Stimulus Plan: China‘s Response to the International Financial Crisis Zhang Shengling, Jin Sanlin, Liu Yimeng and Zhangshuai Comments on Chapter Keynes‘s Philosophy in China: Assessing the Four-Trillion-Yuan Economic Stimulus Package Shu Yan Chapter Building a New Countryside: The Breakthrough Point of Stimulating Domestic Demand Li Jing, Zhang Jiangxue, Feng Tao and Zhang Ning Comments on Chapter Facts Behind Figures: Preliminary Thoughts on Building a New Countryside and Stimulating Rural Demand in China Hu Rong Chapter Supporting Agricultural and Rural Development: The Dilemma and Reform in Rural Finance Zeng Xuewen, Qin Jianguo, Peng Linlin and Zhang Yifu Comments on Chapter Improving Rural Finance Under the Industrial Structure Change Zhang Tong Chapter xv Ten Major Industries Stimulus Plan: New Strategies for Structural Adjustment Han Jing, Xu Yan, Sun Peng, and Feng Rui 29 35 59 65 87 91 viii Contents Comments on Chapter Ten Industries Stimulus Plan Calls for Smart Implementation: A View Based on Lessons of Industrial Policy Zhang Jin Chapter Real Estate: New Changes in the International Financial Crisis Zhang Qi, Wang Hao, Li Hongyi and Zhang Ai Comments on Chapter The Subprime Crisis in the U.S Real Estate Market and its Implications Yuan Yan Chapter New Energy: New Exploration on Energy Development in China Lin Weibin, Li Xiaozhong, Rong Tingting and Song Tao Comments on Chapter Getting Ready for the Coming of the New Energy Era Liu Shiyong Chapter Emission Trading: New Mechanism for Responding to Climate Change He Jinyu, Xiao Boqiang and Zhang Mingming Comment on Chapter Market Mechanism and the Low-carbon Economic Growth in China Huang Jeff Chapter New Growth Engine: The Rise of Green Economy in China Shao Hui, Lin Yongsheng, Qin Jian and Xiao Huaiyang Comments on Chapter Green Market and Green Economy Mou Pu Chapter The New Healthcare Reform: The New Starting Point of Healthcare Development Wang Nuo,Yang Weibin, Ren Ran, Cong Yajing and Hou Rui Comments on Chapter China‘s Healthcare Reform: New Beginning and New Challenges Liu Yuanli Chapter 10 Pilot Zones for Supporting Comprehensive Reforms: A New Platform for Further Institutional Reforms Zhao Shaoqin, Fan Lina and Wang Xiwei Comments on Chapter 10 On the Setting-Up and Construction of the Pilot Zones for Supporting Comprehensive Reforms Huang Lin 119 123 145 151 179 187 211 215 237 243 269 273 301 Contents Chapter 11 New Stage: Current Economic Developments and Prospects in Ethnic Regions Zhang Wenguang, Zhang Qing‟an, Dong Xiaoyu and Wang Ying Comments on Chapter 11 Let One Hundred Flowers Bloom: The Economic Development in the Ethnic Regions of China Yuan Jing‟an Chapter 12 The New Measures: Hong Kong and Macao Tackling the Financial Crisis Zheng Yanting, Zhao Zheng, Wu Wenshi and Du Yamin ix 307 327 331 Comments on Chapter 12 How Hong Kong and Macao Tackle the 2008 Global Financial Crisis Sun Yong 359 Postscript 365 Index 369 How Hong Kong and Macao Tackle the 2008 Global Financial Crisis 361 and Macao governments are presented Finally, the policies issued by the Chinese central government to support the economy of Hong Kong and Macao are introduced The step by step structure of this chapter like this makes readers better understand and accept the reasons behind the policies issued by the Hong Kong and Macao local governments and Chinese central government Third, through this chapter the authors focus on the major clue, that is, the policies issued by both the Hong Kong and Macao local government and the Chinese central government, which is the most important part among the measures to deal with the global financial crisis One of the most significant features of this chapter is that all topics are related to the measures and policies issued by the government This is because the government is the most important entity when dealing with the global financial crisis Not just because the government has the most resources and is more powerful than other entities like firms and individuals, but also because the government usually thinks about the problem from the standpoint of the whole society., not from the standpoint of any firm or individual Therefore, following the policies and measures adopted by the government is equal to following the most significant part among all measures dealing with the global financial crisis This chapter first describes the impact on the economy of Hong Kong and Macao brought by the global financial crisis Based on the description of the impact, the authors introduce all kinds of specific measures and policies issued by the Hong Kong and Macao local governments and the Chinese central government From some specific industries to the whole economy, from the Hong Kong and Macao local governments to the Chinese central government, the authors deliberate the efforts made by the Hong Kong and Macao local governments and the Chinese central government to deal with the global financial crisis When presenting the specific policies and measures adopted by the Hong Kong and Macao local governments to the Chinese central government, the authors describe the difference in the measures and policies issued by the Hong Kong and Macao local governments to the Chinese central government, and also show us the common points in those measures and policies For example, as the international finance center, Hong Kong‘s local government focus more on the stability of the finance industry, the protection of residents‘ benefits, and the development of SMEs; while the Macao local government focuses more on expanding the public finance, the improvement of the welfare of residents, and the development of non-gaming SMEs Although the measures adopted by Hong Kong and Macao local governments are different, both the Hong Kong government and Macao government focus on the protection of residents‘ benefits and the development of SMEs The last part of this chapter mentioned the policies issued by the Chinese central government, including expanding business involving RMB to strengthen the status of Hong Kong as the international finance center, developing the tourism of Hong Kong by permitting more people from mainland China to travel in Hong Kong freely, constructing the Hong Kong-ZhuHai-Macao bridge, and developing Heng Qin Island In particular, the Chinese central government emphasizes the cooperation between Hong Kong and Macao and Pearl River Delta Furthermore, the Chinese central government develops the transportation to reduce the distance between Hong Kong Macao and mainland China to become the basis of further cooperation in economy between Hong Kong Macao and mainland China The Chinese central government focuses more on the whole economy of China, including mainland China, Hong Kong and Macao The policies issued by the Chinese central government focus more on the further cooperation between mainland China and Hong Kong and Macao, which helps Hong Kong and Macao to deal with the negative impact 362 Sun Yong brought by the global financial crisis At the same time, the opening economy of Hong Kong and Macao helps the development of mainland China Hence, in this chapter the authors focus on the main clue, that is, the measures and policies issued by the Hong Kong and Macao local governments and the Chinese central government In this way, the readers can feel the significant and key role played by the government in dealing with the global financial crisis Although the features of this chapter are outstanding, we also find this chapter ignored something important This chapter focuses only on the measures and policies issued by the Hong Kong and Macao local governments and the Chinese central government, however, it ignored any measures adopted by other entities, such as banks, firms, or even individuals From the viewpoint of microeconomics, banks, firms, and individuals also adopt some measures to deal with the global financial crisis in order to protect their own benefits For example, the banking industry may strengthen the risk management to reduce the possible loan losses Individuals may save more money to deal with possible risks in the future In essential, all the measures and policies issued by the Hong Kong and Macao local governments and the Chinese central government will benefit the banks, the firms, and individuals finally The way includes improving the liquidity of the banking industry, promoting individuals‘ consumption, and finally developing the economy Furthermore, the effect of the measures and policies issued by the Hong Kong and Macao local governments and the Chinese central government also depends on the benefits of banks, firms, and individuals The most important thing is the expectation and confidence of banks, firms, consumers about the future of the economy Only after consumers are more optimistic and would like to buy more products or services, the market can recover and the economy can go upward As a free and open economy, Hong Kong and Macao are inevitably affected by the 2008 global financial crisis stemming from the US sub-prime mortgage meltdown, resulting in moderation in exports and hence dragging the overall economic performance In the long run, to combat possible financial crisis in the future, the government, the industries or firms, and even individuals need to make further efforts In particular, the government is the most important institute in tackling the global financial crisis First, Hong Kong and Macao local governments need to maintain a healthy and stable financial system, help design better systems in risk management, and improve the ability to defend any possible global financial crisis in the future The economy of Hong Kong and Macao is very free and open, which means the government seldom intervenes the market Nevertheless, economies need to take extraordinary measures at exceptional times like this and the Government should be prepared to intervene in a timely and decisive manner To support small and medium-sized enterprises (SMEs), the credit crunch has caused great difficulties among SMEs In early November 2008, enhancement measures to SME Loan Guarantee Scheme and SME Export Marketing Fund were implemented; A time-limited $100 billion Special Loan Guarantee Scheme (SpGS) was launched on December 15, 2008 to provide up to 70% guarantee to participating lending institutions granting loans to Hong Kong companies; Under the SpGS, the maximum amount of loan that each enterprise may obtain is $6 million, within which $3 million can be used as a revolving credit line such as commercial overdraft and letter of credit All companies except listed companies may apply To continue public spending and stimulate domestic demand, despite the expected economic downturn, the Hong Kong and Macao Government not cut public expenditure, especially its commitments in healthcare, social welfare, education and improving the environment To How Hong Kong and Macao Tackle the 2008 Global Financial Crisis 363 boost employment, 60,000 jobs would be created in 2009 through infrastructure projects, advanced recruitment of civil servants, creation of temporary positions and expediting minor works in the 18 districts Since Hong Kong and Macao are very open to the world, the economy of Hong Kong and Macao is also easily affected by any possible financial crisis from other countries or areas Thus, a healthy and reasonable regulatory framework set by the government is the most important basis of defending any possible global financial crisis in the future Second, a strong backing from the Chinese central government is very necessary for Hong Kong and Macao to combat the global financial crisis In fact, the Chinese central government has been always the strongest backup for Hong Kong and Macao The Chinese central government issues a series of policies to support the economy of Hong Kong and Macao For example, On December 20, 2008, the Chinese Central Government announced a 14-point package to bolster Hong Kong‘s economy The package is made in the interest of Hong Kong and is also an advancement of the development of the nation as whole Key measures include: (1) Strengthen cooperation between the Mainland China and Hong Kong in financial services sector (2) Allow qualified enterprises to settle their trade obligation in Hong Kong in RMB, making the city one of the pilot areas for transforming RMB into an international currency (3) Allow currency swap arrangements between the People‘s Bank of China and the HKMA, a measure that will enable each side to help stabilize the other‘s currency if necessary (4) Encourage Mainland enterprises to use Hong Kong as a platform to develop international businesses (5) Support the listing of Mainland firms in Hong Kong (6) To expedite infrastructure projects related to Hong Kong, such as the Guangzhou-ShenzhenHong Kong Express Rail Link, the Hong Kong-Zhuhai-Macao Bridge and the rail link between airports in Hong Kong and Shenzhen Third, as ignored by the chapter 12, further cooperation among banks, corporations, and even individuals between mainland China and Hong Kong Macao are also very important There are several favorable policies issued by the Chinese central government to enhance economic cooperation between Hong Kong Macao and the Pearl River Delta and even the whole mainland China For example, to alleviate difficulties faced by Hong Kong SMEs on the Mainland, the Chinese Central Government will further adjust the tax rebate rates for exports, improve the labor system to reduce burden on enterprises, facilitate the development of domestic market for processing trade enterprises and develop a guarantee mechanism for SME financing Other policies include expanding the Individual Visit Scheme, further the opening up of the Mainland services sector to Hong Kong service providers through CEPA, and enhancing economic co-operation between Hong Kong and the Pearl River Delta In fact, more and more companies from Hong Kong and Macao invest in mainland China, and people in mainland China know Hong Kong and Macao better since 1997 The closer link and tighter cooperation in all kinds of aspects between Hong Kong Macao and mainland China help Hong Kong and Macao to tackle the global financial crisis and promote the development of Hong Kong and Macao A very good example is that during the 1997-98 Asian financial crisis, the China‘s central government issued a policy to permit individuals from mainland China to visit Hong Kong and Macao freely The policy brought Hong Kong and Macao a lot of money and helped Hong Kong and Macao recover from the 1997-98 Asian financial crisis rapidly, comparing with other countries or areas suffering by the 1997-98 Asian financial crisis, such as South Korea, Thailand, and Indonesia 364 Sun Yong Finally, Hong Kong is known for its resilient, hardworking spirit and will endeavor to turn crisis into opportunity by vigorously pursuing economic development in areas such as financial services, cross-boundary integration, infrastructure projects, creative industries and scientific research As long as Hong Kong and Macao continue to uphold the principle of ―Big Market, Small Government‖ in promoting economic development, with sound fundamentals, a strong regulatory framework, a robust Exchange Fund, a production base and market on the Mainland and a strong backing from the Central Government, Hong Kong and Macao‘s economy is well equipped to withstand the downturn In a word, the chapter 12 of this book provides us with a picture of describing how the Hong Kong and Macao local governments and China‘s central government tackle the 2008 global financial crisis REFERENCES ―Asia's Las Vegas, Macau, Fights The Economic Crisis‖, The Independent, January 2009 ―HK Stock Market Capitalization Halved in 2008‖, Xinhua net, 2009-03-03 Hong Kong Census & Statistics Department Hong Kong‘s Economy in the Financial Crisis by Zhang Yang and Sarah Y Tong, April 2009, East Asian Institute Background Brief No 448 ―How Hong Kong Tackles Financial Crisis‖, Global Financial Crisis IPA December 2008 Macao‘s Economy in the Financial Crisis by Zhang Yang and Kwan Fung, June 2009, East Asian Institute Background Brief No 456 ―Macau economy: Unemployment creeps up‖, THE ECONOMIST INTELLIGENCE UNIT, April 2009 Macao Special Administrative Region Economic Services Statistics and Census Service (DSEC), Macao SAR Government In: China's New Deal: Economic Development under Editors: Xiaoxi Li and Biliang Hu ISBN: 978-1-61668-486-0 © 2010 Nova Science Publishers, Inc POSTSCRIPT It has taken three months to finish this book From the beginning of July to early October, I was just like leading a troop fighting in the battlefield to the extent that I almost lost my breath I can still remember that we put together the preliminary outline of this report on July 9th Then on July 12th, a meeting was held among people in charge of sub-projects to amend the outline Another meeting was held among leaders responsible for each chapter on the 22nd of the same month, to pin down the division of work and requirements on writing style On August 28th, having finished the first draft of all chapters, all members on this project got together to discuss about it Based on the proposed changes, all groups finalized their first draft by September 9th, which were handed over to the scholars of Southwestern University of Finance and Economics to be commented Then the comments and the revised draft of each chapter were handed in on September 22nd for a general review During the National Day holidays, I finished the General Remarks of this report, along with the final reviewed draft of the third volume of The Handbook of Natural Resources and Energy Economics I went over the draft for a last time with Editor Qiu Yuefang from Encyclopedia of China Publishing House on October 12th, and supplemented it with the preface and the postscript As I submit this copy, I would like to first extend my thanks to New York based Nova Science Publishers, Inc in the U.S and Encyclopedia of China Publishing House in China They signed the publishing contracts with us on July 6th and 8th respectively, with favorable conditions, and agreed on delivery of the Chinese and the English drafts to the publishing houses in October and November respectively That started the engine for us to begin this project In particular, I am deeply indebted to Frank Columbus, Chief Editor of Nova Science Publishiers, Inc and Guo Yinxing, Director of the Academic Works Department of Encyclopedia of China Publishing House They have given us their utmost support and trust by allowing us to determine and amend the outline, as well as to specify the content all by ourselves We owe them our success if this report is recognized by the society I also wish to sincerely thank the leaders of both Beijing Normal University and Southwestern University of Finance and Economics, for they have extended great to us on researches and writings of this project, and provided us enough funds to carrying this work out smoothly Professor Shi Peijun and Professor Bian Huimin, both vice presidents, were delegated by the management of the two universities to supervise this project, thereby promoting coordination and speeding it up Here I would also like to express my thanks and congratulations to all experts, teachers and students on this project Thank you for your efforts and cooperation in good faith to 366 Li Xiaoxi ensure that the Chinese and English drafts were finished in high quality Scholars in charge of each chapter are all very serious about the work They tried to, introduce the current situation of China‘s economic development comprehensively and profoundly in the context of the financial crisis, marking the highlights of China‘s economic development, analyzing the most recent and influential economic incidents and cases, pointing out the policy orientation and trend of development, and using tables, figures and columns to make the articles easier to understand I really appreciate the hard work and dedicated teamwork by each and every scholar, and would like to congratulate you all for climbing up the ladder of academic research Here I would like to make a special introduction of Professor Hu Biliang, who has just completed his joint research project at Harvard University His performance at organizing this project really impresses me He is quick thinking, passionate, diligent and extremely efficient He has painstakingly and efficiently advised on the title, the outline, the writing style, and the revision on the comments Revised drafts from him at Harvard University were often received at midnight in U.S time To make a joke of his name, ―the moon from ancient times hangs over Beijing, while one light is sure to be on at Harvard.‖ (In Chinese, the family name ―Hu‖ can be divided into two parts, ―gu‖ and ―yue‖, which means ―ancient‖ and ―moon‖, while the first name ―Bi liang‖ can be interpreted as ―sure to be‖ ―turned on.‖) Coordinated by Dean Gan Li and Dean Liu Fangjian, and organized by Dr Fan Gangzhi, a group of overseas educated scholars at Southwestern University of Finance and Economics took an active role in the commentary work of this report They associated the current situation at home with that abroad to make comments from an international perspective Their work was finished in a timely and efficient way Furthermore, I would especially like to express my thanks to Dr Liu Yuanli from Harvard School of Public Health, and Mr Huang Jiefu who is the vice president of the Chicago Climate Exchange, and Professor Mou Pu from the School of Life Sciences, Beijing Normal University They have accorded great importance to this joint program and written some fantastic critical comments on parts of this report, which significantly added to the academic value of our book There are too many people to be appreciated and praised, and I will list some of them: Editor Qiu Yuefang, who is extremely responsible; Madam Nadya Gotsiridze and Stephanie Gonzalez from Nova Science Publishiers, Inc who are highly efficient with their jobs; the teachers and students from the Translation Center of Southwestern University of Finance and Economics who are engaged in the Chinese-English translation, including Jiang Jiahui, Lv Mei, Xiao Rong et al.; Associate Professor Zeng Xuewen, who has been working so hard in organizing and coordinating this project; Mr Wang Jianing, Chief Editor of the magazine Reform, who put forward some valuable amendment suggestions; Dr Zhao Shaoqin, who gave us inspiring suggestions on the improvement of the outline; Dr Wang Nuo, who put together the invitation for comments on behalf of me; Dr Zheng Yanting, Dr Ren Ran and other teachers and students, who translated the paper on Emerging Market Economies with great efficiency; Liu Tao, Tan Song, Wang Xuelei and Zhang Kun, who provided important and timely material for this report; Song Tao and Zhang Ai, who assisted in translating NOVA‘s publishing contract with us and Nova Science manuscript Form and Style Guideline; Jia Limin, Wang Ying, Yan Ling et al., who worked toward allocation of the project fund and reimbursement I would also like to attribute special credit to my assistants Lin Yongsheng and Liu Yimeng, who worked as liaison for the project Lin Yongsheng is in charge of communication between all authors and commentators, and worked with a great sense of responsibility and Postscript 367 high efficiency Liu Yimeng is in charge of communication with the Nova Publishers, including filing applications, translating the contract, submitting our manuscript, etc with care and patience Both of them also assisted me with the completion of another article about Emerging market: its orientation, new developments, and new investment at the request of Nova Publishers, which is the prior cooperative work with Nova before this report I would particularly express my sincere gratitude to a group of doctoral and master students from Harvard University and MIT include Chang Zheng, Chen Jinzhu, Chen Mo, Ding Mengjie, Du Wenxin, He Yiming, Hou Yue, Jin Tao, Jin Xiaoshi, Li Zhan, Liu Xuzhi, Xu Lilei, Xu Ye, Zhang Jingyi who helped us finalizing the English version of this book within very limited time in November They contributed tremendously to the improvements of the quality of the translation of the Chinese version into this English version of the book So many people and things have impressed me that it is hard to list them all here, so let me conclude in anticipation of our future cooperation with success Li Xiaoxi December 9th, 2009 Translator: Zhang Li (SUFE) English Version Editors: Xiao Rong (SUFE), Chen Jinzhu (Harvard) INDEX A agricultural insurance, 12, 36, 72, 99, 103, 104 alternative energy, 7, 176, 199, 217 An Affordable Economy, 244 automobile going to the countryside, 55 B barefoot doctors, 271 basic health insurance for urban employees, 283 basic health insurance system, 271, 273, 276, 283, 292 basic health services, 272, 292, 294 Beijing Consensus, benevolent governance project, 347 bio-energy, 175, 186, 193, 199 bottlenecks, 175, 239, 261, 383 C carbon dioxide, 17, 181, 212, 213, 214, 217, 224, 225, 228, 233, 234, 246, 262 CCX, 216, 241, 242 CDM, 8, 214, 215, 216, 219, 220, 221, 222, 223, 224, 225, 227, 228, 231, 232, 236, 239, 240, 241 CEPA, 313, 359, 379, 384, 385, 391 CER, 216, 220, 228, 231, 241 chain-industries, 147 Changsha, Zhuzhou and Xiangtan city cluster, 302, 303 Chinese pattern, circular economy, 247, 251, 252, 255, 326 Clean Development Mechanism, 8, 212, 214, 215, 216, 231 Clean Energy, 6, 7, 19, 225 clean production, 244, 252, 261 Climate Action and Renewable Energy Package, 177 climate change, 6, 8, 17, 176, 177, 194, 211, 212, 213, 214, 220, 223, 225, 226, 228, 232, 233, 234, 239, 242, 253, 254 climate-smart world, COD, 213, 218, 220, 231, 249 completion area, 148 comprehensive pilot reform areas, 18 comprehensive stimulus, 166 comprehensive supporting reform, 301, 302, 303, 310, 327, 329, 330, 332 Comprehensive Supporting Reform Pilot Zones, 327, 328 convention, 199, 212, 341, 346, 381 Credit Policy, 66, 256 CSRPZs for Balanced Urban and Rural D Development, 302 CSRPZs for Building a Resource-efficient and Environment-friendly Society, 302 deposit reserve ratio, 21 development model, 1, 2, 4, 7, 17, 18, 20, 212, 244 370 Index Direct Agricultural Subsidy, 63 diversification, 176, 380, 382, 383 domestic demand, 11, 26, 28, 29, 30, 34, 35, 43, 44, 49, 53, 55, 60, 62, 69, 72, 77, 79, 80, 82, 88, 104, 113, 117, 119, 127, 130, 132, 133, 145, 155, 157, 164, 165, 166, 196, 209, 247, 350, 376, 390 Fixed Assets Investment, 340 fossil energy, 17, 175, 203, 212, 261 Free Travel, 380 G gaming industry, 359, 370, 371, 373, 380, 383, 385 gaming revenues, 366, 370 E geographic disadvantages, 335 ecological industrial parks, 252 global financial crisis, 22, 24, 51, 53, 145, 164, economic stimulus plan, 3, 6, 18, 21, 22, 26, 29, 165, 192, 196, 197, 232, 244, 335, 359, 360, 30, 38, 41, 42, 43, 44, 45, 46, 75, 164, 245, 247, 367, 373, 378, 383, 384, 387, 388, 389, 390, 401 391, 392 economic structural adjustment, 30, 43 government employees insurance, 271 emission reduction, 8, 27, 32, 38, 39, 75, 123, Green Car, 144 177, 211, 212, 213, 214, 215, 216, 217, 219, Green City, 259 220, 222, 223, 224, 225, 228, 229, 231, 232, Green Companies, 264 233, 236, 239, 240, 241, 245, 253, 254, 256 green ecology, 12, 14 employment, 5, 7, 17, 22, 23, 24, 25, 28, 36, 37, green economy, 6, 8, 10, 13, 15, 16, 17, 19, 243, 43, 45, 49, 50, 51, 52, 53, 76, 77, 114, 115, 126, 244, 245, 247, 254, 255, 256, 257, 258, 261, 130, 147, 176, 207, 245, 280, 313, 315, 350, 262, 264, 265, 266, 267, 268 360, 366, 367, 370, 371, 373, 374, 376, 383, green industry, 8, 11, 17, 353 387, 391, 392 green insurance, 255, 257, 266 energy-saving, 5, 7, 8, 27, 38, 42, 124, 176, 178, Green New Deal, vi, 1, 4, 5, 6, 7, 13, 14, 16, 17, 212, 213, 219, 228, 233, 247, 248, 249, 250, 18, 19, 243, 244, 245, 261 255, 258, 259, 325, 342 Green Recovery, 243 energy-saving and emission-reduction, 247, green revolution, 17 248, 325, 342 green securities, 255, 257 Engel Coefficient, 58 Green Tax, 258 environment-friendly, 11, 18, 175, 245, 254, greenhouse gas, 17, 175, 176, 177, 196, 205, 256, 257, 258, 303, 322 206, 211, 212, 216, 220, 225, 233, 236, 239, essential medicine system, 290, 291, 292 253 ethnic commodity production, 349 guaranteed housing construction, 38 ethnic regions, 15, 335, 336, 337, 338, 339, 340, H 341, 342, 343, 344, 345, 346, 347, 348, 349, 350, 351, 352, 353, 355, 357 Harmonious Society, 100 Every Village Connection Project, 340 health insurance system, 271, 273, 274, 283 expand rural demand, 69, 71, 73 Heng Qin development, 381, 382, 385 export-oriented economy, 147 Heng Qin Island, 380, 388, 389 F Failed Estate Auction, iii Finance Company, 97 financial derivatives, 3, 145, 170, 171, 305 fiscal subsidy, 15, 64, 156, 344 Hong Kong Monetary Authority, 373 Hong Kong-Zhuhai-Macao Bridge, iii, 374, 379, 380, 381, 382, 384, 391 household electric appliances going to the countryside, 55, 64, 70, 71 household solar power, 178 Index Huinong Card, 90 hydropower, 62, 176, 181, 188, 189, 190, 193, 200, 217, 222, 223 I Implementation Effects, 130 income distribution, 28, 45, 46, 77, 317 industrial policy, 123, 126, 127, 142, 143 Industry Supports Agriculture, 60 inflation, 21, 44, 50, 51, 76, 147, 160, 162, 165, 166, 178 informal financial institutions, 87 infrastructure, 5, 11, 12, 14, 26, 29, 30, 31, 38, 39, 41, 43, 45, 46, 52, 53, 62, 72, 75, 80, 90, 108, 109, 125, 128, 144, 147, 155, 156, 157, 176, 204, 205, 206, 207, 208, 213, 215, 246, 252, 268, 278, 307, 313, 320, 325, 326, 337, 340, 342, 344, 347, 351, 352, 353, 356, 357, 374, 378, 379, 380, 383, 391, 392 infrastructure construction, 11, 38, 39, 41, 45, 62, 75, 80, 128, 156, 157, 213, 313, 326, 340, 374 interest rate, 21, 31, 32, 42, 98, 104, 105, 110, 143, 153, 154, 155, 169, 170, 171, 173, 245, 350, 373 International Financial Crisis, i, iii, vi, i, 21, 22, 47, 114, 145, 341 IPCC, 212, 236 K Kyoto Protocol, 8, 212, 214, 215, 223, 231, 235, 268 L Land King, iii Land Reserving, 156 Lessons of Industrial Policy, vi, 141 livelihood projects, 11, 38, 39, 46, 147, 157 local government bonds, 30, 31, 42, 51 Logistics Construction, 64 Loose Monetary Policy, 32, 76 low carbon economy, 240, 241, 247, 253, 254, 266 low-carbon economy, 7, 177, 196, 211, 212, 233, 245 371 M Macao International Trade and Investment Fair, 377 macro policies, 55, 75, 77 macroeconomic control, 158, 160 markup of pharmaceuticals, 292 medicine markup, 290 Medium and Long-term Planning of Renewable Energy Development, 192, 193, 194 methane, 62, 70, 71, 75, 193, 194, 200, 201, 204, 206, 207, 240, 241, 242 micro-credit, 90, 95, 98 N national essential drug system, 282 National Real Estate Prosperity Index, 151 New Countryside Construction, 55, 59, 75, 76, 89, 91, 95, 98, 100 new eco-city of Tianjin, 259 new energy, 6, 7, 8, 11, 116, 124, 139, 144, 175, 176, 177, 178, 179, 181, 187, 189, 192, 193, 194, 195, 196, 197, 198, 199, 202, 203, 204, 205, 206, 207, 208, 209, 219, 220, 225, 245, 248, 261, 262, 401 New Rural Cooperative Medical Scheme, 272 new rural reconstruction, 10 newly-constructed house, 147 nuclear, 7, 36, 176, 178, 181, 187, 188, 192, 194, 195, 196, 197, 225, 233, 254 P partially concerned risk, 166 Pearl River Delta, 302, 310, 330, 363, 368, 379, 381, 382, 388, 389, 391 people-orientation, 16 people-oriented, 18, 254, 273 pilot, 18, 26, 34, 36, 90, 95, 96, 99, 100, 102, 105, 123, 194, 214, 218, 226, 231, 241, 248, 252, 253, 254, 257, 273, 279, 282, 283, 284, 286, 290, 292, 298, 301, 302, 303, 305, 306, 307, 308, 309, 311, 317, 318, 321, 324, 325, 329, 330, 331, 343, 347, 380, 385, 391 Plastic (Bags) Limit Order, iii policy bank, 88 policy-oriented houses, 166 372 Index pollutant, 211, 213, 214, 216, 218, 220, 228, 231, 232, 236, 239, 246, 248, 251, 257, 267, 268, 310 pollutants, 216, 236, 248 Poverty Reduction, 339 power delegation and profit concession, 272 private capital, 51, 96, 97, 103, 105, 205, 291, 350, 354 PSBC, 95, 96, 106 public health service system, 271 public health system, 273, 299 public hospitals, 66, 272, 273, 276, 278, 279, 280, 282, 290, 291, 292, 293, 298 rural resident, 36, 37, 44, 58, 59, 60, 63, 65, 66, 69, 70, 72, 75, 76, 79, 80, 81, 164, 272, 276, 286, 288, 339, 340 S sale these medicines at the same prices, 290 Scientific Outlook on Development, 194, 244 self-help, 95, 335 self-innovation, 30, 32, 36, 38, 41 self-reliance, 343, 346 Shanghai Inter Bank Offered Rate (SHIBOR), 305 Shanghai Pudong New Area, 301, 303, 304, 327, 328 Q Shanghai Stock Exchange, 76, 305 QDII, 305 small and medium enterprises, 375, 377, 380, 384 R SO2, 8, 214, 231, 249 Social Security, 36 Real Estate Tycoon, iii socialist market economy, recycling economy, 123, 309, 342 solar energy, 175, 177, 178, 179, 181, 183, 184, reform and opening up, 1, 18, 28, 29, 80, 127, 193, 194, 195, 197, 204, 206, 209, 220, 247, 301, 302, 303, 310, 327, 329, 346, 348 254, 261, 263 regional autonomy of ethnic minorities, 343 Special Economic Zones, 301, 329 regional cooperation, 381, 382, 384 structural adjustment and industrial upgrading, Regional Reinvigorating Plan, 77 renewable energy, 5, 7, 175, 176, 177, 178, 179, 248 sub-crime crisis, 145 183, 187, 192, 193, 196, 199, 202, 216, 219, System of Green Economy Policy, 255 225, 233, 241, 245, 253 returning husbandry to grassland, 338 returning land for farming to forestry, 338 RFCU, 98, 105 RMB Business, 378 RRCs, 92, 93, 94 rural area, 7, 9, 12, 26, 27, 30, 36, 37, 38, 39, 46, 55, 57, 58, 60, 61, 62, 63, 65, 66, 69, 70, 73, 78, 79, 81, 82, 86, 87, 88, 90, 91, 93, 95, 97, 98, 101, 102, 103, 104, 105, 107, 108, 109, 125, 131, 138, 165, 190, 193, 241, 242, 272, 273, 278, 279, 280, 283, 293, 307, 314, 315, 316, 317, 318, 319, 320, 321, 330, 332, 340 rural cooperative medical system, 271, 272 Rural Economy, 55, 56, 78, 106, 358 rural finance, 12, 85, 87, 88, 89, 90, 92, 93, 96, 97, 101, 105, 107, 108, 401 rural households, 58, 59, 70, 86, 90, 242 T Ten Major Industries Stimulus Plan, vi, 113, 129, 139 the development of the western region, 336 Tianjin Binhai New Area, 302, 303, 308, 327, 328 Tianjin Climate Exchange, 216, 218, 224, 225, 227, 228, 235 Tibet-Xinjiang Project, 340 township health centers, 277, 279, 287, 289, 290, 293 trading volume, 25, 145, 146, 153, 154, 160 Traditional energy, 175 transaction prices, 145 two basics, 337 two exemptions and one allowance, 338 Index W U unbalanced development, 331, 335 Unity of Nature and Men, 244 Urban and Rural Health Aids, 283 urban and rural overall plan, 10 urban community health centers, 277, 280 Urban Resident, 58, 272, 277, 283 V 373 well-off life, 335 west-east electricity transmission, 340 west-east natural gas transmission, 340 Wholesale Price Index of Agricultural Products, 87 wind energy, 175, 177, 179, 181, 183, 192, 193, 194, 195, 204, 206, 262 work to the people’s heart, 347 Wuhan City Circle, 18, 322, 323, 324 Village Bank, iii, 96, 97 village clinics, 278, 279, 280 village health stations, 290, 292, 293 vitalizing border areas and enriching the people’ zero-discharge, 252 s life, 343, 347 Z ... under the Series tab Additional E-books in this series can be found on Nova‘s website under the E-book tab GLOBAL ECONOMIC STUDIES CHINA‟S NEW DEAL ECONOMIC DEVELOPMENT UNDER INTERNATIONAL FINANCIAL. .. CATALOGING-IN-PUBLICATION DATA The development of China's economy under the international financial crisis / editors, Xiaoxi Li and Biliang Hu p cm Includes index ISBN 978-1-61324-864-5 (eBook) China Economic policy... theme of ―China's economic development under the international financial crisis As the title suggests, it is necessary for us not only to be aware of the international financial crisis, but also