Found 102 article(s) for author 'China'

China’s Overseas Lending

China’s Overseas Lending. Carmen Reinhart, July 2017, Paper, “Compared with China’s dominance in world trade, its expanding role in global finance is poorly documented and understood. Over the past decades, China has exported record amounts of capital to the rest of the world. Many of these financial flows are not reported to the IMF, the BIS or the World Bank. “Hidden debts” to China are especially significant for about three dozen developing countries, and distort the risk assessment in both policy surveillance and the market pricing of sovereign debt. We establish the size, destination, and characteristics of China’s overseas lending. We identify three key distinguishing features. First, almost all of China’s lending and investment abroad is official. As a result, the standard “push” and “pull” drivers of private cross-border flows do not play the same role in this case. Second, the documentation of China’s capital exports is (at best) opaque. China does not report on its official lending and there is no comprehensive standardized data on Chinese overseas debt stocks and flows. Third, the type of flows is tailored by recipient. Advanced and higher middle-income countries tend to receive portfolio debt flows, via sovereign bond purchases of the People’s Bank of China. Lower income developing economies mostly receive direct loans from China’s state-owned banks, often at market rates and backed by collateral such as oil. Our new dataset covers a total of 1,974 Chinese loans and 2,947 Chinese grants to 152 countries from 1949 to 2017. We find that about one half of China’s overseas loans to the developing world are “hidden”.Link

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Jeffrey Frankel on Taxes, Trade, Tariffs, and the Possibility of the Next Recession

Jeffrey Frankel on Taxes, Trade, Tariffs, and the Possibility of the Next Recession June 2019. GrowthPolicy’s Devjani Roy interviewed Jeffrey Frankel, James W. Harpel Professor of Capital Formation and Growth at Harvard Kennedy School, on the current tax policy, international trade, tariffs, and the possibility of the next recession. | Click here for more interviews […]

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The Real Cost of Trump’s Tariffs

The Real Cost of Trump’s Tariffs. Jeffrey Frankel, May 23, 2019, Opinion, “Whereas winners tend to outnumber losers when trade is liberalized, raising tariffs normally has the opposite result. US President Donald Trump appears to have engineered a spectacular example of this: his trade war with China has hurt almost every segment of the US economy, and created very few winners.Link

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China Is Vulnerable But Deal Unlikely

China Is Vulnerable But Deal Unlikely. Robert Lawrence, May 17, 2019, Audio, “Robert Lawrence, Professor of International Trade and Investment at Harvard Kennedy School and former economic advisor to President Clinton, on why a China trade deal is looking unlikely in the near future. Martin Stephan, the Deputy CEO of Carbios, a French recycling biotech company, on their technology that aims for zero plastic waste. Alex Webb, Bloomberg Opinion technology columnist, discusses his column: “Amazon-Deliveroo Alliance Would Eat Uber For Dinner.” Will Rhind, CEO of GraniteShares, with his mid-year outlook on gold and oil. Hosted by Lisa Abramowicz and Paul Sweeney.Link

 

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There’s a revealing puzzle in the China tariffs

There’s a revealing puzzle in the China tariffs. Lawrence Summers, May 14, 2019, Opinion, “On Monday, China announced new tariffs on $60 billion of U.S. exports, and the United States threatened new tariffs on up to $300 billion of Chinese goods. These actions were cited as the principal reason for a decline of more than 600 points in the Dow Jones industrial average, or about 2.4 percent in broader measures of the stock market. With the total value of U.S. stocks around $30 trillion, this decline represents more than $700 billion in lost wealth. This was not an isolated event. Again and again in the past year, markets have gyrated in response to the state of trade negotiations between the United States and China.Link

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What a wise US-China trade deal looks like? Full of trade-offs

What a wise US-China trade deal looks like? Full of trade-offs. Kenneth Rogoff, May 8, 2019, Opinion, “Will a possibly imminent US-China trade agreement exacerbate global business cycles or even plant the seeds of the next Asian financial crisis? If the eventual agreement – assuming there is one – forces China to hew indefinitely to its outmoded, overly rigid exchange-rate regime, then the answer may be yes.Link

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To Serve the People: Income, Region and Citizen Attitudes towards Governance in China (2003–2016)

To Serve the People: Income, Region and Citizen Attitudes towards Governance in China (2003–2016). Edward Cunningham, Anthony Saich, April 11, 2019, Paper, “Through use of a unique, multi-year public opinion survey, this paper seeks to measure changes in self-reported governmental satisfaction among Chinese citizens between 2003 and 2016. Despite the persistence of vast socio-economic and regional inequalities, we find evidence that low-income citizens and residents living in China’s less-developed inland provinces have actually reported comparatively greater increases in satisfaction since 2003. These results, which we term the “income effect” and “region effect” respectively, are more pronounced at the county and township levels of government, which are most responsible for public service provision. Our findings also show that the satisfaction gap between privileged and more marginalized populations in China is beginning to close, in large part owing to efforts by the Hu Jintao and Xi Jinping administrations to rebalance the gains of economic growth and shift resources towards the populations most overlooked during China’s first few decades of reform.Link

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Peaceful Coexistence 2.0

Peaceful Coexistence 2.0. Dani Rodrik, April 10, 2019, Opinion, “Today’s Sino-American impasse is rooted in “hyper-globalism,” under which countries must open their economies to foreign companies, regardless of the consequences for their growth strategies or social models. But a global trade regime that cannot accommodate the world’s largest trading economy is a regime in urgent need of repair.Link

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