A Changing China : Implications for Developing Countries

Three decades of rapid growth and structural change have transformed China into an upper-middle-income country and global economic powerhouse. China's transformations over this period wielded increasing influence over the development path of other countries, either directly through bilateral trade and financial flows or indirectly through growth spillovers and terms of trade effects. Looking ahead, as China embarks on a new phase in its development journey, a phase characterized by slower but higher-quality growth, the economic landscape facing the developing world is expected to be redefined yet again. As China changes, so will its interactions with the outside world. China is expected to remain both a market and a competitor, but its changes are likely to lead to new opportunities for many and new challenges for some. Key questions in this respect are: (i) how will the level and composition of China's import demand evolve as its economy slows and rebalances; (ii) to what extent will the presumed out-migration of labor-intensive manufacturing materialize and create new opportunities elsewhere; and (iii) how quickly will China move up the value chain and redefine its competitive advantage in the global marketplace? How these uncertain long-term developments affect individual countries will depend on differences in total supply chain costs, resource availability, and innovation capability. As in the past, China's transformations are expected to put formidable pressure on countries to adapt and reform, requiring both political will and entrepreneurial capacity, in a collective race where success will be measured against a rapidly moving frontier.

Bibliographic Details

Main Author:	Schellekens, Philip
Format:	Brief biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2013-05
Subjects:	ACCOUNTABILITY, ACCOUNTING, ACCUMULATION OF RESERVES, AGGREGATE DEMAND, ARBITRAGE, ASSET PRICE, ASSET PRICE BOOMS, ASSET PRICES, ASSETS, ASYMMETRIC INFORMATION, BALANCE SHEET, BALANCE SHEETS, BANK FOR INTERNATIONAL SETTLEMENTS, BANKING CRISES, BANKING CRISIS, BANKING SUPERVISION, BANKING SYSTEM, BANKING SYSTEMS, BONDS, BORROWER, BUFFER, BUFFERS, BUSINESS CYCLES, CAPITAL ACCOUNT, CAPITAL ADEQUACY, CAPITAL CONTROLS, CAPITAL FLOW, CAPITAL FLOWS, CAPITAL INFLOW, CAPITAL INFLOWS, CAPITAL RATIOS, CAPITAL STANDARDS, CAPITALIZATION, CASH TRANSFERS, CENTRAL BANK, CENTRAL BANKING, CENTRAL BANKS, COLLATERAL, CONSOLIDATION, CORNER SOLUTION, CORNER SOLUTIONS, CREDIT EXPANSION, CREDIT GROWTH, CREDIT LINE, CREDIT SPREADS, CROSS-BORDER CAPITAL, CURRENCY, CURRENCY MISMATCHES, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCES, CURRENT ACCOUNT SURPLUS, DEBT, DEPOSITORS, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DISCRETIONARY MONETARY POLICY, DISEQUILIBRIUM, DISINTERMEDIATION, DISTORTIONS, DOMESTIC CREDIT, DOMESTIC CREDIT GROWTH, ECONOMIC ENVIRONMENT, ECONOMIC OUTLOOK, ECONOMIC RESEARCH, ELASTICITY, EMERGING ECONOMIES, EMERGING MARKETS, EQUILIBRIUM, EQUILIBRIUM VALUE, EQUITIES, EXCHANGE RATE, EXCHANGE RATE APPRECIATION, EXCHANGE RATE FLEXIBILITY, EXCHANGE RATE FLUCTUATIONS, EXCHANGE RATE INTERVENTIONS, EXCHANGE RATE MANAGEMENT, EXCHANGE RATE REGIME, EXCHANGE RATE REGIMES, EXCHANGE RATES, EXCHANGE-RATE, EXOGENOUS SHOCKS, EXPOSURE, EXTERNALITIES, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DEVELOPMENTS, FINANCIAL INSTABILITY, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL REGULATION, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL SYSTEMS, FINANCIAL VULNERABILITIES, FISCAL IMBALANCE, FISCAL POLICY, FLEXIBLE EXCHANGE RATES, FOREIGN CAPITAL, FOREIGN CURRENCY, FUNGIBLE, GDP, GLOBAL BANKING, GLOBAL FINANCIAL SYSTEM, GLOBALIZATION, GROSS DOMESTIC PRODUCT, HOUSING, HUMAN CAPITAL, IMBALANCES, INCENTIVE STRUCTURE, INDIVIDUAL FIRMS, INFLATION, INFLATION TARGETING, INFLOWS OF CAPITAL, INSTRUMENT, INTEREST RATE, INTEREST RATE HIKES, INTERNATIONAL ECONOMIC POLICY, INTERNATIONAL FINANCIAL INSTITUTIONS, INTERNATIONAL SETTLEMENTS, LEADING INDICATORS, LEVERAGE, LIQUIDITY, LIQUIDITY REQUIREMENTS, LIQUIDITY RISKS, LOAN, LONG-TERM EQUILIBRIUM, MACROECONOMIC EFFECTS, MACROECONOMIC FLUCTUATIONS, MACROECONOMIC MODEL, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MARKET EUPHORIA, MARKET FAILURES, MARKET TRENDS, MATURITY, MINIMUM CAPITAL REQUIREMENT, MINIMUM CAPITAL REQUIREMENTS, MONETARY AUTONOMY, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, MONETARY POLICY DECISIONS, MONETARY TRANSMISSION, MONETARY TRANSMISSION MECHANISMS, NATIONAL ECONOMIES, NATURAL RESOURCES, NEGATIVE EXTERNALITIES, NET CAPITAL, OPTIMIZATION, OUTPUT, OUTPUT GAP, OUTPUT GAPS, PERMANENT SHOCKS, POLICY RESPONSES, PORTFOLIO, PORTFOLIOS, POVERTY REDUCTION, PRICE FLUCTUATIONS, PRICE VOLATILITY, PROBABILITY OF DEFAULT, PRODUCTIVITY, PROVISIONING RULES, PRUDENTIAL REGULATION, REAL ESTATE, REAL EXCHANGE RATES, REGULATORS, REGULATORY FRAMEWORK, REGULATORY REFORMS, REGULATORY STANDARDS, RESERVE, RESERVE REQUIREMENTS, RISK MANAGEMENT, RISK MEASUREMENT, RISK TAKING, SHORT-TERM INTEREST RATE, SHORT-TERM INTEREST RATES, SIDE EFFECTS, SOCIAL COSTS, STABLE INFLATION, STRUCTURAL SHOCKS, SURCHARGES, SYSTEMIC RISK, TEMPORARY CAPITAL INFLOWS, TERMS OF CAPITAL, TRANSACTION, TRANSACTION COSTS, TRANSMISSION MECHANISMS, UNCERTAINTY, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2013/05/17747448/changing-china-implications-developing-countries http://hdl.handle.net/10986/16115
Tags:	Add Tag No Tags, Be the first to tag this record!