This book examines China's response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China's banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China's response to the crisis, and China's increasingly central role in the world economy, with the responses of the European Union. The book also assesses China's increasingly important regional role, in particular its dialogue with the new Japanese government, and China's positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.
Part 1: China's Main Political and Economic Options in Late 2007 1. China's Political and International Options in 2007 and Now Jean-Pierre Cabestan 2. China's Economic Development After the Age of Surplus Labor Arthur Kroeber Part 2: The Stimulus Package: Features and Impact 3. The Stimulus Package, Public Debt and Asian Bond Markets: Is Fiscal Risk Underestimated? Jean-Charles Sambor 4. An Assessment of Domestic Consumption in China Tao Wang Part 3: China and its Regional Environment After the Crisis 5. Three Chinese Banks Among Top 10 Worldwide: Reality or Illusion? Philippe Aguignier 6. Recent Forays Towards Renminbi Internationalization: The Chinese Point of View Jean-Francois Di Meglio 7. China and Post-Crisis Regional Economic Cooperation Francoise Nicolas Part 4: What has Changed for China and the World in the Last Two Years 8. Ongoing and Upcoming Tax Reforms: How Do They Contribute to Economic Policy? Wei Cui 9. China Banking Reform: Where Do We Stand? Alicia Garcia-Herrero Part 5: The European Union's Responses to the Global Financial Crisis and the Future of Sino-European Relations 10. The British Model and Stimulus Package Jens Holscher 11. The Euro and the RMB Xavier Richet 12. The RMB and the Dollar Jean-Paul Guichard