Index

Citation

Lo, C. (2017), "Index", Demystifying China’s Mega Trends, Emerald Publishing Limited, Leeds, pp. 251-260. https://doi.org/10.1108/978-1-78714-409-520171013

Publisher

:

Emerald Publishing Limited

Copyright © Chi Lo, 2017

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INDEX

Afghanistan

, 188

Alibaba

, 35, 148

AMC Entertainment

, 168

American Enterprise Institute

, 167

Anbang

, 163, 167

Angola

, 170

Animal spirits

, 43, 74, 142

loss of

, 75–80

regaining

, 81–84

Argentina

, 42, 223

Armenia

, 188

ASEAN (Association of Southeast Asian Nations)

, 193, 196, 216

A-shares

, 141

Asian Development Bank (ADB)

, 22, 196

Asian Infrastructure and Investment Bank (AIIB)

, 21, 22, 174, 178–179, 184, 198–201, 203, 223, 233, 241

Asia versus Anglo-Saxon net saving positions

, 113

Ausgrid

, 181

Australia

, 114, 159, 168, 181, 214, 215

Baidu

, 35

Balance of payments (BoP)

, 109–110, 158, 162

Bangladesh

, 191

Bangladesh–China–India–Myanmar (BCIM) economic corridor

, 190, 194

Bank for International Settlements (BIS)

, 106, 107, 109, 111, 117, 118, 161, 217

Banking crisis

, 119–122

Bank lending, to private sector

, 115

Bank loan and shadow banking flows

, 130

Bank of Communications

, 217

Basic balance

, 157

Bass, K.

, 105, 106

Belarus

, 188

Belgium

, 69

Belt and Road (BAR)

, 22–24, 156, 179, 180, 183–184, 223, 232, 233, 236, 237

capital linkage and

, 195–196

China and

, 184–185

east–west route politics

, 187–189

exaggerated fears

, 199–201

limits

, 196–199

Mekong sub-region and

, 192–195

network

, 186

North–South land route and

, 189–191

North–South sea route and

, 191–192

strategic importance of

, 185–187

Bond swap

, 124–125

Bo Xilai

, 15

Brazil

, 21, 159, 170, 180

Brexit

, 235, 239, 240, 245

Brunei

, 193, 216

Budget Law (2014)

, 133

Buy-on-dip strategy

, 229

Caixin manufacturing Purchasing Manager Index (PMI)

, 45

Cambodia

, 159, 193, 195, 196, 216

Canada

, 13, 159, 168, 174

Capacity utilisation rates

, 87

Capital account

, 3, 31, 38, 114, 118, 119, 121, 123, 205, 206, 212, 214, 219–221, 229, 233, 234, 239

Capital account liberalisation

, 21, 135–137, 225

with Chinese characteristics

, 139, 151–153

inflow channels

, 139

outflow channels

, 139–140

two-way flow channels

, 140–142

debunking of myths and

, 148–151

FTZs and incentive compatibility and

, 142–144

potential capital flight and

, 144–146

reason for

, 137–138

stock connect schemes and

, 146–148

Capital accumulation

, 84, 85

Capital flight

, 31, 99, 122, 136, 156

versus capital outflows

, 160–163

potential

, 144–146

Capital flows

, 135, 137, 144, 145, 150, 153, 156, 175, 209, 212, 220, 236, 241, 245

See also Capital inflows; capital outflows

Capital inflows

, 5, 110, 137, 138, 157, 161, 209, 229

Capitalism, Socialism and Democracy (Schumpeter)

, 98

Capital misallocation

, 37, 74, 89, 106, 121

Capital outflows

, 4, 110, 136, 138, 144–145, 155–157, 205

versus capital flight

, 160–163

and Chinese ODI

, 172–174

changing face

, 167–169

first signs of

, 157–159

future of

, 175–179

overseas expansion drivers and

, 163–167

See also Capital flows

Central Asia, China’s trade with

, 189

Chad

, 173

Chanos, J.

, 105

ChemChina

, 163

China Development Bank

, 162, 223, 228

China Development Forum (2016)

, 40

China Energy Conservation and Environmental Protection Group

, 128

China EXIM Bank

, 223

China Internet Watch

, 18

Chinalco

, 168

China Mobile

, 148

China National Building Materials Group

, 128

China National Cereals, Oils and Foodstuffs Corporation (COFCO)

, 128

China National Petroleum Corporation (CNPC)

, 173

China National Pharmaceutical Group Corporation (Sinopharm)

, 128

China–Pakistan economic corridor

, 192

Chinese Dream

, 20, 22, 25, 38, 199, 205, 231, 235–236, 238

Chinese imports over-invoicing estimates

, 146

Chinn-Ito index

, 149

Chongqing

, 197

CNOOC

, 168

Coal and steel industries profitability

, 94

Committee on Foreign Investment in the United States (CFIUS)

, 181

Consumers, by income groups

, 16

Consumption

, 1, 3, 9, 12, 16–18, 20, 23, 27, 31, 32, 34, 39–41, 43, 73, 102, 138, 158, 175, 178, 184, 186, 201–203

domestic

, 5

private

, 2, 202

See also Demographics

Corporate debt and systemic risk

, 125–128

Corporate liability to asset ratio

, 125

Creative destruction

, 98

Currency war

, 234

Dalian Wanda

, 168

Debt burden

, 32, 34, 36, 108, 109, 118, 119, 123, 124, 132

Debt components

, 126

Debt-deflation spiral

, 36

Debt-servicing and efficiency problems

, 116–117

Debt swap programme

, 119, 123, 124, 132–133

Debt-to-equity ratios, of industrial firms

, 127

Debt-to-GDP, for non-financial sector

, 107

Decentralisation

, 15, 91–92

Deficit country

, 5

Deleveraging process

, 105–107

banking crisis and

, 119–122

and China’s debt in perspective

, 107–111

corporate debt and systemic risk and

, 125–128

debt bomb and

, 111–114

debt problem solution and

, 117–119

debt-servicing and efficiency problems and

, 116–117

financial structure and

, 114–116

privatisation and

, 129–130

risk premium repricing and

, 122–125

SOE reform with mixed ownership and

, 128

Democratic Republic of Congo

, 170

Demographics

, 47–48

ageing population and

, 58–59

consumption to rise with ageing and

, 51–53

demographic tax and

, 49–51

early retirement and demographic tax and

, 68–70

incentive compatibility problem and

, 70–72

inflection point

, 56–57

labour income and

, 62–63

medium-term remedy

, 63–65

reverse migration and

, 65–68

rising asset demand and

, 54–55

unwilling consumer and

, 59–62

Deng Xiaoping

, 29, 43

Denmark

, 69, 170

Dependency ratio

, 7

Devaluation, of currency

, 4–6, 31

Diminishing marginal returns on investment

, 164

Dim sum bonds

, 228

Domestic tourists

, 19

Economic growth

, 2, 11, 28, 32, 36, 39, 42, 50, 52, 62, 65, 66, 68, 71, 106, 123, 125, 126, 137, 144, 174, 222

Economic, liberalisation

, 2, 15, 39, 43

Economic rebalancing

, 60

Ecuador

, 24, 170

Ethiopia

, 243

Eurasian Economic Union (EEU)

, 188

European Central Bank

, 213

European Union (EU)

, 80, 235

Excess capacity

, 73–75, 164

animal spirits

loss of

, 75–80

regaining

, 81–84

incentive problem and

, 102–103

market forces alignment and

, 92–95

reform in old days and

, 99–100

SOE and

, 87–91

structural problem and

, 80–81

suffering from

, 86–87

supply-side reform in Chinese style and

, 96–99

under capitalisation and

, 84–85

Xi’s supply-side reform reality and

, 100–101

zombies slaying and

, 95–96

Exchange rate

, 2–4, 12, 30, 108–109, 121, 122, 135, 138, 145, 151–153, 157, 160, 161, 165, 179, 180, 198, 210, 211, 222, 224, 226, 228, 229, 234, 236

Export breakdown by value

, 13

Exports to China, as percent of China’s total imports

, 216

FAW Car Co.

, 103

Fertility rate of population

, 10, 49

Financial account

, 109

Financial liberalisation

, 53, 57, 64, 125, 128, 137, 149, 202, 205, 222–225, 227

Finland

, 118

Five-Year Plans

, 12, 16, 40–42

Fixed asset investment

, 117–118

Fixed cost

, 92, 93

Foreign debt

, 31, 108–112, 118, 161, 196

Foreign direct investment (FDI)

, 1, 2, 109, 140, 155, 157, 158, 170, 199, 242, 243

Restrictiveness Index

, 180

Foreign savings

, 112–114

France

, 69, 168

Free-trade zones (FTZs)

, 136, 140–142, 145–146

and incentive compatibility

, 142–144

Fujian Province

, 197

Future growth

, 27

G3 currencies

, 240

failure of

, 233–235, 245

Gabon

, 173

Galapagos syndrome

, 34, 35

GDP components and growth contribution

, 3

The General Theory of Employment, Interest and Money (Keynes)

, 43, 74

Germany

, 13, 69, 84, 85, 168, 213–215

Ghana

, 173

Gini coefficient

, 143

Glencore Xstrata

, 169

Goldman Sachs

, 106

Great Financial Crisis (GFC)

, 28, 31, 34, 105, 222, 233

Greenfield investment

, 166

Greenland

, 235

Gross fixed capital formation

, 75, 76

Gross international investment

, 159

Group du Louvre

, 166

Growth expectations structural decline

, 82

Growth structure, changing

, 12–16

Harmonious society model

, 14–15

High-tech industries, growth of

, 44–45

Hong Kong

, 18–19, 56, 141, 149, 168, 193, 197, 207–209, 214–217, 219, 226, 242, 245

CNH–CNY premium driven renminbi deposit growth in

, 211

foreign currency deposits

, 210

Hong Kong Monetary Authority

, 226

Household consumption, annual per capita

, 17

Hu kou (household registration) system

, 8–10, 65–67, 71

Impossible Trinity

, 135, 138, 151, 153

Incentive compatibility

, 142

and FTZ

, 142–144

India

, 6, 21, 85, 180, 190, 191

Indonesia

, 6, 193, 196, 216

Inner Mongolia

, 197

Insurance premium

, 178

Internationalisation process

, 21

International Monetary Fund (IMF)

, 171, 233

Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER)

, 138, 149

Internet users and penetration rate

, 177

Investment

, 1, 9, 12, 16, 21–24, 29–32, 35–36, 41, 48, 51, 52, 55–59, 62, 71, 78–79, 86, 93, 96, 109–113, 124, 137, 139–141, 147–148, 183–185, 189, 192, 194–199, 201–203, 206, 207, 209–210, 217–219, 227–229, 232, 237, 240, 242, 244

domestic

, 2, 5, 132

excess

, 2, 5, 39, 81, 84, 88, 201–202

fixed asset

, 117–118

overseas direct investment (ODI)

, 155, 156, 158, 163, 164, 166–174, 180–182, 197, 198

private

, 74–77, 81, 82, 97, 101, 129, 141, 201

returns

, 15, 83

state

, 2, 23

See also Capital outflows

Iran

, 159, 188

Japan

, 13, 19, 32–38, 50, 52, 63, 84, 85, 149, 168, 174, 185, 196, 206, 217, 218

Jin Jiang group

, 129, 130, 166

Jin Liqun

, 200

Kazakhstan

, 188

Keiretsu model

, 34

Keynes, J. M.

, 43, 74

Kuka

, 181

Kunming

, 194

Kyrgyzstan

, 188

Laos

, 189, 193–195, 216

Liability-to-asset ratios

, 86

Liberalisation

, 29, 221

capital market

, 33

economic

, 2, 15, 39, 43

financial

, 53, 57, 64, 125, 128, 137, 149, 202, 205, 222–225, 227

of interest rate

, 91, 131, 132, 224

See also Capital account liberalisation

Life Cycle Theory

, 48, 52, 53, 57

Li Keqiang

, 40

Li Yuanchao

, 15

Loango National Park

, 173

Local government financing vehicle (LGFV) debt

, 123–124, 130

Louvre Hotels Group

, 166

Luxembourg

, 69, 216

Macau

, 197

Macquarie Bank

, 106

Malaysia

, 17, 185, 193, 216

Mantega, Guido

, 234

Marginal propensity to consume (MPC)

, 53, 202–203

Maritime Silk Road

, 191

Market forces

, 75

alignment of

, 92–95

May, Theresa

, 181

Mekong Basin

, 190

Middle East, strategic importance of

, 186

Middle-income trap thesis

, 39, 41–42

debunking of

, 43

Midea

, 181

Migrant workers

, 65–68

MMG

, 169

Moody’s

, 106

MSCI Emerging Market Index

, 229

Mutual Fund Recognition scheme

, 141

Myanmar

, 190, 193, 194, 216

Namibia

, 243

Nanjing Cenbest

, 169

National Development and Reform Commission (NDRC)

, 98, 165

National income accounting

, 2

Net international investment position

, 113

New Development Banks (NDB)

, 21–22, 233, 241

New normal

, 28

Nexen

, 168

Nigeria

, 24, 149

Non-depository financial institutions (NDFIs)

, 120, 122

Non-performing loans (NPL)

, 132

Norway

, 13

Offshore RMB deposits

, 208, 222

One Belt One Road (OBOR). See Belt and Road (BAR)

One-child policy

, 8, 10, 11

Online sales growth

, 177

Operating profit

, 93, 94

Overseas direct investment (ODI)

, 155, 156, 158, 159, 163, 164, 166–174, 180–182, 197, 198

Pakistan

, 191, 192, 238

People’s Bank of China (PBoC)

, 4, 94, 122, 124, 131, 140–141, 145, 151–152, 165–166, 213, 220–223, 226, 227

Per-capita living space

, 80

Peru

, 169

Philippines

, 6, 193, 216

Ping An Insurance

, 150

Privatisation

, 97, 107, 125, 128–130

Profit-to-sales expense ratio, of enterprises

, 116

Public–private partnership (PPP) scheme

, 128, 129, 132

Qualified Domestic Institutional Investor (QDII)

, 139, 140

Qualified Foreign Institutional Investor (QFII) scheme

, 139, 141

R&D spending, comparison with

, 14

Reagan, R.

, 97

Reaganomics

, 97, 98

Renminbi (yuan)

, 1–6, 21–22, 31, 136, 137, 140–141

cash pool

, 165

clearing banks of

, 214

effective exchange rate

, 165

future of

, 231–232, 240–244

Chinese Dream role

, 235–236

credibility

, 244–245

empire building for global renminbi

, 237–238

future currency demand

, 236–237

global reserve currency

, 238–239

G3 currencies failure

, 233–235

medium-term outlook

, 245–246

internationalisation

, 20–22, 136, 138, 140, 142, 148, 151, 179, 185, 186, 205–207, 231, 236, 237, 240, 244

and demand for money theory

, 209–210

downgrading of

, 221–223

in Europe

, 213–214

new monetary order fostering

, 220–221

obstacles

, 210–212

offshore pool as key

, 214–217

portfolio investment implication

, 227–229

pushing into South Korea

, 217–220

slowdown signs in

, 223–227

Renminbi Qualified Foreign Institutional Investor (RQFII)

, 141, 217

Replacement fertility rate

, 49

Return on assets (ROA)

, 126–128

Reverse migration

, 65–68

Rio Tinto

, 168

Risk premium repricing

, 122–125

Russia

, 21, 180, 188, 189, 197

Savings

, 11, 17, 21, 51, 61–63, 67, 68, 119, 124, 202, 209, 240, 241

domestic

, 5, 29, 31, 111, 113, 114, 118

excess

, 2, 39, 48, 63

falling

, 6, 52

foreign

, 113, 114, 118

See also Capital inflows

high in

, 5, 58, 59, 112, 114, 179

national

, 2, 5, 111–112

urban

, 48, 59, 61

Schumpeter, Joseph

, 98

Service trade deficit

, 158

Shanghai–Hong Kong Stock Connect scheme

, 141, 147, 148, 150

Shanghai Stock Exchange

, 141

Shenzhen–Hong Kong Stock Connect scheme

, 141, 147, 148, 150

Shenzhen Stock Exchange

, 141

Shuanghui International

, 168

Silk Road Fund

, 183, 233, 237, 241

Singapore

, 84, 149, 185, 193, 215, 216

Sino-African Young Political Leaders Forum

, 243–244

Sino-Japanese deal

, 218

Sinoma & Technology Co.

, 103

Sinopec

, 173

Smithfield Foods

, 168

Soho China

, 167

Somalia

, 170

Soros, George

, 105

South Africa

, 21, 159, 170, 243

South Korea

, 13, 17, 19, 84, 118, 185, 206, 214, 215

Special Drawing Rights (SDR)

, 222–223, 233, 241

Special Economic Zones (SEZs)

, 142, 143

Sri Lanka

, 191

State Development and Investment Corporation

, 128

State-owned Assets Supervision and Administration Commission (SASAC)

, 130

State-owned-enterprises (SOE)

, 22, 31, 32, 34, 43, 82, 86, 95, 101–103, 106–107, 122, 127–129, 131–133, 155, 167–169, 171, 172, 195

corporate liabilities and

, 125–126

credit-fuelled investment of

, 76

declining share, in industrial sector

, 99

and excess capacity

, 87–91

loss-making, declining share of

, 100

productivity

, 15

reform with mixed ownership

, 128

return on equity of

, 129

Stock connect schemes

, 141, 146–148

Stock market capitalisation

, 114

Straits of Malacca, strategic importance of

, 187

Structural rebalancing

, 176

Sudan

, 170, 243

Supply-expansion model

, 81, 143

Supply-side reform

in Chinese style and

, 96–99

of Xi, in reality

, 100–101

S.W.I.F.T system

, 21, 233, 241

Swiss National Bank

, 213

Syngenta

, 163

Taiwan

, 56, 80, 197, 214, 215, 216, 218

Taiwan Stock Exchange

, 56, 57

Tencent

, 35, 148

Thailand

, 17–19, 159, 189, 193, 194, 216

Thatcher, M.

, 97

Thatcherism

, 97, 98

Tibet Mineral Development Co.

, 103

Total social financing (TSF)

, 122

flows components of

, 115

versus GDP growth

, 123

Tourist destinations

, 19

Trade balance with countries, having offshore RMB centre

, 219

Trade deficits

, 215, 217–218

Trade surplus

, 4, 5, 114, 159, 160, 214–215

Transatlantic Trade and Investment Partnership (TTIP)

, 185

Trans Pacific Partnership (TPP)

, 185

Transparency International

, 170, 171

Turkey

, 188, 189

Two-child policy

, 8, 10–11

Ukraine

, 235

Under capitalisation

, 84–85

Union Pay

, 243

United Kingdom

, 31, 75, 84, 95, 97, 118, 149, 181, 213, 217, 235

United Nations Conference on Trade and Development (UNCTAD)

, 12

United Nations Educational, Scientific and Cultural Organization (UNESCO)

, 13

United States

, 13, 18, 20, 22, 23, 31, 37, 42, 50, 56, 57, 63–65, 75, 84, 91, 95, 97, 114, 118, 149, 168, 169, 174, 176, 180, 181, 185, 200, 236, 241

Urbanisation and demographics

, 6–12, 65, 80

Urban saving rate and consumption

, 61

Variable cost

, 92–93

Venezuela

, 24, 170, 171

Vietnam

, 6, 185, 193, 195, 196, 216

Waldorf-Astoria Hotel

, 167

Wang Yang

, 15

Wen Jiabao

, 39

WH Group

, 168

Workforce, shrinking

, 7

Working-age population growth

, 50

World Bank

, 54, 172, 174, 196

World Trade Organisation

, 39, 126

Xi Jinping, President

, 14–16, 20, 22, 23, 25, 27, 30, 38, 40, 59, 66, 73, 74, 75, 77, 81, 86, 90, 92, 96, 103, 117, 128, 164, 183, 197, 199, 202, 205, 231, 236, 238

financial liberalisation under

, 224–225

supply-side reform reality of

, 100–101

Xinjiang

, 196

Xinxing Cathy International Group

, 128

Yuan. See Renminbi (yuan)

Yunnan/Guangxi gateway

, 194, 197

Zambia

, 173

Zhang Gaoli

, 40

Zhou Xiaochuan

, 106

Zhou Yongkang

, 15

Zhu Rongji

, 32, 40, 90, 99, 126

Zombie firms

, 93, 116, 117, 122

slaying of

, 95–96, 121, 133