Forty years ago, in December 1978, following a decade of the Cultural Revolution led by #MaoZedong that left the communist country in ruins, a series of transformative economic reforms opened #China up to the international community and foreign investment.

Increased access to foreign music was just one tiny part of China's opening up process that transformed the country from one of the world's poorest nations to the second-biggest economy on earth. The reforms also paved the way for things like China's trillion-dollar #BeltandRoadInitiative (BRI) - an ambitious infrastructural push aimed at expanding China's political and economic influence internationally - and set the stage for the emergence of e-commerce and technology giants like Alibaba and Huawei.


#GlobalEconomy #EconomicOutlook #ChineseEconomy #EconomicGrowth #EconomicDevelopment #EconomicReform #Economy #AsianEconomies
China's 40 years of economic reform that opened the country up and turned it into a superpower
https://www.abc.net.au/news/2018-12-01/40-years-of-reform-that-transformed-china-into-a-superpower/10573468

When it comes to #China's development in the past 40 years, it is not only the speed and the scope of changes that have stunned the world, but the path to where the country is today has also been a constant source for amazement, as it contradicts the traditional view that only Western democracies are capable of such massive transformations. According to Sabine Stricker-Kellerer, president of the Beijing-based German Foreign Trade Council, when China first opened up, market access for foreign enterprises was still rather limited.

Now, as foreign enterprises can 'more or less come to China freely,' access to the Chinese market does not constitute much of a concern anymore, but rather, the focus has shifted to how to establish a base for #globalization in China. She also pointed to the increased competitiveness of #Chinesecompanies as another notable change. She said that whereas 40 years ago #Europeancompanies in China faced little competition from Chinese domestic companies, now a large number of them, be it state-owned or private ones, have not only flourished domestically but also set their global drive in motion. As a result, foreign companies have to think hard about how to thrive in an increasingly competitive business environment in China.


#GlobalEconomy #EconomicOutlook #ChineseEconomy #EconomicGrowth #EconomicDevelopment #EconomicReform #EconomicDevelopment #AsianEconomies #Economy #GDP
Opinion: Dialogue with World: 40 years on, what is China's way forward?https://news.cgtn.com/news/3d3d674d7a67544f30457a6333566d54/share_p.html

#China has lifted 68.5 million people out of poverty over the past 5 years, but another 30 million rural households remain below the line. The per capita annual disposable income in Beijing is 46,426 Chinese yuan (A$9230). But in Yunnan province, it is just 14,187 yuan.

For China’s economy to take the next step, it will no longer be good enough to have an army of cheap rural labour making the trek to city factories. If the rural population - not just the offspring of city 'tiger mothers' - are taken into account, China has one of the lowest education levels of any country, according to Scott Rozelle, a Stanford University professor. This contradiction - that the world’s second-largest economy remains a developing country with millions of poor - has been thrust into the economic spotlight this month, because it is also at the centre of the bitter trade dispute between US President Donald Trump and Chinese President Xi Jinping.


#GlobalEconomy #EconomicOutlook #ChineseEconomy #EconomicGrowth #EconomicDevelopment #EconomicReform #EconomicDevelopment #AsianEconomies #Economy #GDP
Still poor or a superpower? Defining China central to trade dispute
https://www.smh.com.au/world/asia/still-poor-or-a-superpower-defining-china-central-to-trade-dispute-20181123-p50hsa.html

The 'China model' of growth has been essentially a story of a hyper-charged economy led by an authoritarian state. But now the model has become unsustainable, with #China experiencing #economicslowdown as well as rampant corruption, growing inequality and environmental destruction.

This is an ideal time for Chinese leaders to move the country's growth model focus from exports and investment to qualitative internal development. It is also the time for the Chinese government to build institutional checks on state authority and boost accountability. If China can complete this transition on both fronts, the China model will stand. But a sustained economic downturn or a lost decade or two could mark the end of the China model.


#WorldEconomy #ChineseEconomy #EconomicGrowth #EconomicOutlook #Economy #EconomicPolicy #EconomicReform
China's economic model cracking under pressure
http://www.afr.com/news/politics/world/chinas-economic-model-cracking-under-pressure-20170129-gu0u0a

Donald #Trump is doubling down on #protectionism. He used his first speech as the 45th president of the United States of America to echo his campaign rhetoric, presenting a dark picture of 'American carnage' and decay at his inauguration. He's using it to justify his remedy of ending overseas assistance to focus on growth at home. That, though, is likely to quickly come up against harsh global economic realities.

#China, a frequent target of Trump's wrath, is the third-largest export market for U.S. products behind Canada and Mexico. While the United States has a roughly $300bn trade deficit with China, American exports have grown by more than 300% over the past decade. In addition, many imports are made with American products. U.S.-manufactured parts make up 40% of the total components in goods brought in from #Mexico.


#WorldEconomy #AmericanEconomy #Economy #Trumponomics #EconomicGrowth #EconomicReform #FreeTrade #UnitedStates
Trump protectionism double-down faces harsh reality
http://www.reuters.com/article/us-usa-trump-breakingviews-idUSKBN1542PM

#SaudiArabia’s cabinet approved the National Transformation Program (NTP) - an initiative aimed at diversifying the country’s economy and weaning it away from oil. The plan, which seeks to more than triple the kingdom’s nonoil revenue to 530bn riyals ($141bn) by 2020, is part of Saudi Arabia’s Vision 2030 reform initiative, which was introduced by Deputy Crown Prince Mohammed bin Salman in April.

In addition to maintaining the country’s oil output capacity at 12.5 million barrels a day until 2020 and selling just under 5% of the government’s stake in the state-run oil giant Saudi Aramco through an IPO - which is a key plank of the Vision 2030 reform - the plan seeks to reduce subsidies on water and electricity, which the government says would result in savings of up to 200bn riyals by 2020.

#WorldEconomy #SaudiArabianEconomy #EconomicOutlook #EconomicGrowth #Economy #EconomicReform #OilEconomy #MiddleEast #GCC
Saudi Arabia’s Cabinet Approves Ambitious Plan To Reduce Oil Dependence, Diversify Economy
http://www.ibtimes.com/saudi-arabias-cabinet-approves-ambitious-plan-reduce-oil-dependence-diversify-economy-2378908

#China will lower its 2017 #economicgrowth target to about 6.5% from last year’s 6.5-7%, reinforcing a shift from supporting growth to pushing reforms to contain debt and housing risks. Top leaders have pledged to stem the growth of asset bubbles in 2017 and place greater importance on the prevention of financial risk, while keeping the economy on a path of stable and healthy growth.

The economy needs to grow at least 6.5% between 2016 and 2020 to meet Beijing’s goals of doubling #GDP and per capita income by 2020 from 2010 levels. Policy stimulus measures, evident in record lending from mostly state-owned banks and increased government spending, have fuelled worries among top leaders about high debt levels and an overheating housing market that could threaten financial stability if not addressed.


#WorldEconomy #ChineseEconomy #EconomicOutlook #Economy #EconomicPolicy #EconomicReform
China to target about 6.5 per cent economic growth in 2017, sources say
http://www.scmp.com/news/china/economy/article/2065694/china-target-about-65-cent-economic-growth-2017-sources-say

Yes to all of this.

#socialreform #economicreform