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642. China’s 40 Years of Fiscal and Tax Reform: A Basic Trajectory
- Author:
- Peiyong Gao
- Publication Date:
- 05-2018
- Content Type:
- Working Paper
- Abstract:
- The present paper describes the trajectory of China’s fiscal and tax reform in thepast 40 years, which can be summarized in five phases. The reform commenced with“decentralizing power and transferring benefits.” Then, under great fiscal pressure,institutional reform was instigated, which aimed to establish a new fiscal and tax system.To regulate the government revenue and expenditure beyond the fiscal and tax system,reforms were put in place to build an institutional framework for public finance. As thefiscal and tax reform had gradually entered the more sophisticated phases, China took aseries of measures to further improve the public finance system. Since 2012, based on theoverall plan of comprehensively deepening reform, China has embarked on establishinga modern public finance system. The present paper characterizes China’s fiscal and taxreform as gradually moving toward a system that aligns with the overall reform andcomplements the goal of marketization and modernization of state governance.
- Topic:
- Government, Governance, Finance, Economy, Tax Systems, and Fiscal Policy
- Political Geography:
- China and Asia
643. The three stages of China’s ODI development
- Author:
- Bijang Wang and Kailin Gao
- Publication Date:
- 11-2018
- Content Type:
- Policy Brief
- Abstract:
- In 2016, China became the world’s second-largest outward investor after the United States, with US$196.2 billion of outward direct investment (ODI) flows. China’s foray into ODI developed in three stages, moving from a ‘restricted’ to a ‘relaxed’ and most recently to a ‘regulated’ approach. Today’s strengthened ODI regulations correct imbalanced ODI practices of earlier eras, but some challenges remain. Before 2000, capital shortages prompted China to invite capital inflows and restrict capital outflows. Chinese enterprises had to apply for approval to invest overseas on a case-by-case basis, which minimised overseas investment. By the end of 1999, China ranked 23rd in the world for outward investment with an ODI stock of US$27 billion, representing 0.4 per cent of the global total.
- Topic:
- Foreign Direct Investment, Investment, and Economic Development
- Political Geography:
- China and Asia
644. China and Canada eye more mutually beneficial trade deal
- Author:
- Dong Yan and Bai Jie
- Publication Date:
- 11-2018
- Content Type:
- Policy Brief
- Abstract:
- A clause in the US-Mexico-Canada trade pact, widely known as a "poison pill" aimed at China, will not stop Canada from continuing to negotiate a free trade agreement with China, Canadian Prime Minister Justin Trudeau said at an event at the National University of Singapore on Thursday. This suggests the US will find it extremely difficult to administer its "poison pill", because it has gone too far in using bullying tactics against other countries－in this case, China.
- Topic:
- Treaties and Agreements, Economy, and Trade
- Political Geography:
- China, Canada, Asia, and North America
645. China Responds to Trade Tensions Responsibly
- Author:
- Su Qingyi
- Publication Date:
- 09-2018
- Content Type:
- Policy Brief
- Abstract:
- In March 2018, the United States slapped tariffs of 25 percent on steel imports and 10 percent on aluminum in the name of national security under Section 232 of the Trade Expansion Act of 1962. Then, the Office of the United States Trade Representative released a report on the investigation of China under Section 301 of the Trade Act of 1974, claiming China’s acts, policies, and practices regarding technology transfer, intellectual property, and innovation are “unreasonable and discriminatory, and burden U.S. commerce.” In early April, it issued a list of products imported from China subject to additional tariffs of 25 percent totaling US $50 billion. In June, Donald Trump approved the tariff imposition on US $50 billion worth of Chinese goods, officially starting from Chinese exports worth US $34 billion on July 6. The remaining US $16 billion was to be imposed later. In July, the U.S. issued another trade barrier of 10 percent tariff on imports from China with a value of US $200 billion. On August 1, U.S. Trade Representative Robert Lighthizer said the barriers were suggested by President Trump, who ordered to increase the amount to 25 percent.
- Topic:
- International Trade and Finance, Tariffs, Trade Wars, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
646. China can overcome a trade war
- Author:
- Su Qingyi
- Publication Date:
- 08-2018
- Content Type:
- Policy Brief
- Abstract:
- The tariff war the United States has launched against China shows no sign of abating, as the Donald Trump administration made good its threat to impose 25 percent tariff on another $16 billion worth of Chinese imports on Thursday. Instead, since the US has threatened to slap tariffs on $500 billion worth of Chinese goods, or on almost all Chinese imports, the trade conflict seems set to intensify. Thanks to its national strength and moral righteousness, as well as its objective assessment that the US' tariff war will have a limited impact on the Chinese economy, China is confident and capable of safeguarding the core interests of the country and its people. The trade dispute, however, will affect on three areas－foreign trade, investment (including overseas investment) and the macro-economy. But the impact is likely to be limited and manageable.
- Topic:
- Economy, Tariffs, Trade Wars, and Trade
- Political Geography:
- China, Asia, North America, and United States of America
647. Emerging economies need safeguards to tackle currency crisis
- Author:
- Gao Haihong
- Publication Date:
- 08-2018
- Content Type:
- Policy Brief
- Abstract:
- The recent appreciation of the US dollar and the uneven pace of monetary policy normalization in many countries have become a headwind for emerging economies. This month, the Turkish lira has sharply depreciated against the US dollar, followed by a jump in Turkish bond yield for fear of high inflation. Earlier this year, after failing to stabilize its currency, Argentina sought the International Monetary Fund's support to stabilize the peso. The IMF agreed to give a $50 billion standby line of credit but on conditions that required necessary domestic fiscal and structural adjustment. These developments reaffirmed the eminent risks facing the emerging economies. A strong dollar and tightened monetary policy in the US are prompting capital flight from countries that have high domestic public debt, huge external liability, and a weak current account balance and relatively open capital account. For example, Turkey’s total external debt to GDP was at 53.5% and its current account deficit was 7.1% to GDP.
- Topic:
- Economy, Inflation, Fiscal Policy, and Economic Development
- Political Geography:
- China, Turkey, Asia, Argentina, and United States of America
648. China's plans and direction for further opening-up
- Author:
- Yang Panpan
- Publication Date:
- 08-2018
- Content Type:
- Working Paper
- Abstract:
- This year marks the 40th anniversary of China's reform and opening-up, and will be the first year for China to hold the international import expo. This signals that China is further opening up its domestic market and striving to be more integrated with the world. Meanwhile, China is enduring the external uncertainties mainly from its biggest trade partner -- the U.S. One question should be asked: What is China's plan and direction for further opening-up? Since China is shifting from a mid-high-income country to a high-income country, the trajectory of other major developed countries may be a reference for China's further opening-up process. With this in mind, it's necessary to compare the opening-up pattern of these countries with China. One variable might fit this kind of observation -- the foreign value added in one country's final demand. This represent the amount of foreign input used in a country's consumption and investment. Examples include final goods consumed by households, capital goods invested by firms, or intermediate goods used to make products.
- Topic:
- Markets, Reform, Finance, and Economy
- Political Geography:
- China and Asia
649. “Triple punch” policies to bring years of trade tensions
- Author:
- Su Qingyi
- Publication Date:
- 07-2018
- Content Type:
- Policy Brief
- Abstract:
- US President Donald Trump has adopted a hard-line trade policy and recklessly instigated the trade conflict with China. This is the result of a combination of adjustments to his trade, foreign, and fiscal policies. These intertwined policies will likely stretch China-US trade frictions throughout Trump's presidency. First of all, the adjustment to the trade policy includes a shift from multilateral free trade to regional free trade and pressuring other countries to open their markets.
- Topic:
- International Trade and Finance, Markets, Trade Wars, Trade, and Economic Development
- Political Geography:
- China, Asia, North America, and United States of America
650. Opinion: China International Import Expo: New era, shared future
- Author:
- Su Qingyi
- Publication Date:
- 07-2018
- Content Type:
- Policy Brief
- Abstract:
- The first China International Import Expo (CIIE) will be held from November 5 to 10 in Shanghai. The theme of the CIIE is "New Era, Shared Future," which has rich connotations. The first implication of the new era is that countries around the world begin to realize the importance of imports Economists usually emphasize sellers and exporters when they analyze the exchange between peoples and trade between countries. They tend to attach importance to exports when participating in international trade, and try to promote the growth of export.
- Topic:
- Markets, Economy, Trade, and Imports
- Political Geography:
- China and Asia