Linked e-resources
Details
Table of Contents
Intro
List of figures
Figure 1.1 Quarterly real GDP growth rate of China, year on year, 1992Q1-2022Q2
Figure 1.2 Annual installation of industrial robots, 15 largest markets, 2020
Figure 1.3 China leads the world in experimental development spending
Figure 1.4 Top 10 countries for number of unicorn firms, 2019
Figure 1.5 China's internal debt
Figure 1.6 Gini coefficient in China, 1981-2018
Figure 1.7 The world's top five bond markets (market size in US trillion)
Figure 1.8 The government is the largest issuer of onshore bonds in China
Figure 3.1 China's national wealth accumulation, 2000-19 (RMB trillion)
Figure 3.2 Comparison of national wealth growth and GDP growth (annual rate in nominal terms)
Figure 3.3 Gross savings rate of major economies (per cent)
Figure 3.4 Net worth of general government sector, 2000-19 (RMB trillion)
Figure 3.5 Net worth of household sector, 2000-19 (RMB trillion)
Figure 3.6 China-United States comparison: Flow versus stock
Figure 3.7 International comparison of national wealth/GDP
Figure 3.8 Household-government wealth distribution in China, 2000-19
Figure 3.9 Net assets of the government sector as a share of total national wealth
Figure 3.10 Share of government net assets in GDP, 2016 (per cent)
Figure 3.11 Net production tax as a share of GDP in primary distribution
Figure 3.12 Labour compensation as a share of GDP in primary distribution
Figure 3.13 Government liabilities as a share of GDP, 2016 (per cent)
Figure 3.14 Financial sector leverage ratio in China (per cent)
Figure 3.15 Leverage ratio of the real economy sector in China (per cent)
Figure 4.1 Development of China's platform economy
Figure 6.1 China's GDP share of domestic and external demand, 2001-20
Figure 6.2 Contribution of domestic and external demand to GDP growth.
Figure 6.3 Contribution of consumption and investment to GDP growth, 1979-2019
Figure 6.4 Shares of household and government consumption, 1978-2020
Figure 6.5 Expenditure on goods and service consumption of Chinese citizens, 2013-20
Figure 6.6 China's online retail sales and growth rates, 2008-20
Figure 6.7 Retail sales of consumer goods in urban and rural areas, 2011-20
Figure 6.8 Fixed asset investment among three industries (RMB100 million)
Figure 6.9 Cumulative year-on-year growth rate of completed fixed asset investment (per cent)
Figure 6.10 Cumulative year-on-year growth rate of infrastructure investment by subsector
Figure 6.11 Amount and share of private investment in fixed assets, 2012-20
Figure 6.12 Per capita GDP and consumption to GDP ratio
Figure 6.13 Average contribution of consumption to economic growth in developed economies, with per capita GDP from 14,000 to 17,000 Geary-Khamis Dollars
Figure 6.14 Per capita GDP and percentage of consumption of services
Figure 6.15 Per capita GDP and proportion of durable goods consumption
Figure 6.16 Per capita GDP and proportion of food consumption
Figure 6.17 Main drivers of China's domestic demand in the next decade
Figure 6.18 Per capita GDP and annual growth of the middle-income group
Figure 6.19 China's young and elderly populations, 2020
Figure 6.20 Net growth effect of online consumption across regions
Figure 6.21 Grouping of trillion-renminbi growth poles, 2025
Figure 6.22 Trillion-renminbi growth poles of domestic demand, 2030
Figure 6.23 Added value of service consumption in relation to GDP: A comparison of China and economies at comparable stage of development
Figure 6.24 Share of private investment by sector, 2017
Figure 6.25 A comparison of Gini coefficients, 2016.
Figure 6.26 International comparison of the openness of China's service sectors
Figure 7.1 Conceptual framework of endogenous institutional change
Figure 7.2 Path of institutionalisation of the rigid hukou system
Figure 7.3 Labour-land ratio and agricultural productivity in pre-reform China
Figure 7.4 Labour-land ratio and agricultural productivity in reform era
Figure 7.5 Adaptive efficiency of China's hukou system, 1961-2020
Figure 8.1 The impact mechanism of pandemic controls on income distribution and poverty (schematic diagram)
Figure 8.2 The impact of the pandemic on the incidence of poverty
Figure 8.3 The relative proportion of the impact of the pandemic on different economic activity objects
Figure 8.4 The impact of the pandemic on the incidence of rural income poverty, absolute poverty standards
Figure 9.1 Distribution of lockdown dates for cities covered by the employee tracking survey
Figure 9.2 Event study: Tests for parallel trends assumption
Figure 9.3 Heterogeneous analysis for various groups of workers
Figure 11.1 A typical carbon emissions futures trading process
Figure 11.2 Each country's share of carbon dioxide emissions in 2020
Figure 11.3 EU ETS allowance prices, 2005-22 (€)
Figure 11.4 China ETS emissions allowance prices in 2021
Figure 12.1 China's changing energy mix in the carbon-neutrality scenario
Figure 12.2 Significant decline in China's fossil fuel imports
Figure 12.3a Declining production of iron ore in China
Figure 12.3b China's demand for imported iron ore
Figure 12.4a Declining production of nonferrous ores in China
Figure 12.4b China's increasing demand for imported nonferrous ores
Figure 12.5 Australia's main fossil fuel and mineral exports in the CCNS: Cumulative deviation from AZES, 2050 (per cent).
Figure 12.6 Changes in terms of trade and real devaluation: Cumulative deviation from AZES (per cent)
Figure 12.7 Real GDP and other macro-variables: Cumulative deviation from AZES (per cent)
Figure 12.8 Real GDP and its components from the expenditure side: Cumulative deviation from AZES (per cent)
Figure 12.9 Changes in Australia's exports by commodity in CCNS: Cumulative deviation from AZES (per cent)
Figure 12.10 Real gross state product: Percentage cumulative deviations from AZES values
Figure 13.1 China's relative economic growth and trade integration with Quad economies, 2000-20
Figure 13.2 Long‑run trends in government political relations with China, 2001-20
Figure 13.3 Average annual government and military trade‑filtered political relations with China, 2001-20
Figure 13.4 Doklam standoff
Figure 13.5 Short‑run effects of government PRI shocks on export growth to China, 2001-20
Figure 14.1 China's industrial priorities, 2015-25
Figure 14.2 Selected MIC 2025 domestic content goals
List of tables
Table 3.1 Comparison of national wealth growth and GDP growth (average for 2001-18)
Table 3.2 Decomposition of wealth accumulation in major economies: Capital formation and revaluation (per cent)
Table 3.3 International comparison of national wealth and GDP, to the end of 2018 (US billion)
Table 3.4 Comparison of net wealth in China and the United States, estimated by the World Inequality Database (€ billion)
Table 3.5 Decomposition of contributions to household wealth accumulation: An international comparison, 2018 (per cent)
Table A3.1 National balance sheet of China, 2019 (RMB billion)
Table 6.1 Fixed asset investment in the service sector, 2010-17 (per cent)
Table 6.2 Distribution of national income, 2001-09 (per cent)
Table 7.1 Exogenous institutionalisation of the hukou system.
Table 7.2 Endogenous evolution of the hukou system (population mobility)
Table 7.3 Endogenous evolution of the hukou system (resource allocation)
Table 7.4 Adaptive efficiency of the hukou system in the pre-reform and reform eras
Table 8.1 Per capita disposable income of rural residents in 2018-19
Table 8.2 Income composition without the impact of the pandemic in 2020 (per cent)
Table 8.3 Relative impact of the pandemic on revenue sources, benchmark model (per cent)
Table 8.4 Relative impact of the pandemic on income sources, benchmark model + wage rate decline by 5 per cent (per cent)
Table 8.5 Relative impact of the pandemic on income sources, benchmark model + 10 per cent decrease in net rental income (per cent)
Table 8.6 The impact of the pandemic on poverty and income distribution
Table 8.7 Increase in incidence rate of absolute poverty among rural residents nationwide when the income of a single group of people falls
Table 9.1 Sample comparision across three survey waves
Table 9.2 Dynamic changes in key variables, November 2019 to November 2020
Table 9.3 Effects of city/community lockdown on work resumption: Panel analysis for 3 February to 15 June
Table 9.4 Effects of lockdown days on work status: Cross‑sectional analysis
Table 9.5 Effects of work resumption on mental health
Table A9.1 Sample distribution
Table A9.2 Calculating unemployment rate for the third wave
Table A9.3 Transition matrix for work status
Table A9.4 Heterogeneous analysis for various groups of workers: Panel analysis for 3 February to 15 June
Table A9.5 Lockdown status of Chinese cities
Table 11.1 Main events in global emissions-trading markets
Table 11.2 Major categories of carbon assets
Table 11.3 Major periods of the EU ETS
Table 11.4 China ETS pilots summary of compliance, 2013.
Table 11.5 China ETS pilots summary of compliance, 2015.
List of figures
Figure 1.1 Quarterly real GDP growth rate of China, year on year, 1992Q1-2022Q2
Figure 1.2 Annual installation of industrial robots, 15 largest markets, 2020
Figure 1.3 China leads the world in experimental development spending
Figure 1.4 Top 10 countries for number of unicorn firms, 2019
Figure 1.5 China's internal debt
Figure 1.6 Gini coefficient in China, 1981-2018
Figure 1.7 The world's top five bond markets (market size in US trillion)
Figure 1.8 The government is the largest issuer of onshore bonds in China
Figure 3.1 China's national wealth accumulation, 2000-19 (RMB trillion)
Figure 3.2 Comparison of national wealth growth and GDP growth (annual rate in nominal terms)
Figure 3.3 Gross savings rate of major economies (per cent)
Figure 3.4 Net worth of general government sector, 2000-19 (RMB trillion)
Figure 3.5 Net worth of household sector, 2000-19 (RMB trillion)
Figure 3.6 China-United States comparison: Flow versus stock
Figure 3.7 International comparison of national wealth/GDP
Figure 3.8 Household-government wealth distribution in China, 2000-19
Figure 3.9 Net assets of the government sector as a share of total national wealth
Figure 3.10 Share of government net assets in GDP, 2016 (per cent)
Figure 3.11 Net production tax as a share of GDP in primary distribution
Figure 3.12 Labour compensation as a share of GDP in primary distribution
Figure 3.13 Government liabilities as a share of GDP, 2016 (per cent)
Figure 3.14 Financial sector leverage ratio in China (per cent)
Figure 3.15 Leverage ratio of the real economy sector in China (per cent)
Figure 4.1 Development of China's platform economy
Figure 6.1 China's GDP share of domestic and external demand, 2001-20
Figure 6.2 Contribution of domestic and external demand to GDP growth.
Figure 6.3 Contribution of consumption and investment to GDP growth, 1979-2019
Figure 6.4 Shares of household and government consumption, 1978-2020
Figure 6.5 Expenditure on goods and service consumption of Chinese citizens, 2013-20
Figure 6.6 China's online retail sales and growth rates, 2008-20
Figure 6.7 Retail sales of consumer goods in urban and rural areas, 2011-20
Figure 6.8 Fixed asset investment among three industries (RMB100 million)
Figure 6.9 Cumulative year-on-year growth rate of completed fixed asset investment (per cent)
Figure 6.10 Cumulative year-on-year growth rate of infrastructure investment by subsector
Figure 6.11 Amount and share of private investment in fixed assets, 2012-20
Figure 6.12 Per capita GDP and consumption to GDP ratio
Figure 6.13 Average contribution of consumption to economic growth in developed economies, with per capita GDP from 14,000 to 17,000 Geary-Khamis Dollars
Figure 6.14 Per capita GDP and percentage of consumption of services
Figure 6.15 Per capita GDP and proportion of durable goods consumption
Figure 6.16 Per capita GDP and proportion of food consumption
Figure 6.17 Main drivers of China's domestic demand in the next decade
Figure 6.18 Per capita GDP and annual growth of the middle-income group
Figure 6.19 China's young and elderly populations, 2020
Figure 6.20 Net growth effect of online consumption across regions
Figure 6.21 Grouping of trillion-renminbi growth poles, 2025
Figure 6.22 Trillion-renminbi growth poles of domestic demand, 2030
Figure 6.23 Added value of service consumption in relation to GDP: A comparison of China and economies at comparable stage of development
Figure 6.24 Share of private investment by sector, 2017
Figure 6.25 A comparison of Gini coefficients, 2016.
Figure 6.26 International comparison of the openness of China's service sectors
Figure 7.1 Conceptual framework of endogenous institutional change
Figure 7.2 Path of institutionalisation of the rigid hukou system
Figure 7.3 Labour-land ratio and agricultural productivity in pre-reform China
Figure 7.4 Labour-land ratio and agricultural productivity in reform era
Figure 7.5 Adaptive efficiency of China's hukou system, 1961-2020
Figure 8.1 The impact mechanism of pandemic controls on income distribution and poverty (schematic diagram)
Figure 8.2 The impact of the pandemic on the incidence of poverty
Figure 8.3 The relative proportion of the impact of the pandemic on different economic activity objects
Figure 8.4 The impact of the pandemic on the incidence of rural income poverty, absolute poverty standards
Figure 9.1 Distribution of lockdown dates for cities covered by the employee tracking survey
Figure 9.2 Event study: Tests for parallel trends assumption
Figure 9.3 Heterogeneous analysis for various groups of workers
Figure 11.1 A typical carbon emissions futures trading process
Figure 11.2 Each country's share of carbon dioxide emissions in 2020
Figure 11.3 EU ETS allowance prices, 2005-22 (€)
Figure 11.4 China ETS emissions allowance prices in 2021
Figure 12.1 China's changing energy mix in the carbon-neutrality scenario
Figure 12.2 Significant decline in China's fossil fuel imports
Figure 12.3a Declining production of iron ore in China
Figure 12.3b China's demand for imported iron ore
Figure 12.4a Declining production of nonferrous ores in China
Figure 12.4b China's increasing demand for imported nonferrous ores
Figure 12.5 Australia's main fossil fuel and mineral exports in the CCNS: Cumulative deviation from AZES, 2050 (per cent).
Figure 12.6 Changes in terms of trade and real devaluation: Cumulative deviation from AZES (per cent)
Figure 12.7 Real GDP and other macro-variables: Cumulative deviation from AZES (per cent)
Figure 12.8 Real GDP and its components from the expenditure side: Cumulative deviation from AZES (per cent)
Figure 12.9 Changes in Australia's exports by commodity in CCNS: Cumulative deviation from AZES (per cent)
Figure 12.10 Real gross state product: Percentage cumulative deviations from AZES values
Figure 13.1 China's relative economic growth and trade integration with Quad economies, 2000-20
Figure 13.2 Long‑run trends in government political relations with China, 2001-20
Figure 13.3 Average annual government and military trade‑filtered political relations with China, 2001-20
Figure 13.4 Doklam standoff
Figure 13.5 Short‑run effects of government PRI shocks on export growth to China, 2001-20
Figure 14.1 China's industrial priorities, 2015-25
Figure 14.2 Selected MIC 2025 domestic content goals
List of tables
Table 3.1 Comparison of national wealth growth and GDP growth (average for 2001-18)
Table 3.2 Decomposition of wealth accumulation in major economies: Capital formation and revaluation (per cent)
Table 3.3 International comparison of national wealth and GDP, to the end of 2018 (US billion)
Table 3.4 Comparison of net wealth in China and the United States, estimated by the World Inequality Database (€ billion)
Table 3.5 Decomposition of contributions to household wealth accumulation: An international comparison, 2018 (per cent)
Table A3.1 National balance sheet of China, 2019 (RMB billion)
Table 6.1 Fixed asset investment in the service sector, 2010-17 (per cent)
Table 6.2 Distribution of national income, 2001-09 (per cent)
Table 7.1 Exogenous institutionalisation of the hukou system.
Table 7.2 Endogenous evolution of the hukou system (population mobility)
Table 7.3 Endogenous evolution of the hukou system (resource allocation)
Table 7.4 Adaptive efficiency of the hukou system in the pre-reform and reform eras
Table 8.1 Per capita disposable income of rural residents in 2018-19
Table 8.2 Income composition without the impact of the pandemic in 2020 (per cent)
Table 8.3 Relative impact of the pandemic on revenue sources, benchmark model (per cent)
Table 8.4 Relative impact of the pandemic on income sources, benchmark model + wage rate decline by 5 per cent (per cent)
Table 8.5 Relative impact of the pandemic on income sources, benchmark model + 10 per cent decrease in net rental income (per cent)
Table 8.6 The impact of the pandemic on poverty and income distribution
Table 8.7 Increase in incidence rate of absolute poverty among rural residents nationwide when the income of a single group of people falls
Table 9.1 Sample comparision across three survey waves
Table 9.2 Dynamic changes in key variables, November 2019 to November 2020
Table 9.3 Effects of city/community lockdown on work resumption: Panel analysis for 3 February to 15 June
Table 9.4 Effects of lockdown days on work status: Cross‑sectional analysis
Table 9.5 Effects of work resumption on mental health
Table A9.1 Sample distribution
Table A9.2 Calculating unemployment rate for the third wave
Table A9.3 Transition matrix for work status
Table A9.4 Heterogeneous analysis for various groups of workers: Panel analysis for 3 February to 15 June
Table A9.5 Lockdown status of Chinese cities
Table 11.1 Main events in global emissions-trading markets
Table 11.2 Major categories of carbon assets
Table 11.3 Major periods of the EU ETS
Table 11.4 China ETS pilots summary of compliance, 2013.
Table 11.5 China ETS pilots summary of compliance, 2015.