Supernormal Growth: China's Economy 1979-2049

by Jeffrey Zhengfu Shi

Overview

Supernormal Growth confirms the supernormal achievements of China by providing founding statistics that China, during the past 35 years, experienced a synchronous high-speed growth of investment, consumption, labor productivity with low volatility.First of its kind, Jeffrey Shi analyzes the unique structure and operating mechanism of China's existing market economy from a theoretic perspective, and attributes China's supernormal growth to supernormal investment aroused by China's three dimensional (3-D) market system which consists of competitive enterprises, competitive local governments and central government and to supernormal purchasing power created by American's finance-driving strategy.In examining multiple challenges of China one by one, the Shi proposes a whole conception of national strategic asset investment system which does not interfere with the operation of normal market, but provides sustainable extra force to extend China's supernormal growth, and also an innovative idea of relieving polarization of the poor and the rich through a '1.5th income distribution' system, so as to provide a panoramic view of China's supernormal growth strategy in the next 30 years.Shi is not only a respected scholar, but also a successful businessman, giving Supernormal Growth a more valuable reference in answering many questions about China's development no matter in the past or future.

Product Details

ISBN-13:	9781938134623
Publisher:	World Century Publishing Corporation
Publication date:	02/24/2016
Pages:	192
Product dimensions:	6.10(w) x 9.10(h) x 0.70(d)

Table of Contents

Preface xi

About the Author xvii

Chapter 1 China's Unconventional Economic Growth 1

1 Supernormal Growth 6

2 Super-low Economic Volatility 11

3 Fast-paced Consumption Growth and Increased Efficiency 19

4 The Periodic Crises of Market Economy 23

5 How China Overcame Periodic Crises 28

Chapter 2 China's Special Market Economy and Supernormal Investment 31

1 Competitive Local Governments and the Three-dimensional Market System 32

2 Local Investment Incentives and Levels of Investment 41

3 Long-term Returns of Local Investment Incentives 53

Chapter 3 The US Federal Reserve and International Supernormal Purchasing Power 59

1 The Emergence and Growth of International Purchasing Power 61

2 Asset Bubbles and Deficit Spending 63

3 Industries Relocate Overseas and the Trade Deficit 64

4 Fiscal Deficit and Excessive Issuance of US Dollars 68

5 The Limits and Crisis of Supernormal Purchasing Power 73

Chapter 4 A New Historical Phase for China's Economic Growth 77

1 Upgrading Consumption and Industry 79

2 Urbanization 87

3 Ecology and Environment 88

4 Energy and Resources 90

5 Human Capital and Technological Innovation 107

6 National Defense Construction 110

7 Accumulation, Investment and Consumption 112

Chapter 5 A New Phase for Supernormal Growth 117

1 The Prospects for Growth Toward 2049 117

2 In Search of Endogenous Supernormal Purchasing Power 124

3 Investment Areas for Supernormal Purchasing Power 129

4 Creating the National Strategic Development Fund 143

Appendix 149

References 161

Postscript 165

Index 169