Chinese Economy and Global Financial Crisis.ppt
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1、The Nature of Chinas Economy and Global Financial CrisisProfessor Jun ZhangChina Center for Economic Studies, Fudan UniversityStylized Facts Higher Saving Rates; Higher Investment/GDP ratios; Rising Export/GDP ratio; Low productivity growth in non-tradable sector; Employment created in manufacturing
2、 sectors; Bank-based financial system; Interest rates and exchange rates fixed; De facto capital mobility;Chinas Exchange Rate (Yuan against US Dollar)Export/GDP Inflow of FDIs Balance of Trade (1978-2004)Balance of Trade by PartnersForeign Exchange Reserves-20002004006008001000120014001600180019501
3、9521954195619581960196219641966196819701972197419761978198019821984198619881990199219941996199820002002200420062008 The most dynamic part of Chinese real economy is the private and exporting sectors; But they have been consistently facing financial constraints; Since 1999, however, one of the import
4、ant drivers of Chinas boom has been the emergence and expansion of urban real estate markets; Free housing system terminated nationally in 1999; Since then, urban housing sector was stimulated with continuous expansion of bank credits; Urban housing boom created huge revenues for local governments a
5、nd stimulated housing investments; Real estate investments accounted for rising share of capital construction in China; Housing boom transmitted into stock market boom and assets prices soar; Housing boom led to improved profitability in upstream and basic industries; Chinas boom (1998-2007) was due
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