Resolving Chinas Zombies Tackling Debt And Raising Productivity PDF Download
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Author | : W. Raphael Lam |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2017-11-27 |
Genre | : Business & Economics |
ISBN | : 1484331931 |
Download Resolving China's Zombies: Tackling Debt and Raising Productivity Book in PDF, ePub and Kindle
Nonviable “zombie” firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombies and their strong linkages with stateowned enterprises (SOEs) in contributing to debt vulnerabilities and low productivity. As a group, zombie firms and SOEs account for an outsized share of corporate debt, contribute to much of the rise in debt, and face weak fundamentals. Empirical results also show that resolving these weak firms can generate significant gains of 0.7–1.2 percentage points in long-term growth per year. These results also shed light on the ongoing government strategy to tackle these issues by evaluating the effects of different restructuring options. In particular, deleveraging, reducing government subsidies, as well as operational restructuring through divestment and reducing redundancy have significant benefits in restoring corporate performance for zombie firms.
Author | : Luc Nijs |
Publisher | : Springer Nature |
Total Pages | : 759 |
Release | : 2020-06-30 |
Genre | : Business & Economics |
ISBN | : 3030348172 |
Download The Handbook of Global Shadow Banking, Volume II Book in PDF, ePub and Kindle
This global handbook provides an up-to-date and comprehensive overview of shadow banking, or market-based finance as it has been recently coined. Engaging in financial intermediary services outside of normal regulatory parameters, the shadow banking sector was arguably a critical factor in causing the 2007-2009 financial crisis. This second volume explores three particular domains of shadow banking. The first domain deals with the macro-economic fundamentals of the respective shadow banking segments: Why do they exist, what problems do they solve and why are some of their embedded risks so persistent? The second domain captures the global dimensions of shadow banking markets, reviewing the particularities and specifics of various shadow banking systems around the world. Volume II concludes with an extensive overview of how the sector has changed since the financial crisis, focusing on regulatory arbitrage, contract imperfection and governance. Closing on unresolved issues and open-ended questions that will no doubt remain prominent in the shadow banking sector for years to come, this handbook is a must-read for professionals and policy-makers within the banking sector, as well as those researching economics and finance.
Author | : Ercan Özen |
Publisher | : Emerald Group Publishing |
Total Pages | : 320 |
Release | : 2020-09-25 |
Genre | : Business & Economics |
ISBN | : 1800430957 |
Download Uncertainty and Challenges in Contemporary Economic Behaviour Book in PDF, ePub and Kindle
Every day presents new challenges as the face of global economics changes. In this first book in the Emerald Studies in Finance, Insurance, and Risk Management, expert editors and contributors come together to discuss global response to new uncertainty and challenges.
Author | : Barbara Darimont |
Publisher | : Springer Nature |
Total Pages | : 363 |
Release | : 2023-01-01 |
Genre | : Mathematics |
ISBN | : 3658384670 |
Download Economic Policy of the People's Republic of China Book in PDF, ePub and Kindle
This book deals with the current economic policy of the People's Republic of China. In addition to a brief overview of economic history since its founding and discussions of economic models, an overview of both the forms of business and the Chinese labor market is provided. The book pays particular attention to the development of China's e-commerce sector. Equally significant are China's environmental issues against the backdrop of the climate crisis. Without innovations, for example in energy production and waste management, the Chinese economy will hardly be able to continue growing. Therefore, one focus of the book is on economic policy in the environmental sector. Finally, foreign policy, including the Silk Road Initiative, is examined. The aim of this book is to highlight the above developments. It is aimed at laypersons involved in the business of China as well as first-year students who want an overview of economic policy institutions and current developments.
Author | : Min Zhu |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2019-11-27 |
Genre | : Business & Economics |
ISBN | : 1513522493 |
Download China’s Productivity Convergence and Growth Potential—A Stocktaking and Sectoral Approach Book in PDF, ePub and Kindle
China’s growth potential has become a hotly debated topic as the economy has reached an income level susceptible to the “middle-income trap” and financial vulnerabilities are mounting after years of rapid credit expansion. However, the existing literature has largely focused on macro level aggregates, which are ill suited to understanding China’s significant structural transformation and its impact on economic growth. To fill the gap, this paper takes a deep dive into China’s convergence progress in 38 industrial sectors and 11 services sectors, examines past sectoral transitions, and predicts future shifts. We find that China’s productivity convergence remains at an early stage, with the industrial sector more advanced than services. Large variations exist among subsectors, with high-tech industrial sectors, in particular the ICT sector, lagging low-tech sectors. Going forward, ample room remains for further convergence, but the shrinking distance to the frontier, the structural shift from industry to services, and demographic changes will put sustained downward pressure on growth, which could slow to 5 percent by 2025 and 4 percent by 2030. Digitalization, SOE reform, and services sector opening up could be three major forces boosting future growth, while the risks of a financial crisis and a reversal in global integration in trade and technology could slow the pace of convergence.
Author | : Wai Yee Wan |
Publisher | : Bloomsbury Publishing |
Total Pages | : 379 |
Release | : 2022-07-28 |
Genre | : Law |
ISBN | : 1509952357 |
Download Court-Supervised Restructuring of Large Distressed Companies in Asia Book in PDF, ePub and Kindle
This book provides an in-depth analysis of 4 economically significant Asian jurisdictions: Mainland China, India, Hong Kong and Singapore. These jurisdictions have recently either reformed – or are considering reforming – their corporate restructuring laws to promote regimes conducive to restructuring financially distressed, but otherwise economically viable, companies. Mainland China, India, Hong Kong and Singapore continue to adhere to a framework that requires the court's final approval but draw references from Chapter 11 of the Bankruptcy Code 1978 in the United States and/or the schemes of arrangement in the United Kingdom. However, the institutional and market structures are very different in Asia; in particular, Asia has a far higher concentration in shareholdings among listed firms, including holdings by families and the state, and a different composition of creditors. The book explains how, notwithstanding the legal transplantation, corporate restructuring laws in these Asian jurisdictions have adapted and evolved due to the frictions in shareholder-creditor and creditor-creditor relationships, and the role of the state in resolving non-performing loans and financial distress of state-owned enterprises which are listed, or which issue public debt. The study argues that any reforms must go beyond professionalising the insolvency professionals and the judiciary but must be designed to address fundamental issues of corporate governance, bank regulation and enforcing non-bankruptcy rules. It offers invaluable insights for academics and policy makers alike.
Author | : U.S.-China Economic and Security Review Commission |
Publisher | : |
Total Pages | : 596 |
Release | : 2019 |
Genre | : China |
ISBN | : |
Download Report to Congress of the U.S.-China Economic and Security Review Commission Book in PDF, ePub and Kindle
Author | : Ligang Song |
Publisher | : ANU Press |
Total Pages | : 248 |
Release | : 2021-09-02 |
Genre | : Business & Economics |
ISBN | : 1760464538 |
Download China’s Challenges in Moving towards a High-income Economy Book in PDF, ePub and Kindle
With its per capita income surpassing US$10,000, China has now drawn up ambitious plans to further lift its income to the level of developed countries. Yet various constraints need to be overcome if China is to build on the achievements of the last 40 years and further boost its growth potential. Besides these constraints, the year 2020 saw human societies hit heavily by the COVID-19 pandemic and the global economy caught off guard and dipped into recessions caused by lockdown measures for controlling the spread of the pandemic. Nations around the world have experienced grave loss of human life and lockdown measures have knocked economies from their normal growth trajectories. Even as the pandemic continues to unfold, all signs point to China as being the first major economy to have emerged out of the crisis. But many questions remain. Has the Chinese economy emerged from the pandemic crisis relatively unscathed? What are the long-term prospects for its economy? This year’s Update book, China’s Challenges in Moving towards a High-income Economy, explores the challenges faced by the Chinese economy in the transition towards a high-income economy, including agricultural development, finance and fiscal system reform, RMB internationalisation, trends in urbanisation, as well as topics related to innovation, corporate sector development and market competition. China’s growth experience has been full of exciting changes and important lessons for reform and structural changes, and this year’s China Update is again the way to gain insights into these.
Author | : William Bratton |
Publisher | : Marshall Cavendish International Asia Pte Ltd |
Total Pages | : 181 |
Release | : 2020-01-15 |
Genre | : Political Science |
ISBN | : 9814928968 |
Download China’s Rise, Asia's Decline: Asia’s difficult outlook under China’s shadow Book in PDF, ePub and Kindle
China’s rise will be long-term punitive for the rest of Asia. Across all aspects of Asian geopolitics and economics, China’s ascendency to regional hegemonic status will result in the decline of its neighbours’ political independence, economic dynamism and future growth potential. Any short-term benefits of China’s growth, such as increased trade, will be transitory. The longer-term implications of its emergence as the regional hegemon will be greater economic and financial dependencies and vulnerabilities, the large-scale shift of business activity to within its boundaries and its increasing geopolitical influence across the region. The challenge for China’s neighbours is how to respond to these evolving dynamics, especially as their strategic options are increasingly limited and few of the potential future scenarios are long-term positive. China’s rise, therefore, be Asia’s decline.
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 152 |
Release | : 2018-04-18 |
Genre | : Business & Economics |
ISBN | : 1484348761 |
Download Global Financial Stability Report, April 2018 Book in PDF, ePub and Kindle
The April 2018 Global Financial Stability Report (GFSR) finds that short-term risks to financial stability have increased somewhat since the previous GFSR. Medium-term risks are still elevated as financial vulnerabilities, which have built up during the years of accommodative policies, could mean a bumpy road ahead and put growth at risk. This GFSR also examines the short- and medium-term implications for downside risks to growth and financial stability of the riskiness of corporate credit allocation. It documents the cyclical nature of the riskiness of corporate credit allocation at the global and country levels and its sensitivity to financial conditions, lending standards, and policy and institutional settings. Another chapter analyzes whether and how house prices move in tandem across countries and major cities around the world—that is, global house price synchronicity.