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Excerpt from Can China Save Herself?: A Series of Papers Chinese Affairs If the first reform movement, based on learning and imbued by patriotism, had remained unchecked, there is good reason for believing that the cataclysm of 1900 would never have occurred, and a free course for ever-advancing development would have lain open for Government and people. China's subsequent troubles and new dangers may, therefore, be traced to the suicidal action of the then existing Government, of the Government in power. The second reform movement, less rapid than the first, began in about 1903, under the initiative of the then two strong Viceroys, Chang Chih-tung and Yuan Shih-k'ai. The Government in power, centred in the Empress Dowager, previously reactionary, became suddenly progressive. The reform was directed to the establishment of constitutional Government. Particular reforms, once advocated by the young Emperor, were now espoused by the Empress Dowager. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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Excerpt from Can China Save Herself?: A Series of Papers Chinese Affairs For twenty years and more I have directed my chief study and attention to the cause of reform in China, that thereby the nations independence and sovereign entity might be preserved, and dangers without and commotions within be alike averted. That I might be free to devote myself to such a work, usually regarded as unsuited to a Missionary Society, I withdrew from the Missionary Society under whose control and for whose interests I had worked for a previous ten years, and followed an independent course culminating in a non-missionary organization known as the International Institute of China. Part of these efforts has been put forth in Peking, part in Shanghai, and part in the provincial centres. The beginning of these reform efforts was when China was still at war with Japan in 1894-5. It was the menace to China, beyond all previous experience, that first convinced China of her real weakness, and this consciousness of weakness brought about the first national spirit of reform which China had been all too late in fostering. This spirit of reform has had many setsback; reformers, old and young, Chinese and foreign, have had many disappointments; but the number of reformers is greater today than twenty years ago, and the spirit of reform is more wide-spread than at any time in the past. This is an encouragement which all would do well to bear in mind. Of many of these reform movements, of the discouragements which have occurred, of the dangers and obstacles which have stood in the way in the past and still stand in the way today, I am somewhat familiar; and the views which I now venture to express are the outcome of experience, and whilst in some respects they may be considered hard and critical, I assure my Chinese friends that my feelings are those of sympathetic interest in China's ultimate triumph in the contest with evil forces which are at work within and without. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.