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'Chinese economic reform and opening to the international economy since the late 1970s have changed the country and the world. The developments in the steel industry through the reform period are central to those changes, illuminative of them, and of immense significance in themselves. This book throws new light on these historic changes for Chinese and foreign readers alike.' - From the foreword by Ross Garnaut, University of Melbourne, Australia
This book explores the principles of supply-side structural reform and current practices in the Chinese steel industry. Focusing on the general requirements for high-quality development, it reviews the evolution of the global and Chinese steel industries with regard to reduction, innovation, and transformation. It also summarizes industrial development law from a transfer route perspective, analyzes major challenges and opportunities for the steel industry in the new era, and proposes strategic orientation and implementation measures for the future development of the steel industry. The book contends that high-quality development of the steel industry must be driven by innovation, and it is essential to promote integrated development based on several aspects – greenness, coordination, quality, standardization, differentiation, service, intelligence, diversification, and internationalization – in order to reshape the industrial value chain and continuously improve industrial competitiveness. This concept is essential to help Chinese steel companies prepare development plans for transformation and upgrading. Combining thorough analysis, unique insights, and many practical cases, the book offers a guide to and inspiration for future implementation approaches.
How did China move so swiftly in capital-intensive industries without labor-cost or scale advantage from bit player to the largest manufacturer and exporter in the world? This book argues that subsidies contributed significantly to China's success. Industrial subsidies in key Chinese manufacturing industries may exceed thirty percent of industrial output. Economic theories have mostly portrayed subsidies as distortive, inefficiently reallocating resources according to non-market criteria. However, China's state-capitalist regime uses subsidies to promote the governments' and the Communist Party of China's interests. Rather than aberrations, subsidies help Chinese businesses and governments produce, stabilize and create common understandings of markets; the flows of capital reflect struggles between critical Chinese actors including central and provincial governments. Concepts of state capitalism including market-transition theory, the multi-organizational Chinese state, and state as paramount shareholder, create complex and relevant understandings of Chinese subsidies. The authors develop independent measures of industrial subsidies using publicly-reported data at firm and industry levels from governmental and private sources. Subsidies include free to low-cost loans, subsidies to energy (coal, electricity, natural gas, heavy oil) and to key inputs, land and technology. Four sequential studies identify the growth of subsidies to Chinese manufacturing over time and effects on world industry: steel (2000-2007), glass (2004-2008), paper (2002-2009) and auto parts (2001-2011). Subsidies to Chinese industry affect and are affected by business strategy and trade policy. Business strategies include lobbying for subsidies and for protection from subsidized foreign competitors and managing supply chains to guard against whiplash effects of uncoordinated subsidies. The subsidized solar industry highlights how global business strategies and decisions on production location and technology development respond to production or consumption subsidies and include market (competitive) and non-market (political) strategies. The book also covers government policies and regulation on subsidies broadly focusing on domestic consumption (antidumping and countervailing duties) and domestic production (indigenous innovation).
China's growing economic involvement in Sub-Saharan Africa and Latin America has been a source of major controversy. The official Chinese position maintains that the growth of bilateral relations is of mutual benefit and provides a good example of South-South cooperation. Critics on the other hand see the economic relations between China and other developing countries as highly unequal with most of the benefits accruing to China and a few local elites. They also point to negative socio-economic, political, and environmental consequences. How China is Reshaping the Global Economy: Development Impacts in Africa and Latin-America throws more light on these controversies through a comparative study of China's impact on the two regions. It looks not just at bilateral relations between China and the two regions but also analyses the changes in the global economy brought about as a result of the shift in economic activity from North America and Western Europe to Asia. This book looks at the factors which led to rapid economic growth in China and the way in which this has affected global manufacturing, commodity markets, the international presence of Chinese companies, and financial glows. It examines the different forms of Chinese economic involvement in Sub-Saharan Africa and Latin America, the main drivers, and economic, social, political, and environmental consequences. It ends with a comparison of the two regions that highlights the importance of different histories and political and institutional contexts in determining the impacts of China. Since the first edition of How China is Reshaping the Global Economy: Development Impacts in Africa and Latin-America, China's role in the global economy has continued to expand and the Chinese government's foreign policy has become more assertive. The global presence of China has been marked by the expansion of the Belt and Road Initiative to almost 150 countries and the trade-war between the US and China, as well as increased Western concerns over the activities of major Chinese companies such as Huawei. This new edition documents these changes and their implications for SSA and LAC.
This landmark study provides an integrated analysis of China's unexpected economic boom of the past three decades. The authors combine deep China expertise with broad disciplinary knowledge to explain China's remarkable combination of high-speed growth and deeply flawed institutions. Their work exposes the mechanisms underpinning the origin and expansion of China's great boom. Penetrating studies track the rise of Chinese capabilities in manufacturing and in research and development. The editors probe both achievements and weaknesses across many sectors, including China's fiscal, legal, and financial institutions. The book shows how an intricate minuet combining China's political system with sectorial development, globalization, resource transfers across geographic and economic space, and partial system reform delivered an astonishing and unprecedented growth spurt.
This title examines China's transition and transformation from isolated Communist state in the 1970s to integration with the international economy and considers the challenges faced by China in the past as well as indicating those challenges that lie ahead.
China’s emergence as the world’s second largest economy has been driven by more than four decades of explosive growth. To support this expansion, China has required massive expansion in its steel production capacity, which is highly correlated to its demand for iron ore imports. The scale and pace of China’s iron ore demand shock has pushed the global iron ore market into a historical adjustment. Using economic frameworks, this book brings to bare new data and field observations throughout Asia and Africa to investigate how the rapid growth in China’s iron ore demand has affected the organisation and structure of the global iron ore market. The research provides several important contributions to the extant literature including analysis of whether the Big Three Asian market iron ore exporters coordinated to sustain the profits arising from the price boom; estimating the financial impact of the Chinese state’s intervention in iron price negotiations; and addressing the concerns arising from the Chinese state’s provision of cheap financial support for its companies’ iron ore procurement. Offering unique insights into China’s economic rise and the structure of the iron ore market, this book will be relevant to students and scholars of resource economics, and the Australian and Chinese economies.
The rise of emerging economies represents a challenge to traditional global power balances and raises the question of how we can combine sustainability with continued economic growth. Understanding this global shift and its impact on the environment is the paramount contemporary challenge for development-oriented researchers and policy makers alike. This book breaks new ground by combining scholarship on the role of emerging economies with research on sustainable development. The book investigates how the development strategies of emerging economies challenge traditional development theory and sustainability discourses. With regional introductions and original case studies from South Asia, East Asia, Latin America and Sub-Saharan Africa, it discusses how to conceptualise sustainable development in the global race for economic prosperity. What characterises the development strategies of emerging economies, and what challenges are these posing for global sustainable development? How can emerging economies shed light on the global challenges, dilemmas and paradoxes of the relationship between socio-economic improvements and environmental degradation? This book will be a valuable resource for researchers and postgraduates in development studies, geography, economics and environmental studies.
This book discusses three key aspects of business operations: sustainability, human factors, and smart manufacturing, which make up modern business. The authors share their experiences in the transformation of enterprises to Industry 4.0/5.0 and the sustainability of steel production, as well as the reorganization of human factors using the example of the steel sector. The steel industry is covered both from a global perspective (key producers in the global steel market), as well as from a local and sectoral perspective (the companies that make up the sector of metal and metal product producers, using Poland as an example). This insightful book discusses how the steel industry can develop intelligent solutions to enhance sustainable performance and the challenges they must overcome, including policy and regulation. Case studies evaluate how steel companies are investing in new technologies that meet environmental requirements but also human resource development to enhance digital skills and competencies of the workforce. The book will find an audience across disciplines but be of particular value to scholars of industrial, operations, and technology management.
Transforming the Chinese Economy is a translated collection of articles providing a look at how scholars in China have been assessing their country's recent economic history. This volume, as well as the others in the SSRC series, provide western scholars with an accessible English language look at the state of current Chinese scholarship, and as such, do not simply provide information for the direct study of economic issues, but also for meta-level analysis of the interplay of China's policy, scholarship, and economy. Specifc topics include banking and finance, inequality of growth, and women's role in the workforce.