Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320115
Jingjia Ke
According to conventional theory, the renminbi should devalue after the currency devaluations in Southeast Asia; otherwise our country's exports and international competitiveness will face considerable pressure. Some people maintain that failure to devalue the renminbi will be disadvantageous for China's 1998 export growth and for increasing international competitiveness. The devaluation of the renminbi or the increase of export tax rebates have thus become a necessity for export growth and even for economic growth in 1998.
{"title":"There Is Truly No Need to Devalue the Renminbi","authors":"Jingjia Ke","doi":"10.2753/CES1097-1475320115","DOIUrl":"https://doi.org/10.2753/CES1097-1475320115","url":null,"abstract":"According to conventional theory, the renminbi should devalue after the currency devaluations in Southeast Asia; otherwise our country's exports and international competitiveness will face considerable pressure. Some people maintain that failure to devalue the renminbi will be disadvantageous for China's 1998 export growth and for increasing international competitiveness. The devaluation of the renminbi or the increase of export tax rebates have thus become a necessity for export growth and even for economic growth in 1998.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320115","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320133
L. Qian
In the latter half of 1997, the monetary crisis that took place in Thailand triggered a financial crisis in Southeast Asia. The effects were soon felt in South Korea and Japan. Subsequently, other regions and countries of the world were adversely affected. In their analyses of the causes and their forecasts of development prospects, academic circles in China and abroad hold different viewpoints.
{"title":"Different Viewpoints Concerning the Southeast Asian Financial Crisis","authors":"L. Qian","doi":"10.2753/CES1097-1475320133","DOIUrl":"https://doi.org/10.2753/CES1097-1475320133","url":null,"abstract":"In the latter half of 1997, the monetary crisis that took place in Thailand triggered a financial crisis in Southeast Asia. The effects were soon felt in South Korea and Japan. Subsequently, other regions and countries of the world were adversely affected. In their analyses of the causes and their forecasts of development prospects, academic circles in China and abroad hold different viewpoints.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320133","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320140
L. Jianren
The Mexican financial crisis broke out at the end of 1994, reached its most serious stage in the first quarter of 1995, and had basically concluded in the first half of 1995; by the end of 1995 Mexico had shaken off the crisis. The Southeast Asian crisis, on the other hand, broke out in early July 1997, has gone through three high tides, and is showing signs of becoming increasingly severe. In the main, only one countryâMexicoâwas hurt by the Mexican crisis, whereas the majority of the Southeast Asian countries have been hurt by the Southeast Asian crisis. The damage caused by the Mexican crisis was limited to one locality in Latin America, whereas the Southeast Asian crisis has not only directly inhibited economic growth in the East Asian region, it has also affected the United States and Europe and reduced the economic growth rate of the entire world by 1 percentage point. The United States and the International Monetary Fund (IMF) used funds amounting to between U.S. $40 billion and U.S. $50 billion to rescue Mexico from its crisis. This time, however, the IMF used U.S. $57 billion to assist South Korea, and the IMF, the World Bank, and the United States have, up to now, thrown U.S. $113 billion into a rescue action to assist East Asia. This is much more than was used in Mexico, but the amount is far from sufficient. It is estimated that the crisis has already caused bad debts of more than U.S. $100 billion for Southeast Asian banks, and South Korea's bad debts also surpass U.S. $100 billion. The Southeast Asian financial crisis has damaged the countries in that region not only by greatly depreciating their currencies, but also by sharply curtailing their economic growth.
{"title":"The Underlying Reasons for the Southeast Asian Financial Crisis and the Effects of the Crisis on Our Country","authors":"L. Jianren","doi":"10.2753/CES1097-1475320140","DOIUrl":"https://doi.org/10.2753/CES1097-1475320140","url":null,"abstract":"The Mexican financial crisis broke out at the end of 1994, reached its most serious stage in the first quarter of 1995, and had basically concluded in the first half of 1995; by the end of 1995 Mexico had shaken off the crisis. The Southeast Asian crisis, on the other hand, broke out in early July 1997, has gone through three high tides, and is showing signs of becoming increasingly severe. In the main, only one countryâMexicoâwas hurt by the Mexican crisis, whereas the majority of the Southeast Asian countries have been hurt by the Southeast Asian crisis. The damage caused by the Mexican crisis was limited to one locality in Latin America, whereas the Southeast Asian crisis has not only directly inhibited economic growth in the East Asian region, it has also affected the United States and Europe and reduced the economic growth rate of the entire world by 1 percentage point. The United States and the International Monetary Fund (IMF) used funds amounting to between U.S. $40 billion and U.S. $50 billion to rescue Mexico from its crisis. This time, however, the IMF used U.S. $57 billion to assist South Korea, and the IMF, the World Bank, and the United States have, up to now, thrown U.S. $113 billion into a rescue action to assist East Asia. This is much more than was used in Mexico, but the amount is far from sufficient. It is estimated that the crisis has already caused bad debts of more than U.S. $100 billion for Southeast Asian banks, and South Korea's bad debts also surpass U.S. $100 billion. The Southeast Asian financial crisis has damaged the countries in that region not only by greatly depreciating their currencies, but also by sharply curtailing their economic growth.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320140","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320146
Nie Changhong
Since the 1990s, financial crises, with monetary crises as their starting point, have broken out three times in succession in the world, in some countries ultimately resulting in an economic crisis and even bringing on economic panic.
{"title":"International Financial Crises","authors":"Nie Changhong","doi":"10.2753/CES1097-1475320146","DOIUrl":"https://doi.org/10.2753/CES1097-1475320146","url":null,"abstract":"Since the 1990s, financial crises, with monetary crises as their starting point, have broken out three times in succession in the world, in some countries ultimately resulting in an economic crisis and even bringing on economic panic.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320146","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-147532018
Han Zhenshe
In the fourth quarter of 1997, a serious financial crisis took place in South Korea. The exchange rate and stock price index plunged sharply, credit interest rates zoomed upward, South Korea's foreign debt payments capability dried up, bank credit fell disastrously, and the financial order descended into chaos. Scholars in China and abroad believe that, although the South Korean financial crisis is closely connected with such factors as the Southeast Asian financial crisis, the devaluation of the Japanese yen, and the activities of international speculative forces, the principal causes are internal.
{"title":"The South Korean Financial Crisis and Its Revelations","authors":"Han Zhenshe","doi":"10.2753/CES1097-147532018","DOIUrl":"https://doi.org/10.2753/CES1097-147532018","url":null,"abstract":"In the fourth quarter of 1997, a serious financial crisis took place in South Korea. The exchange rate and stock price index plunged sharply, credit interest rates zoomed upward, South Korea's foreign debt payments capability dried up, bank credit fell disastrously, and the financial order descended into chaos. Scholars in China and abroad believe that, although the South Korean financial crisis is closely connected with such factors as the Southeast Asian financial crisis, the devaluation of the Japanese yen, and the activities of international speculative forces, the principal causes are internal.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-147532018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320123
L. Yifu
The East Asian Financial Crisis that started last year has had an enormous impact on the economies of Asia and other regions. The economies of South Korea, Thailand, Malaysia, and Indonesia have lost nearly U.S. $600 billion, and the per capita income levels in these countries, in terms of U.S. dollars, have all at once moved back more than a decade.
{"title":"Experiences and Lessons for China from the East Asian Financial Crisis","authors":"L. Yifu","doi":"10.2753/CES1097-1475320123","DOIUrl":"https://doi.org/10.2753/CES1097-1475320123","url":null,"abstract":"The East Asian Financial Crisis that started last year has had an enormous impact on the economies of Asia and other regions. The economies of South Korea, Thailand, Malaysia, and Indonesia have lost nearly U.S. $600 billion, and the per capita income levels in these countries, in terms of U.S. dollars, have all at once moved back more than a decade.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320123","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1999-01-01DOI: 10.2753/CES1097-1475320168
Zhongzhi He
The prospects of the Southeast Asian financial crisis are as yet difficult to predict. In order to realize sustained and sound development of China's national economy, we must focus on successfully accomplishing the following things: Further expand domestic demand, expand foreign trade imports, do a good job of attracting and utilizing foreign capital, strengthen foreign exchange and foreign debt management, strengthen financial supervision, and guard against and dispel financial hazards.
{"title":"Dispel the Effect of the \"Crisis\" and Maintain the Growth Momentum","authors":"Zhongzhi He","doi":"10.2753/CES1097-1475320168","DOIUrl":"https://doi.org/10.2753/CES1097-1475320168","url":null,"abstract":"The prospects of the Southeast Asian financial crisis are as yet difficult to predict. In order to realize sustained and sound development of China's national economy, we must focus on successfully accomplishing the following things: Further expand domestic demand, expand foreign trade imports, do a good job of attracting and utilizing foreign capital, strengthen foreign exchange and foreign debt management, strengthen financial supervision, and guard against and dispel financial hazards.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1999-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475320168","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69417044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-11-01DOI: 10.2753/CES1097-1475310621
Renshou Zhang
Different stages of economic development require different solutions for major tasks. The present stage of economic development is industrial in nature, and the scale and level of industrial development for a country or region decide, to a great extent, the features, strength, and stamina of its national economy. Therefore, a correct understanding of the stage that Zhejiang's industrialization has reached is the major prerequisite for grasping trends in economic development and probing a train of thought for economic work.
{"title":"Document 2: Structural Adjustment: Key Issues Concerning the Development of Zhejiang's Economy into the Next Century","authors":"Renshou Zhang","doi":"10.2753/CES1097-1475310621","DOIUrl":"https://doi.org/10.2753/CES1097-1475310621","url":null,"abstract":"Different stages of economic development require different solutions for major tasks. The present stage of economic development is industrial in nature, and the scale and level of industrial development for a country or region decide, to a great extent, the features, strength, and stamina of its national economy. Therefore, a correct understanding of the stage that Zhejiang's industrialization has reached is the major prerequisite for grasping trends in economic development and probing a train of thought for economic work.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1998-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475310621","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-11-01DOI: 10.2753/CES1097-1475310675
Jin Yuanhuan, Wang Jianyu
In studying the development process, features, and trends of Zhejiang's regional economy, it is not difficult to come up with the thesis of "Zhejiang's two centers." The theory of Zhejiang's two centers refers to Hangzhou as Zhejiang's political, cultural, and tourist center, and Ningbo as its economic, commercial, and port and sea-trading center.
{"title":"Document 10: On Zhejiang's Two Centers","authors":"Jin Yuanhuan, Wang Jianyu","doi":"10.2753/CES1097-1475310675","DOIUrl":"https://doi.org/10.2753/CES1097-1475310675","url":null,"abstract":"In studying the development process, features, and trends of Zhejiang's regional economy, it is not difficult to come up with the thesis of \"Zhejiang's two centers.\" The theory of Zhejiang's two centers refers to Hangzhou as Zhejiang's political, cultural, and tourist center, and Ningbo as its economic, commercial, and port and sea-trading center.","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1998-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475310675","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416871","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1998-11-01DOI: 10.2753/CES1097-1475310671
Li Wangming, Ye Xinyue, Yang Jianjun
{"title":"Document 9: An Illuminating Comparison of Urban Development Between Zhejiang and Guangdong","authors":"Li Wangming, Ye Xinyue, Yang Jianjun","doi":"10.2753/CES1097-1475310671","DOIUrl":"https://doi.org/10.2753/CES1097-1475310671","url":null,"abstract":"","PeriodicalId":45785,"journal":{"name":"CHINESE ECONOMY","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"1998-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2753/CES1097-1475310671","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69416865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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