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Ec 2128

Sep., 2017

1. Who is China’s current paramount leader? When did he become paramount leader

1. Who is China’s current paramount leader? When did he become paramount leader?

Xi Jinping: (习近平) Born 1953, President of China (March 2013), General Secretary

of the Communist Party of China, and the Chairman of the Central

Military Commission. Graduate of Tsinghua University. Previously was

Vice President, Member of the powerful Politburo Standing Committee, and

Governor of Fujian and Zhejiang provinces.

Another person you should know: Second in command.

Li Keqiang (李克强): Born 1955, Premier of China, head of government

and in charge of economic policy, member of Politburo Standing Committee. Studied

law and economics at Peking University. Previous posts include Vice Premier,

Governor of Henan, Party Secretary of Liaoning.

2. Name China’s past four paramount leaders.

Mao Zedong: (毛泽东) Born 1893, died 1976. Revolutionary Leader and Chairman

of the CCP. Paramount leader in China until his death. Hugely influential, but

disagreement over the extent to which his influence was positive or negative. After

his death, eliminated the position of “Chairman” of the CCP. Now “Secretary General”

is the top job.

Deng Xiaoping: (邓小平) Born 1905, died 1997. Succeeded Mao as paramount leader,

From about 1978 until his death at the age of 92. Although he did not necessarily hold

The highest official posts, he was the paramount leader. An old-time revolutionary,

involved in Chinese politics as member of the Central Committee, Politburo, and

Secretary General of the CCP under Mao, but out of power in some periods.

Jiang Zemin: (江泽民) Born 1926. Engineer, various posts under Mao including

a factory manager. Became mayor of Shanghai in 1985, member of Politburo in 1987,

President of China and Chair, Central Military Commission, in 1993. Became heir

apparent to Deng and Secretary General of the Central Committee of the CCP in

June 1989 after Tiananmen. Full leadership in 1997 after Deng’s death.

Stepped down as Secretary General in Nov., 2002. He is thought to still wield power

behind the scenes.

Hu Jintao: (胡锦涛 ) Born 1942. Engineer trained at Qinghua University. In

1980s-90s held leadership posts in Guizhou, Tibet. In the early 1990s assumed several central posts, e.g., member of Standing Committee of the Politburo, vice-chair of Central Military Commission. Nov., 2002, succeeded Jiang as General Secretary of the CCP Central Committee.

Footnote

Hua Guofeng, Hu Yaobang, Zhao Ziyang.

Generations of leadership

- Mao: 1

- Deng: 2

- Jiang: 3

- Hu: 4

- Xi: 5

3. In what year was the People's Republic of China established?

1949

4. In about what year did China begin to reform its planned socialist economy and introduce market reforms?

Typically dated from 1978 meeting

of 3rd Plenary Session of the 11th Central Committee of the CCP. At this meeting, discarded emphasis on “class struggle” as key link, and replaced it with socialist modernization and development of the productive forces.

5. When did China join the WTO?

December 11, 2001.

Note: China was a founding member of the GATT , the parent organization of the WTO, which was established in 1948. So, technically speaking, China “acceded to” rather than “joined” the WTO in 2001.

6. In the past two decades, China’s economic performance has been…

The best or close to the best in the world 53%

Above average 39%

Average 4%

Below average 4%

6. In the past two decades, China’s economic performance has been…

It depends on the definition of economic performance, and time frame, but based on growth in GDP or GDP per capita in recent years:

The best or close to the best in the world

Above average

Average

Below average

Note: Table excludes Iraq, Afghanistan, and economies with

fewer than 10 mill. people.

http://www.economist.com/blogs/dailychart/2011/01/daily_chart

7. According to recent reports, China’s GDP per capita in US$ terms is about…

$7,900 56%

$14,200 29%

$15,700 13%

All of the above 2%

7. According to recent reports, China’s GDP per capita in US$ terms is about…

$7,900 (nominal exchange rate x official GDP per capita)

$14,200 (PPP exchange rate x official GDP per capita)

$15,700 (PPP exchange rate x alternate estimate of GDP per capita)

All of the above

8. Which five year plan is currently underway?

a. the 7th Five Year Plan 4%

b. the 12th Five Year Plan 26%

c. the 13th Five Year Plan 66%

d. Since introducing market reforms China has stopped using five year plans 4%

8. Which five year plan is currently underway?

a. the 7th Five Year Plan

b. the 12th Five Year Plan

c. the 13th Five Year Plan

d. Since introducing market reforms China has stopped using five year plans

Timeline

1949: PRC

1953-1957: 1st FYP

1958-1962: 2nd FYP

1966-1970: 3rd FYP (gap because of the Great Leap Forward)

Continues every five year…

2011-2015: 12th FYP

2016-2020: 13th FYP

https://www.youtube.com/watch?v=LhLrHCKMqyM

9.a Before the market reforms, China’s economic policies followed Marx’s blueprint for economic development.

Disagree Agree

1 2 3 4 5

12% 12% 24% 27% 24%

Note: Total may not add up to 100% due to missing responses.

9.a Before the market reforms, China’s economic policies followed Marx’s blueprint for economic development.

Disagree Agree

1 2 3 4 5

9.a Before the market reforms, China’s economic policies followed Marx’s blueprint for economic development.

Disagree Agree

1 2 3 4 5

Marx described the historical process of development, but did not provide a blueprint

Socialist revolutions in China, USSR, Cuba, etc., earlier than Marx predicted

These countries had to figure out development strategy to get to socialism

“cross the river by feeling the stones” by Chen Yun 摸着石头过河

9.b China’s economic market reforms have transformed it into a capitalist market economy.

Disagree Agree

1 2 3 4 5

24% 18% 29% 16% 12%

9.b China’s economic market reforms have transformed it into a capitalist market economy.

Disagree Agree

1 2 3 4 5

What is a “capitalist market economy”?

Private ownership/property rights

Allocation through price mechanism via markets

Micro behavior driven by profit, utility maximization

Such features exist in China, but to varying degrees

9.c Strict population control is necessary if China wants to sustain growth in per capita incomes.

Disagree Agree

1 2 3 4 5

10% 10% 21% 31% 27%

9.c Strict population control is necessary if China wants to sustain growth in per capita incomes.

Disagree Agree

1 2 3 4 5

9.c Strict population control is necessary if China wants to sustain growth in per capita incomes.

Disagree Agree

1 2 3 4 5

China has a very low fertility rate (1.4-1.5)

Rapid population aging, declining labor force

Sex ratio at birth: 116 boys to 100 girls in 2014

http://america.cgtn.com/2015/01/05/chinese-fertility-rate-drops-into-low-fertility-trap

One-child policy

1979: China introduced the one-child policy

2013: allow second child if one parent is an only child

2016: two-child policy

Better policies:

Improvement in female education

Rising female participation in the workforce

Improvement in social security

9.d In the post-Mao reform era China has experienced rising inequality and poverty

Disagree Agree

1 2 3 4 5

8% 19% 25% 31% 17%

9.d In the post-Mao reform era China has experienced rising inequality and poverty

Disagree Agree

1 2 3 4 5

9.d In the post-Mao reform era China has experienced rising inequality and poverty

Disagree Agree

1 2 3 4 5

Poverty has declined immensely

Inequality rose to 2008, then started declining

9.e China’s growth in recent decades has been export-led, i.e., exports have been a key driver of GDP growth.

Disagree Agree

1 2 3 4 5

4% 4% 21% 42% 29%

9.e China’s growth in recent decades has been export-led, i.e., exports have been a key driver of GDP growth.

Disagree Agree

1 2 3 4 5

9.e China’s growth in recent decades has been export-led, i.e., exports have been a key driver of GDP growth.

Disagree Agree

1 2 3 4 5

Exports important, but:

Growth has largely been investment led

Mostly investment is domestic, not foreign

Export/GDP ratio overstates importance of exports

Final note

You’ll know more about China at the end of this course (hopefully…)