China in the New Structure of World Economy

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A. Salitskii, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (sal.55@mail.ru).
V. Tatsii, “Gazprombank”, 16/1, Nametkina Str., Moscow, 117420, Russian Federation; “RusHydro”, 7, Malaya Dmitrovka Str., Moscow, 127006, Russian Federation (V.Tatsiy@gazprombank.ru)



Abstract

The Asian crisis of 1997-1998 highlighted the full value of China's foreign trade. The global crisis of 2008-2009 proved the nation’s ability to develop its economy basing on the internal factors. The heterogeneity and multi-sector structure, in combination with the ascendancy of the public sector and domination of the central government, ensure the required “depth” of country's economy development. So far, China forms zones of stability in the economies of the closely collaborating countries. During the recent crisis, China's imports fell much less than the world trade in general. Respectively, Chinese trade and economic partners enjoyed better opportunities to pass through the difficult period. In addition, one should note the desire of the Beijing authorities to smoothen the fluctuations in the market conditions, as well as to prevent overheating and overcooling of the domestic economy. This is well seen in the local stock market situation which is gradually gaining depth and becoming less volatile. China successfully manages a smooth change of the Renminbi’s exchange rate. This is directed for well-being of the Chinese producers and exporters, but objectively it is beneficial to their partners as well. China is becoming a new economic center of the world, which will attract the main trade and financial flows of the neighboring countries.


Keywords

China, new structure of world economy, mainstream, depth of development, industry, capital intensity of growth, ”sâokan”, planning, economic center, financial economics


Registered in system SCIENCE INDEX

For citation:
Salitskii A., Tatsii V. China in the New Structure of World Economy. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2011, No 11, pp. 72-77



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