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Index
Cover
Contents
Title
Copyright
Dedication
Foreword by Yang Yongxin
Preface
Acknowledgments
Introduction by Frank-Jürgen Richter
Part One: China as the World’s Leading Producing, Exporting, and Financial Power: To What Extent, Where, and Why?
Chapter 1: GDP: Toward the U.S.-China Duopoly
Notes
Chapter 2: Manufacturing Output: China Is Already the Number One
Note
Chapter 3: Merchandise Exports: From China’s Lead to China’s Dominance?
Chapter 4: Where China Is Leading and Where It Is Not
Group One Industries: China Is the Top Producer and the Top Exporter
Group Two Industries: China Is the Top Producer, but Not the Top Exporter
Group Three Industries: China Is Neither the Top Producer Nor a Major Exporter
Key Features of China’s Manufacturing Lead
Anatomy of China’s Merchandise Trade Surplus
Net Exporter and Net Importer Sectors
Domestic Private Companies Have Become the Major Surplus Creators
Note
Chapter 5: Chinese Domestic Manufacturers versus Western Manufacturers
The Four Segments Analytical Framework
Chinese Manufacturers’ Global Offensive: Four Stages
Western Manufacturers: A New Way of Thinking Is Required
Option One: Stay at Home and Differentiate the Product
Option Two: Move to China
Western Governments Have to Initiate an Export Counteroffensive
Chapter 6: A Big Battle for the Chinese Market
China-Bound Exports of Capital Goods: East Asia Is Leading
China-Bound Exports of Consumer Goods: Opportunities Are There, but You Have to Work Hard Not to Miss Them
China Trap
At-Home Chinese Companies Are Active in the High-End Niche
Competition with Domestic Capital Goods Makers Is Getting Really Tough
Chapter 7: Global Services Market: The West’s Edge and China as Number Five
China Joins the Ranks of Leading Services Exporters, but the United States Is Far Ahead
China’s Trade Deficit
China Has a Structural Weakness in Services That Is Difficult to Overcome
The U.S. and EU Surpluses in the Services Trade with China Are Meager
The Right Time to Capture the Chinese Market
Note
Chapter 8: Is China a New Financial Superpower?
China’s Overseas Assets
$3 Trillion-Plus Foreign Reserves: Implications for China and for the West
China Has Become the Largest International Lender for Developing Countries
China’s Outbound Foreign Investment: Accelerating, but the Lag Remains
Chinese Households’ Financial Assets: Still Tiny
Is China a New Financial Superpower? Yes and No
Conclusions
Part Two: The Global Downturn and Beyond: Western Capitalism and Chinese Capitalism
Chapter 9: The Global Crisis Was Not Really Global
Chapter 10: Western Crisis: Three Major Factors
Unaffordable Consumption and Households Deeper in Debt
Gambling Capitalism
The Failure of State Regulation, Corporate Governance, and Business Morality
Chapter 11: Still, Western Capitalism Is Alive, But. . . .
Calm Down: No End of Capitalism
Soaring Public Debts as the Biggest Crocodile
The Welfare State Has to Be Trimmed More and Faster
Chapter 12: Is China Structurally Stronger Than the West?
Improvement of Lending Practices and Persistent Fight with Overheating
Enhancing Regulatory Standards for Banks
Healthy Public Finance
Chapter 13: The Chinese Model of Capitalism
The Need for a New Conceptual Framework
The Chinese System Is Not State Capitalism: A Great Shift to Private Property
Creating Market-Style State-Owned Companies
Fierce Competition and the Culture of Self-Responsibility
Chinese Capitalism: Definition
A Digression about China’s Structural Weaknesses and Political Evolution
Chapter 14: Global Rebalancing Will Not Be Easy
Can the Idea Work?
Private Consumption in China Is Already Growing Fast
Yet Expansion of China’s Domestic Demand Is One Thing, and Rebalancing Is Another
Too Rapid Increase of China’s Consumption May Have Dire Side Effects
Present Position: Imbalance or Equilibrium?
Conclusions
Part Three: The China-West Economic Wars: And the Winner is. . . .
Chapter 15: China’s Choice Is to Further Expand Trade Surpluses and Keep the Yuan Weak
The Rationale for Not Appreciating the Yuan Faster
The Rationale for Increasing Savings and Exports Rather than Consumption
Chapter 16: Environment: China Going Its Own Way
Global Climate Talks: Doubts Remain If Not Increase
Concern about the Impact on Growth
A Wider Angle Is Needed
China’s Pro-Environmental Drive
China-West Environmental Cooperation
China As a New World Leader in Green Business?
Chapter 17: A Fight for Natural Resources: China Sets New Rules of the Game
Changes in the Global Markets
Chinese Model of Tapping Resources
African Saga
He Acts While Other Men Just Talk
China Has Become a Major Source of Development Aid
Chapter 18: Indigenous Innovation: Seeking to Command Advanced Technologies by All Means
The West is Creating China as a New Technological Superpower
Soaring Foreign Investment in R&D Centers and Production Upgrading
China’s Technological Strategy
Technology Transfer Enforcement
Chapter 19: Company Acquisitions: Chinese Are More Active than Westerners
Acquisitions Asymmetry
The Chinese Government Is Tightening Regulations
Western Governments Are Blocking Chinese Acquisitions of Technology and Resource Firms
Chinese Acquirers Are Backed by the State
Conclusion: The West Needs a Cohesive China Policy and Unconventional Responses to China-Posed Challenges
Epilogue: China, the West, and the World
References
About the Author
Index
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