2005-2006 Complete Record of China's Economy - Events

Author: None
Publisher:
Publish Date: 2007-01-01
Features: The Chinese economy during 2005–2006 experienced intense fluctuations. At the macro level, the RMB under pressure, its foreign exchange reserves hitting record highs, the real estate sector under macroeconomic regulation, the metaphorical bankruptcy of universities' economies, industrial upgrading swept by globalization and merger waves, and the undervalued banking sector all presented a situation unseen before in China's economic history. Such a situation forced various economic entities to display transformed forms: state-owned enterprises (SOEs) sought new totems like Temasek, attempting to find new paths to cure their ailments through corporate governance, while the government-enterprise partnership enjoyed the dual benefits of the market and planning in the dark. State-owned asset reformers struggled with difficult choices between the market and ideology. If before 2004, China was still immersed in the imagination of its economic miracle and how to sustain it, then after 2004, what we saw was the war between the miracle and its shadow. Clearly, the theme of the era had shifted from endless growth to how to fight the enemies hidden beneath the wings of rapid growth. Without a doubt, this struggle is both painful and long. What is even more concerning is that we have no certainty of winning. The authors of this book strive to record and reflect on these "events" through their pens, hoping to bring some rational voices to the Chinese economy caught in these "events."