Asia’s Giants in the World Economy: China and India

2013 ◽  
Author(s):  
Erich Weede
Keyword(s):  
World Economy ◽  
China And India ◽  
The World

scholarly journals "China and India: Macro Economic Prospects and Problems "

2008 ◽  
Vol 7 (2) ◽  
pp. 1
Author(s):  
B. Syed Fazlul Huq
Keyword(s):  
World Economy ◽  
Economic Reforms ◽  
The Political ◽  
Political Environment ◽  
State Control ◽  
Economic Issues ◽  
China And India ◽  
The World ◽  
Political Freedoms ◽  
Similar Development

This paper draws on "China and India: Macroeconomic prospects and problems." China and India had similar development strategies prior to their breaking out of their deliberate insulation from the world economy and the ushering in of market-oriented economic reforms and liberalization. China began reforming its closed, centrally planned, non-market economy in 1978. India always had a large private sector and functioning markets, which were subject to rigid, state control until the hesitant and piecemeal reforms of the 1980s. These became systemic and far broader after India experienced a severe macroeconomic crisis in 1991. The political environment under which reforms were initiated and implemented in the two countries and their consequences were very different. India continues to be an open, participatory, multiparty democracy, while China has an authoritarian, one party regime, though it is liberalizing policies. China and India have a lot to gain, both from trading with each other and cooperating in the WTO. Each can learn from the other's policies, their successes and failures. This paper discusses a subset of economic issues common to both countries without touching on others, such as privatization of SOEs, reforms of the labour market (e.g., dealing with the "hokou" system in China and labour laws in India), financial sector reforms and, above all, political reforms. Although it may sound chauvinistic and naive, there is no doubt that China can learn a lot from the functioning of a vibrant, but somewhat chaotic, multiparty participatory democracy in India. After all, as the Chinese become richer and economically free, they are likely to demand personal and political freedoms. Hopefully, the Communist Party of China will anticipate and accommodate such demands, as it seems to have started doing already.

India and the World Economy

China–India ◽  
2014 ◽  
Author(s):  
Vijay Joshi ◽  
Devesh Kapur
Keyword(s):  
Global Economy ◽  
World Economy ◽  
Economic Policies ◽  
Closed Economies ◽  
China And India ◽  
The People ◽  
The World ◽  
Global Action ◽  
Direction Effect ◽  
Opening Up

The paper aims to analyse three questions which arise naturally in examining India’s closer engagement with the world economy in the last two decades. First, how has it evolved and what is its extent? Second, what is its impact on India? Third, what is its impact on the world? Evolution and Extent: For four decades after independence, India’s economic policies had a marked autarkic bias and by 1990 it had become one of the most closed economies in the world. A major goal of the historic reforms launched in 1991 was to reintegrate the country into the global economy, and there has been a progressive move in this direction Effect on India: In post-independent India, many sceptical voices made dire predictions about the effects of opening up, such as deindustrialisation and destabilisation of the economy, and impoverishment of the people. After opening-up, these alarming prophecies did not materialise. Undesirable features of India’s development, such as inadequate poverty alleviation despite rapid growth, have domestic causes and are not the result of globalisation. Effect on the World: India’s effect on the world economy is growing but has to be seen in the context of China’s simultaneous rapid rise. It is very likely that on all the major contentious global economic issues such as exchange rate coordination, trade liberalisation, and climate change mitigation, global action will have to involve the participation of China and India. For good or ill, China and India will matter in the 21st century both for each other and for the world.

At a Glance…

2002 ◽  
Vol 182 ◽  
pp. 2-3
Keyword(s):  
Euro Area ◽  
World Economy ◽  
Budget Deficit ◽  
The United States ◽  
List Type ◽  
China And India ◽  
The World ◽  
Strong Performance ◽  
Low Levels ◽  
The Stability

We have lowered our forecast for OECD economic growth in 2003 to 2.4 per cent.The world economy will grow more strongly, by 3.4 per cent, helped by a strong performance by China and India.The United States will grow by 2.3 per cent in 2002 and by 2.5 per cent next year.The Euro Area will grow by just 0.9 per cent in 2002 and by 2.1 per cent in 2003.Germany will be the slowest growing country in the Euro Area in both 2002 and 2003 and this year's budget deficit will breach the stability pact's limit of 3 per cent of GDP.After shrinking by 0.6 per cent this year, Japan's economy will grow by 1.1 per cent in 2003.Inflation is set to be at historically low levels, but widespread price deflation does not yet appear imminent.

How will growth in China and India affect the world economy?

2009 ◽  
Vol 145 (3) ◽  
pp. 551-571 ◽  
Author(s):  
Betina Dimaranan ◽  
Elena Ianchovichina ◽  
Will Martin
Keyword(s):  
World Economy ◽  
China And India ◽  
The World

The World Economy

2003 ◽  
Vol 184 ◽  
pp. 9-35
Keyword(s):  
Latin America ◽  
World Economy ◽  
Oil Prices ◽  
Output Growth ◽  
Annual Rate ◽  
China And India ◽  
The Us ◽  
The World ◽  
The Impact ◽  
World Output

World output growth continues to recover from its trough in 2001, albeit rather hesitantly. The slowdown in output growth in 2001 was largely centred in the OECD, with the US, Japan and Germany all recording growth below 1 per cent. In the last three years growth has been robust in other regions, but particularly in Asia, with China and India growing rapidly. Even Latin America is expected to show some signs of recovery this year after the currency related disruptions it experienced in 2002. It is becoming clear that 2002 saw reasonably strong output growth of 2.8 per cent in aggregate, rising from 2.2 per cent in 2001. Our forecast for 2003 is that the annual rate of output growth in the world will continue to increase, but weakness in a number of countries, including the US, at the end of 2002 suggests that it will not accelerate further into next year. The impact of the realignment of the dollar and the euro will also hold back world growth slightly this year and next. Our forecasts for output growth and inflation along with trade and oil prices are set out in Table 1.

Russia and China: The Vector of Development of Economic Cooperation

2004 ◽  
pp. 113-122
Author(s):  
L. Kabir
Keyword(s):  
World Economy ◽  
Economic Cooperation ◽  
Point Of View ◽  
Basic Commodity ◽  
The World ◽  
Economic Ties

This article considers the basic tendencies of development of trade and economic cooperation of the two countries with accent on increasing volumes and consolidating trade and economic ties in Russian-Chinese relations. The author compares Russian and Chinese participation in the world economy and analyzes the counter trade from the point of view of basic commodity groups.

Sign in / Sign up

Export Citation Format

Share Document