Building an Olive-Shaped Society : : Economic Growth, Income Distribution and Public Policies in China.

• Author: CICC Research, CICC Global Institute
• Place / Publishing House: Singapore : : Springer Singapore Pte. Limited,, 2024.; ©2024.
• Year of Publication: 2024
• Edition: 1st ed.
• Language: English
• Physical Description: 1 online resource (216 pages)

Table of Contents

Intro -- Preface-Toward an Olive-Shaped Society -- Growth and Equity in the New Stage of Development -- Paths Toward an Olive-Shaped Society -- The Three Dimensions of Inequality -- Measuring Inequality -- Market Allocation and Redistribution -- Understanding Market Mechanisms Accurately -- Correcting Externalities -- Promoting Competition -- Political Economy -- Improving the Structure of Finance -- The Knowledge-Based Economy -- The Boundaries of Government -- Improving the Structure of Income and Expenditure -- Emphasizing the Role of Public Debt -- Contents -- 1 From Pyramids to Olives -- 1.1 Measuring Inequality with Income, Consumption, and Wealth Gini Coefficient -- 1.1.1 The Income Gini Coefficient Has Steadily Decreased Over the Past Decade, but Remains at a High Level -- 1.1.2 Consumption Accounts for a Relatively Small Share of China's Economy, and There Is Considerable Inequality Within the Country -- 1.1.3 Wealth Is Concentrated with Economic Development -- 1.2 Income Distribution in China -- 1.2.1 Income Structure: Pyramid Versus Olive -- 1.2.2 Raising the Middle-Income Level and Expanding the Middle-Income Group -- 1.2.3 The Low-Income Group Mainly Lives in Rural Areas -- 1.3 Urban-Rural, Regional, and Intergenerational Disparities in China -- 1.3.1 Urban-Rural Disparity: Institutional Cost of Rural-Urban Mobility Should Be Reduced -- 1.3.2 Regional Disparity: Effective Policy Interventions Help Improve Both Efficiency and Equality -- 1.3.3 Intergenerational Disparity: Urgent Need for Further Policy Intervention -- 1.4 Income Distribution from a Macro Perspective -- 1.4.1 Two Features of China's Income Distribution -- 1.4.2 Problems of the Primary Distribution -- 1.4.3 Insufficient Effects of Redistribution -- References -- 2 Building a Unified and Inclusive Labor Market.

2.1 The Status-Quo and Development Goals of China's Labor Market -- 2.2 Three Major Challenges of China's Labor Market from an Institutional Perspective -- 2.2.1 Challenge 1: Multiple Dualistic Structures Exist in the Labor Market, Which Affects Both Efficiency and Equity -- 2.2.2 Challenge 2: Mismatch Between the Labor Market System and the Changing Society -- 2.2.3 Challenge 3: Building a Resilient Labor Protection Regime and Improving Workers' Voice -- 2.3 Concluding Remarks -- References -- 3 Real Estate: Returning to Real Demand and Reducing Excessive Financialization -- 3.1 Excessive Financialization of China's Land Market and Uneven Distribution of Land Rent -- 3.1.1 As a Factor of Production, Land Has Features of Being Both Monopoly Goods and Financial Assets -- 3.1.2 Financialization and Uneven Distribution of Land Rent Increases Wealth Inequality -- 3.2 Housing Market: Imbalanced Resource Distribution and an Imperative Need to Restore the Status of Housing as a Consumer Product -- 3.2.1 Major Problems in China's Housing Market -- 3.2.2 Restoring the Attribute of Housing as a Consumer Product -- References -- 4 Balancing Regional Development and Carbon Emission Constraints -- 4.1 High-Quality Development Under Carbon Emission Constraints: Focusing on the Imbalance in Regional Development -- 4.1.1 Abatement Costs Vary Greatly Among Chinese Province-Level Regions -- Pursuit of Efficiency Alone Will Bring Challenges to Fairness -- 4.1.2 The Carbon Constraint Will Become Tight Under the Carbon Neutral Strategy, and the Problem of Unbalanced Regional Economic Development May Intensify -- 4.2 Carbon Emission Constraints Exacerbate Regional Imbalances: Who Is Bearing the Cost of Abatement? -- 4.2.1 China's High-Energy-Consuming Industries Have Weak Cost Pass-through Capabilities, and They May Bear Most of the Cost of Emission Reduction.

4.2.2 High-Carbon Industries Should Bear More Abatement Costs, but the Distribution Is Unequal -- 4.3 Building an Effective Policy System: Reasonable Sharing of Costs and Fair Compensation for Green Transformation -- 4.3.1 Reasonable Cost-Sharing Policy Tools -- 4.3.2 Policy Tools for Equitable Compensation for Green Transformation -- 4.4 Policy Actors in Different Stages of Emission Reduction -- References -- 5 Sharing Infrastructure and Improving Operational Efficiency -- 5.1 Status-Quo of China's Infrastructure Development -- 5.1.1 Infrastructure Promotes Efficiency and Contributes to Equity -- 5.1.2 Achievements and Problems of China's Infrastructure Development -- 5.2 Disparities in Infrastructure Development in China -- 5.2.1 Regional Disparity in Infrastructure Is Narrowing, but Urban-Rural Gap Remains Wide -- 5.2.2 Disparity Is Narrow in Production-Oriented Infrastructure, but Remains Significant in Consumption-oriented Infrastructure -- 5.3 The Operation and Management of China's Infrastructure -- 5.3.1 Sources of Funding: Local Governments Accounts for a High Proportion of Funding Which Should Be Diversified -- 5.3.2 The Operational Efficiency Needs Improvement -- References -- 6 Establishing Equitable and Efficient Systems for Education and Healthcare -- 6.1 Education and Healthcare Are the Cornerstones for Sharing the Fruits of Economic Development and Promoting Social Equity -- 6.1.1 The Mutual Promotion Between Education, Healthcare, and Economic Growth -- 6.1.2 The Improvement of Education and Healthcare Will Promote Social Progress -- 6.1.3 Establishing Equitable and Efficient Systems for Education and Healthcare Is Essential for Achieving Common Prosperity -- 6.2 Problems and Underlying Causes of China's Education and Healthcare Systems.

6.2.1 Insufficient Funding and Incomplete Institutional Systems Are Two Primary Long-Term Constraints Hindering the High-Quality Development of China's Education System -- 6.2.2 Constraints on the Development of Education at Each Stage Due to Insufficient Funding and Incomplete Institutional System -- 6.2.3 "Seeking Care Is Difficult" and "Seeking Care Is Expensive" Are Still the Main Problems of China's Healthcare System -- 6.2.4 "Seeking Care Is Difficult" and "Seeking Care Is Expensive" Are Primarily Caused by Inadequate Capacity of Insurance and Uneven Allocation of Resources -- 6.3 Establishing the High-Quality Education for All -- 6.3.1 Increasing Fiscal Investment in Education -- 6.3.2 Clarifying the Policy Focus for Different Stages of Education -- 6.4 Promoting the Equal and Fair Provision of Basic Medical Services for All -- 6.4.1 Improving the Depth of Health Insurance Coverage -- 6.4.2 Improving the Quality and Efficiency of Medical Services -- 6.4.3 Stimulating the Innovative Vitality of the Pharmaceutical Industry -- References -- 7 Joining the Hands of Government and Society to Leverage the Role of Public Finance and Charity -- 7.1 Enhancing the Progressivity of China's Tax Burden -- 7.1.1 Types and Incidence of Taxation in China -- 7.1.2 The Current Tax System Is Not Very Effective in Redistribution -- 7.1.3 Direction of Tax System Reform -- 7.2 Rationalizing the Structure of Government Expenditure: More Equality in Public Service and Transfer Payments -- 7.2.1 High Expenditure on Economic Affairs, but Low Expenditure on Public Services and Welfare -- 7.2.2 Transfer Payments Targeting Specific Groups of People -- 7.3 Bringing in SOEs for Common Prosperity -- 7.4 Social Security: Returning to Pay-As-You-Go, Improving Sustainability, and Enhancing the Redistributive Effect -- 7.4.1 Fundamentals of China's Social Security System.

7.4.2 Core Issues of the Basic Pension Insurance System -- 7.4.3 External Adjustment: Fiscal Support Is Key -- 7.4.4 Internal Adjustment: Revision to Retirement Age Is the Focus -- 7.5 Exploring the Path of Public Charity with Chinese Characteristics -- 7.5.1 Three Major Challenges for Public Charity in China -- 7.5.2 Factors Affecting the Development of Public Charity in China and Possible Solutions -- References -- 8 The Macro Trend of Asset Prices in the Age of Common Prosperity -- 8.1 The Stylized Relationship Between Asset Price Movements and Changes in the Wealth Inequality -- 8.2 How Changes in Income and Wealth Distribution Affect Asset Pricing -- 8.2.1 Impacts of Income Distribution on the Risk-Free Interest Rate and Risk Premium -- 8.2.2 Impacts of Income Distribution on Corporate Earnings and Return on Capital -- 8.2.3 Impacts of Income Distribution on Economic Growth -- 8.2.4 Impacts of Income Distribution on Industrial Structure -- 8.3 Empirical Analysis of the Income Distribution and Asset Price Performance -- 8.3.1 The US Experience: Low Interest-Rate Environment, Lower Volatility of Financial Asset Valuations, and Convergence of Valuations Between Industries -- 8.3.2 Japan's Experience: Inclusive Growth Through Economic Transformation and Structural Upgrading Under Internal and External Challenges -- 8.4 Investment Trends Amid the Pursuit of Inclusive Growth -- References -- Correction to: Joining the Hands of Government and Society to Leverage the Role of Public Finance and Charity -- Correction to: Chapter 7 in: Building an Olive-Shaped Society, https://doi.org/10.1007/978-981-97-0804-8_7.