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

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

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Bibliographic Details
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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)
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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.

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