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The aim of this course is to offer a broad coverage of key issues in economy and business in contemporary China. It would be particularly appropriate for students who have not studied economic issues in any depth before. The 1978 reform of China has produced a fastest growing economy in the world with an astonishing GDP growth rate annually. Since 2004, China has become the second largest economy of the world after USA. In addition, it carries the world’s largest foreign currency reserves. Students will acquire a comprehensive understanding of Chinese business and economy in the light of its recent successes and the challenges that China may face in sustaining rapid economic growth. Understanding Chinese business and economic development requires a basic appreciation of her past. This course draws on research in history, foreign trades, and political, economic, socio-cultural, technological (PEST) perspectives. Students are required to apply fundamental economic principles to illustrate a series of plausible of causes and effects brought about the advances of ‘China Inc.’ in relation to her impacts to the world economy and globalization. Finally, an emphasis is placed on encouraging students to adopt a common-sense approach in examining contentious issues about China’s ideology and technological development. 

Week 1: Introduction to the Chinese business and economy 

Week 2: Economic development of China in perspective

Week 3: China’s rise and fall (pre-1949): The Needham puzzle 

Week 4: Failure of Socialist revolution and the factor endowment structure

Week 5: China and the world economy – International trade and foreign direct investment

Week 6: National strategy on economic growth – Comparative Advantages Defying (CAD) v Comparative
Advantages Following (CAF)

Week 7: Revision and Mid-term examination

Week 8: Looking to the future: China’s fundamental institutions and reform

Week 9: “State Capitalism” and the reform of Chinese financial system

Week 10: Urban Economy: Ownership and corporate governance (CG)

Week 11: Urban Economy: Technology and industrial policy

Week 12: Sustainability and knowledge-based economy

Week 13: Macroeconomic Policy: Instruments and outcomes

Research report: 20%

Mid-term examination: 30%

Final term paper: 40%

Attendance; 10%

Attention is drawn to University policy and regulations on honesty in academic work, and to the disciplinary
guidelines and procedures applicable to breaches of such policy and regulations. Details may be found at
http://www.cuhk.edu.hk/policy/academichonesty/.With each assignment, students will be
required to submit a signed declaration that they are aware of the policies, regulations and procedures.