Dancing with the Giants: China, India, and the Global Economy
This report takes a dispassionate and critical look at the rise of China and India, and asks questions about this growth: Where is it occurring? Who is benefiting most? Is it sustainable? And what are the implications for the rest of the world? The...
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| Format: | Publication |
| Language: | English en_US |
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Washington, DC : World Bank
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/01/7313934/dancing-giants-china-india-global-economy http://hdl.handle.net/10986/6632 |
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okr-10986-6632 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ABSOLUTE TERMS ACCOUNTING ACTUAL GROWTH ADULT LITERACY AGRICULTURE ALLOCATION OF RESOURCES ANNUAL GROWTH ANNUAL GROWTH RATE AVERAGE GROWTH BASIC EDUCATION BUDGETARY SUPPORT CAPITAL FLOWS CARBON DIOXIDE CIVIL SOCIETY COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVE ADVANTAGE CONSUMPTION GROWTH COUNTRY RISK CURRENT PRICES DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT RESEARCH DISSEMINATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RELATIONS ECONOMICS EMPLOYMENT ENERGY CONSUMPTION ENERGY USE EXCHANGE RATES EXPORT GROWTH EXPORTS FACTOR ACCUMULATION FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOSSIL FUEL CONSUMPTION FREE TRADE FUTURE GROWTH GDP GLOBAL CAMPAIGN GLOBAL ECONOMY GLOBAL MARKETS GLOBAL POVERTY GOOD GOVERNANCE GROSS DOMESTIC PRODUCT GROWTH PATH GROWTH RATES HIGH GROWTH HUMAN CAPITAL INCOME INCOME INEQUALITY INCREASING INEQUALITY INDUSTRIAL REVOLUTION INDUSTRIAL SECTOR INDUSTRIALIZATION INTERNATIONAL ECONOMIC RELATIONS INTERNATIONAL TRADE INVESTMENT CLIMATE LABOR FORCE LABOR FORCE GROWTH LABOR FORCES LEGAL STATUS LITERACY RATES LONG RUN LOW-INCOME COUNTRIES LOW-INCOME COUNTRY LOWER FERTILITY MACROECONOMIC PERFORMANCE MACROECONOMICS MEDIA COVERAGE MIGRATION MINORITY NATIONAL ACCOUNTS NATURAL CAPITAL OIL EQUIVALENT OUTPUT PER CAPITA PACIFIC REGION PER CAPITA INCOMES PETROLEUM EXPORTING COUNTRIES POLICY DEVELOPMENT POLICY ISSUES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY POOR PEOPLE POPULATION GROWTH POPULATION PROJECTIONS POPULATION SHARE POVERTY ALLEVIATION POVERTY RATES POVERTY REDUCTION PRIMARY PRODUCTS PRODUCT MARKETS PRODUCTIVITY GROWTH PUBLIC DEBT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH RURAL AREAS RURAL RESIDENTS SAVINGS SCARCE RESOURCES SECONDARY SCHOOL SECTORAL COMPOSITION SOCIAL INFRASTRUCTURE SOCIAL NORMS STATE-OWNED ENTERPRISES SUBSIDIARY SUSTAINABLE DEVELOPMENT TECHNICAL CHANGE TECHNICAL PROGRESS TELEVISION TERTIARY EDUCATION TFP TOTAL FACTOR PRODUCTIVITY TROUGH UNITED NATIONS POPULATION PROJECTIONS URBAN POPULATION URBANIZATION WAGES WESTERN EUROPE WORKFORCE WORLD CONSUMPTION WORLD HEALTH ORGANIZATION WORLD POPULATION WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
ABSOLUTE TERMS ACCOUNTING ACTUAL GROWTH ADULT LITERACY AGRICULTURE ALLOCATION OF RESOURCES ANNUAL GROWTH ANNUAL GROWTH RATE AVERAGE GROWTH BASIC EDUCATION BUDGETARY SUPPORT CAPITAL FLOWS CARBON DIOXIDE CIVIL SOCIETY COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVE ADVANTAGE CONSUMPTION GROWTH COUNTRY RISK CURRENT PRICES DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT RESEARCH DISSEMINATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RELATIONS ECONOMICS EMPLOYMENT ENERGY CONSUMPTION ENERGY USE EXCHANGE RATES EXPORT GROWTH EXPORTS FACTOR ACCUMULATION FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOSSIL FUEL CONSUMPTION FREE TRADE FUTURE GROWTH GDP GLOBAL CAMPAIGN GLOBAL ECONOMY GLOBAL MARKETS GLOBAL POVERTY GOOD GOVERNANCE GROSS DOMESTIC PRODUCT GROWTH PATH GROWTH RATES HIGH GROWTH HUMAN CAPITAL INCOME INCOME INEQUALITY INCREASING INEQUALITY INDUSTRIAL REVOLUTION INDUSTRIAL SECTOR INDUSTRIALIZATION INTERNATIONAL ECONOMIC RELATIONS INTERNATIONAL TRADE INVESTMENT CLIMATE LABOR FORCE LABOR FORCE GROWTH LABOR FORCES LEGAL STATUS LITERACY RATES LONG RUN LOW-INCOME COUNTRIES LOW-INCOME COUNTRY LOWER FERTILITY MACROECONOMIC PERFORMANCE MACROECONOMICS MEDIA COVERAGE MIGRATION MINORITY NATIONAL ACCOUNTS NATURAL CAPITAL OIL EQUIVALENT OUTPUT PER CAPITA PACIFIC REGION PER CAPITA INCOMES PETROLEUM EXPORTING COUNTRIES POLICY DEVELOPMENT POLICY ISSUES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY POOR PEOPLE POPULATION GROWTH POPULATION PROJECTIONS POPULATION SHARE POVERTY ALLEVIATION POVERTY RATES POVERTY REDUCTION PRIMARY PRODUCTS PRODUCT MARKETS PRODUCTIVITY GROWTH PUBLIC DEBT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH RURAL AREAS RURAL RESIDENTS SAVINGS SCARCE RESOURCES SECONDARY SCHOOL SECTORAL COMPOSITION SOCIAL INFRASTRUCTURE SOCIAL NORMS STATE-OWNED ENTERPRISES SUBSIDIARY SUSTAINABLE DEVELOPMENT TECHNICAL CHANGE TECHNICAL PROGRESS TELEVISION TERTIARY EDUCATION TFP TOTAL FACTOR PRODUCTIVITY TROUGH UNITED NATIONS POPULATION PROJECTIONS URBAN POPULATION URBANIZATION WAGES WESTERN EUROPE WORKFORCE WORLD CONSUMPTION WORLD HEALTH ORGANIZATION WORLD POPULATION WORLD TRADE ORGANIZATION WTO Winters, L. Alan Yusuf, Shahid Dancing with the Giants: China, India, and the Global Economy |
| geographic_facet |
China India |
| description |
This report takes a dispassionate and
critical look at the rise of China and India, and asks
questions about this growth: Where is it occurring? Who is
benefiting most? Is it sustainable? And what are the
implications for the rest of the world? The book considers
whether the giants' growth will be seriously
constrained by weaknesses in governance, growing inequality,
and environmental stresses, and it concludes that this need
not occur. However, it does suggest that the Chinese and
Indian authorities face important challenges in keeping
their investment climates favorable, their inequalities at
levels that do not undermine growth, and their air and water
quality at acceptable levels. The authors also consider
China's and India's interactions with the global
trading and financial systems and their impact on the global
commons, particularly with regard to climate. The book finds
that the giants' growth and trade offer most countries
opportunities to gain economically. However, many countries
will face strong adjustment pressure in manufacturing,
particularly those with competing exports and especially if
the giants' technical progress is strongly export-
enhancing. For a few countries, mainly in Asia, these
pressures could outweigh the economic benefits of larger
markets in, and cheaper imports from, the giants; and the
growth of those countries over the next fifteen years will
be slightly lower as a result. The giants will contribute to
the increase in world commodity and energy prices but they
are not the principal cause of higher oil prices. The
giants' emissions of CO2 will grow strongly, especially
if economic growth is not accompanied by steps to enhance
energy efficiency. At present, a one-time window of
opportunity exists for achieving substantial efficiency
improvements if ambitious current and future investment
plans embody appropriate standards. Moreover, doing so will
not be too costly or curtail growth significantly. From
their relatively small positions at present, the giants will
emerge as significant players in the world financial system
as they grow and liberalize. Rates of reserve asset
accumulation likely will slow, and emerging pressures will
encourage China to reduce its current account surplus. |
| format |
Publications & Research :: Publication |
| author |
Winters, L. Alan Yusuf, Shahid |
| author_facet |
Winters, L. Alan Yusuf, Shahid |
| author_sort |
Winters, L. Alan |
| title |
Dancing with the Giants: China, India, and the Global Economy |
| title_short |
Dancing with the Giants: China, India, and the Global Economy |
| title_full |
Dancing with the Giants: China, India, and the Global Economy |
| title_fullStr |
Dancing with the Giants: China, India, and the Global Economy |
| title_full_unstemmed |
Dancing with the Giants: China, India, and the Global Economy |
| title_sort |
dancing with the giants: china, india, and the global economy |
| publisher |
Washington, DC : World Bank |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/01/7313934/dancing-giants-china-india-global-economy http://hdl.handle.net/10986/6632 |
| _version_ |
1764398196053770240 |
| spelling |
okr-10986-66322021-04-23T14:02:26Z Dancing with the Giants: China, India, and the Global Economy Winters, L. Alan Yusuf, Shahid ABSOLUTE TERMS ACCOUNTING ACTUAL GROWTH ADULT LITERACY AGRICULTURE ALLOCATION OF RESOURCES ANNUAL GROWTH ANNUAL GROWTH RATE AVERAGE GROWTH BASIC EDUCATION BUDGETARY SUPPORT CAPITAL FLOWS CARBON DIOXIDE CIVIL SOCIETY COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVE ADVANTAGE CONSUMPTION GROWTH COUNTRY RISK CURRENT PRICES DEBT DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT RESEARCH DISSEMINATION ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC ENVIRONMENT ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC RELATIONS ECONOMICS EMPLOYMENT ENERGY CONSUMPTION ENERGY USE EXCHANGE RATES EXPORT GROWTH EXPORTS FACTOR ACCUMULATION FINANCIAL INTEGRATION FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEMS FOREIGN ASSETS FOREIGN DIRECT INVESTMENT FOSSIL FUEL CONSUMPTION FREE TRADE FUTURE GROWTH GDP GLOBAL CAMPAIGN GLOBAL ECONOMY GLOBAL MARKETS GLOBAL POVERTY GOOD GOVERNANCE GROSS DOMESTIC PRODUCT GROWTH PATH GROWTH RATES HIGH GROWTH HUMAN CAPITAL INCOME INCOME INEQUALITY INCREASING INEQUALITY INDUSTRIAL REVOLUTION INDUSTRIAL SECTOR INDUSTRIALIZATION INTERNATIONAL ECONOMIC RELATIONS INTERNATIONAL TRADE INVESTMENT CLIMATE LABOR FORCE LABOR FORCE GROWTH LABOR FORCES LEGAL STATUS LITERACY RATES LONG RUN LOW-INCOME COUNTRIES LOW-INCOME COUNTRY LOWER FERTILITY MACROECONOMIC PERFORMANCE MACROECONOMICS MEDIA COVERAGE MIGRATION MINORITY NATIONAL ACCOUNTS NATURAL CAPITAL OIL EQUIVALENT OUTPUT PER CAPITA PACIFIC REGION PER CAPITA INCOMES PETROLEUM EXPORTING COUNTRIES POLICY DEVELOPMENT POLICY ISSUES POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLITICAL ECONOMY POOR PEOPLE POPULATION GROWTH POPULATION PROJECTIONS POPULATION SHARE POVERTY ALLEVIATION POVERTY RATES POVERTY REDUCTION PRIMARY PRODUCTS PRODUCT MARKETS PRODUCTIVITY GROWTH PUBLIC DEBT PURCHASING POWER PURCHASING POWER PARITY RAPID GROWTH RURAL AREAS RURAL RESIDENTS SAVINGS SCARCE RESOURCES SECONDARY SCHOOL SECTORAL COMPOSITION SOCIAL INFRASTRUCTURE SOCIAL NORMS STATE-OWNED ENTERPRISES SUBSIDIARY SUSTAINABLE DEVELOPMENT TECHNICAL CHANGE TECHNICAL PROGRESS TELEVISION TERTIARY EDUCATION TFP TOTAL FACTOR PRODUCTIVITY TROUGH UNITED NATIONS POPULATION PROJECTIONS URBAN POPULATION URBANIZATION WAGES WESTERN EUROPE WORKFORCE WORLD CONSUMPTION WORLD HEALTH ORGANIZATION WORLD POPULATION WORLD TRADE ORGANIZATION WTO This report takes a dispassionate and critical look at the rise of China and India, and asks questions about this growth: Where is it occurring? Who is benefiting most? Is it sustainable? And what are the implications for the rest of the world? The book considers whether the giants' growth will be seriously constrained by weaknesses in governance, growing inequality, and environmental stresses, and it concludes that this need not occur. However, it does suggest that the Chinese and Indian authorities face important challenges in keeping their investment climates favorable, their inequalities at levels that do not undermine growth, and their air and water quality at acceptable levels. The authors also consider China's and India's interactions with the global trading and financial systems and their impact on the global commons, particularly with regard to climate. The book finds that the giants' growth and trade offer most countries opportunities to gain economically. However, many countries will face strong adjustment pressure in manufacturing, particularly those with competing exports and especially if the giants' technical progress is strongly export- enhancing. For a few countries, mainly in Asia, these pressures could outweigh the economic benefits of larger markets in, and cheaper imports from, the giants; and the growth of those countries over the next fifteen years will be slightly lower as a result. The giants will contribute to the increase in world commodity and energy prices but they are not the principal cause of higher oil prices. The giants' emissions of CO2 will grow strongly, especially if economic growth is not accompanied by steps to enhance energy efficiency. At present, a one-time window of opportunity exists for achieving substantial efficiency improvements if ambitious current and future investment plans embody appropriate standards. Moreover, doing so will not be too costly or curtail growth significantly. From their relatively small positions at present, the giants will emerge as significant players in the world financial system as they grow and liberalize. Rates of reserve asset accumulation likely will slow, and emerging pressures will encourage China to reduce its current account surplus. 2012-05-30T13:24:21Z 2012-05-30T13:24:21Z 2007 http://documents.worldbank.org/curated/en/2007/01/7313934/dancing-giants-china-india-global-economy 0-8213-6749-8 http://hdl.handle.net/10986/6632 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC : World Bank Publications & Research :: Publication Publications & Research :: Publication China India |