Large uninsured risk, severe borrowing constraints, and rapid income growth can create excessively high household saving rates and large current account surpluses for emerging economies. Therefore, the massive foreign-reserve buildups by China are not necessarily the intended out- come of any...

The current global-imbalance literature (which explains why capital ows from poor to rich countries) cannot explain China s foreign asset positions because capital cannot ow out of China under capital controls. A related but deeper puzzle that this literature fails to address is China s high...

Abstract -- Introduction -- Key steps taken by China to set off an industrial revolution -- Shedding light on the nature and cause of the industrial revolution -- Why is China's rise unstoppable? -- What's wrong with the Washington consensus and the institutional theories? -- Case study of Yong...

China is undergoing its long-awaited industrial revolution. There is no shortage of commentary and opinion on this dramatic period, but few have attempted to provide a coherent, in-depth, political economic framework that explains the fundamental mechanisms behind China's rapid...