From the data files of the World Bank
How to Order
Dancing with
the giants: China, India, and the global
economy
Authors: Yusuf, Shahid and Winters, L. Alan
Published: 2007/01/01
Abstract:
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.
The complet book - official version
292 pages - 1.35 mb. (approx.)
Contents:
Front cover
Front Matter - Table of contents,
Foreword, Acknowledgements, Papers, Contributors
etc.
Chapter 1 - Introduction
Chapter 2 - China and India Reshape
Chapter 3 - Competing with Giants:
Who Wins, Who Loses?
Chapter 4 - International Financial
Chapter 5 - Energy and Emissions:
Local and Global Effects of the Giants' Rise
Chapter 6 - Partially Awakened
Chapet 7 - Governance and Economic
Index
References
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