China: The Balance Sheet: What the World Needs to Know About the Emerging Superpower (Institute International Econom)
by C. Fred Bergsten
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List Price: $25.00
Our Price: $1.74
Your Save: $ 23.26 ( 93% )
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Manufacturer: PublicAffairs
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Average Customer Rating:   
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Binding: Hardcover
Dewey Decimal Number: 951.06
EAN: 9781586484644
ISBN: 1586484648
Label: PublicAffairs
Number Of Items: 1
Number Of Pages: 224
Publication Date: 2006-04-17
Publisher: PublicAffairs
Studio: PublicAffairs
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Spotlight customer reviews:
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Customer Rating:
Summary: Excellent overall treatment of China but China's growth has been greatly overestimated
Comment: This book contains an excellent ,overall assessment of China.It shows both the strengths and weaknesses of China.However,it is not the case that China's growth rate over the last 30 yaers has been 10 %.In late 2007,the World Bank,based on a complete reassessment of its estimates of Chinese price equivalents ,in terms of USA prices,based on standard purchasing power parity calculations,estimated China's Gross Domestic Product(gdp) to be no more than $6 trillion and not the $10-$11 trillion estimated in 2005 and 2006.This corrected statistic can be compared to the current gdp of the United States ,which is around $13 trillion.Similarly,the alleged rising middle class of China turns out to be at most 100 million out of a population of 1.4 billion.These facts mean that China is not the unstoppable powerhouse claimed in numerous other currently available books on China.The China threat,in fact,appears to be very similar ,in many respects, to the old Soviet Union threat based on faulty economic growth statistics that had greatly overestimated the Soviet Union's economic growth rate.
Customer Rating:
Summary: An incredibly efficient review of what's up in China
Comment: This book is the best primer on the rise of China and the consequences to the United States that I have come across. Most other authors on the subject feel the need to have a strong thesis, either "China: House of Cards" or "China: Unstoppable Juggernaut". The team here presents a balanced and clinical view while venturing to conclusions on reccommended US actions as well. Well worth the quick read to cut through all the China hype/noise out there.
Customer Rating:
Summary: Little, No Credibility!
Comment: Pg. 4: "China's average wage is one-thirtieth of the U.S. and its average productivity level is equally lower (and wages, in any event account for only 20% of the cost of producing textiles and 5% of the cost of producing semiconductors)." If so, manufacturers that offshore in China would be stupid; alternatively, "China: The Balance Sheet" has a serious credibility problem. I go with the latter.
Nonetheless, this is still some value to the book for its statistics. For example, the authors believe China's foreign exchange reserves reached $1 trillion in '06, far more than any other country's, and probably more than enough to make serious improvement in its pollution and poverty problems. By 2050, China's economy is projected to be the world's largest; foreign investment only accounts for 5% of its capital growth - the Chinese savings rate of about 33% is more than enough to handle China's growth with money left over.
As for social services, "The Balance Sheet" asserts a mid-90's adult literacy rate of about 80% (vs. 50% in India) and graduates 800,000 scientists and engineers/year, while spending only 2.8% of GDP on education. Healthcare accounts for about 6% - far less than the U.S.' 16%.
Only 16% of China's land is arable, and most of its population lives on it. China's leaders are pressured to improve employment to absorb those leaving rural China, as well as those 40% released from state-jobs (including 80% from state-owned manufacturers).
Bergsten et al are most concerned about the possibility of conflict between the U.S. and China re Taiwan, and they point out that China uses its political (U.N. Security Council membership) and economic muscle to "encourage" others to support it re Taiwan.
Customer Rating:
Summary: China Background
Comment: I haven't read this book but have read several others by Nick Lardy and studied with him at Yale. I disagee with several reviewers who characterize Nick and his colleagues as ignorant about China and are simply imposing a western view. Nick was studying China and the economy (in Chinese) long before it was a popular subject and is intimately familiar with the country's economy. In a country where data is often obscured by politics, he has done an excellent job of piecing together disparate facts to achieve a coherent whole. He may be skeptical, but he's often correct.
Customer Rating:
Summary: A book for politicians!
Comment: I find this book extremely dull because it is mainly made up of statements. But then I realise that, written by government think tanks, this book is for politicians.
If you are a general reader and want to understand how China is affecting the world, I recommend China Shakes the World or China Inc. And if are interested in the recent history of China (pre-1978), read Wild Swans.
If you are a business person and want to understand how to do business in China, I recommend The China Executive by Dr Wei Wang.
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Editorial Reviews:
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Customer Rating:
Summary: Excellent overall treatment of China but China's growth has been greatly overestimated
Comment: This book contains an excellent ,overall assessment of China.It shows both the strengths and weaknesses of China.However,it is not the case that China's growth rate over the last 30 yaers has been 10 %.In late 2007,the World Bank,based on a complete reassessment of its estimates of Chinese price equivalents ,in terms of USA prices,based on standard purchasing power parity calculations,estimated China's Gross Domestic Product(gdp) to be no more than $6 trillion and not the $10-$11 trillion estimated in 2005 and 2006.This corrected statistic can be compared to the current gdp of the United States ,which is around $13 trillion.Similarly,the alleged rising middle class of China turns out to be at most 100 million out of a population of 1.4 billion.These facts mean that China is not the unstoppable powerhouse claimed in numerous other currently available books on China.The China threat,in fact,appears to be very similar ,in many respects, to the old Soviet Union threat based on faulty economic growth statistics that had greatly overestimated the Soviet Union's economic growth rate.
Customer Rating:
Summary: An incredibly efficient review of what's up in China
Comment: This book is the best primer on the rise of China and the consequences to the United States that I have come across. Most other authors on the subject feel the need to have a strong thesis, either "China: House of Cards" or "China: Unstoppable Juggernaut". The team here presents a balanced and clinical view while venturing to conclusions on reccommended US actions as well. Well worth the quick read to cut through all the China hype/noise out there.
Customer Rating:
Summary: Little, No Credibility!
Comment: Pg. 4: "China's average wage is one-thirtieth of the U.S. and its average productivity level is equally lower (and wages, in any event account for only 20% of the cost of producing textiles and 5% of the cost of producing semiconductors)." If so, manufacturers that offshore in China would be stupid; alternatively, "China: The Balance Sheet" has a serious credibility problem. I go with the latter.
Nonetheless, this is still some value to the book for its statistics. For example, the authors believe China's foreign exchange reserves reached $1 trillion in '06, far more than any other country's, and probably more than enough to make serious improvement in its pollution and poverty problems. By 2050, China's economy is projected to be the world's largest; foreign investment only accounts for 5% of its capital growth - the Chinese savings rate of about 33% is more than enough to handle China's growth with money left over.
As for social services, "The Balance Sheet" asserts a mid-90's adult literacy rate of about 80% (vs. 50% in India) and graduates 800,000 scientists and engineers/year, while spending only 2.8% of GDP on education. Healthcare accounts for about 6% - far less than the U.S.' 16%.
Only 16% of China's land is arable, and most of its population lives on it. China's leaders are pressured to improve employment to absorb those leaving rural China, as well as those 40% released from state-jobs (including 80% from state-owned manufacturers).
Bergsten et al are most concerned about the possibility of conflict between the U.S. and China re Taiwan, and they point out that China uses its political (U.N. Security Council membership) and economic muscle to "encourage" others to support it re Taiwan.
Customer Rating:
Summary: China Background
Comment: I haven't read this book but have read several others by Nick Lardy and studied with him at Yale. I disagee with several reviewers who characterize Nick and his colleagues as ignorant about China and are simply imposing a western view. Nick was studying China and the economy (in Chinese) long before it was a popular subject and is intimately familiar with the country's economy. In a country where data is often obscured by politics, he has done an excellent job of piecing together disparate facts to achieve a coherent whole. He may be skeptical, but he's often correct.
Customer Rating:
Summary: A book for politicians!
Comment: I find this book extremely dull because it is mainly made up of statements. But then I realise that, written by government think tanks, this book is for politicians.
If you are a general reader and want to understand how China is affecting the world, I recommend China Shakes the World or China Inc. And if are interested in the recent history of China (pre-1978), read Wild Swans.
If you are a business person and want to understand how to do business in China, I recommend The China Executive by Dr Wei Wang.
C. Fred Bergsten, Bates Gill, Nicholas R. Lardy and Derek Mitchell are the principal authors of this investigative analysis, full of new information and perspectives on China, the result of a year-long task force jointly sponsored by CSIS and IIE, to which distinguished China experts have contributed. It is accessible, narrative-driven, filled with facts, but written for the general reader. The expert judgments presented in China: The Balance Sheet will inform policymakers in Washington, scholars and the business community for years to come.
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