Introduction; 1. Just how rapid is China's rise? A global comparison; 2. Explaining China's rise: some popular views; 3. Do institutions rule?; 4. Savings and China's investment-led growth; 5. The role of education: quantity and quality; 6. Technological progress and innovation; 7. Confucian culture as the key differentiating factor; 8. Why is China slowing down?; 9. Catching up to America in a post-COVID-19 world.
Using global comparative data, this book shows why culture, not institutions or policies, is the difference-maker behind China's rapid rise.
Tian Zhu is Professor and Santander Chair in Economics at China European International Business School (CEIBS). Before joining CEIBS in 2005, he taught at the Hong Kong University of Science and Technology (HKUST) for 10 years. Zhu is an expert on China's economy, having published many articles and also two books in the area. Zhu was awarded the 2017 Bergson Prize by the Association for Comparative Economic Studies for the best article published in Comparative Economic Studies. Educated in China and the US, Zhu received his BSc, MA, and PhD degrees from Tsinghua University, Peking University, and Northwestern University, respectively.
'Professor Tian Zhu, a leading expert on China's economy, has
addressed many misunderstandings over China's inexorable rise to a
global superpower. Years of academic research and practice have
enabled him to blend his deep understanding and in-depth market
knowledge into a scholarly endeavor. This book is a must-read for
anyone interested in the causes and consequences of China's rapid
ascent. Personally, I couldn't put the book down till the very
end.' Dipak Jain, President (European) of CEIBS and former Dean of
INSEAD and Northwestern University's Kellogg School of
Management
'Professor Tian Zhu's book provides a penetrating analysis of the
rise of the Chinese economy in a global perspective. It focuses on
the role of savings and education and, further, links both to the
underlying institutions and culture to present new insights. This
book will benefit all who want to understand China's past and are
interested in its future.' Yingyi Qian, Distinguished Professor and
former Dean of the School of Economics and Management of Tsinghua
University, and author of How Reform Worked in China
'Professor Tian Zhu's exploration of what he calls the 'Chinese
growth puzzle' tells us a lot about how China has so far benefited
from globalization, but also about the reforms that should ensure
the future sustainability of this unprecedented economic
performance.' Pascal Lamy, Honorary President of Notre Europe and
former Director-General of the World Trade Organization (WTO)
'Professor Zhu has provided one of the most comprehensive and
critical appraisals of the many economic explanations of why China
grows so fast. After rebutting many of them, he then offers
his own - one that is more cultural than economic - which I find
very convincing. The book is well researched, balanced,
intelligent, and such a delight to read.' Kim-Sau Chung, Professor
of Economics, Hong Kong Baptist University
'With Catching Up to America, Professor Tian Zhu provides a very
timely in-depth account of China's economic growth. We are taken on
a journey to ascertain the facts of China's economic rise, explore
its causes, and contemplate future implications. Data and a wide
range of cross-country references drive the analysis and provide
perspective. Tian Zhu's comprehensive and authoritative account of
China's global ascent is eminently readable, most engaging, and
suitable for all audiences.' Carsten Holz, Professor of Economics,
Hong Kong University of Science and Technology
'This provocative and insightful book, packed with novel ideas and
the latest findings from economics and social science research,
makes the case that the Confucian culture is a fundamental factor
that has induced high savings and rising education during China's
economic reforms. The rapid accumulation of physical and human
capital has propelled the nation's spectacular growth over the last
four decades. The book not only presents a fascinating analysis on
the rise of China but also sheds light on its future growth amid
the US-China trade war, the COVID-19 pandemic, and the sentiments
of deglobalization. This contribution is important and timely for
understanding China in the global context.' Dennis Tao Yang, Dale
S. Coenen Professor of Business Administration and Academic
Director, The Asia Initiative, Darden School of Business,
University of Virginia
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