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Is China Over-Investing and Does it Matter?
Now close to 50 percent of GDP, this paper assesses the appropriateness of China’s current investment levels. It finds that China’s capital-to-output ratio is within the range of other emerging markets, but its economic growth rates stand out, partly due to a surge in investment over the last decade. Moreover, its investment is significantly higher than suggested by cross-country panel estimation. This deviation has been accumulating over the last decade, and at nearly 10 percent of GDP is now larger and more persistent than experienced by other Asian economies leading up to the Asian crisis. However, because its investment is predominantly financed by domestic savings, a crisis appears unlikely when assessed against dependency on external funding. But this does not mean that the cost is absent. Rather, it is distributed to other sectors of the economy through a hidden transfer of resources, estimated at an average of 4 percent of GDP per year.
China’s Path to Consumer-Based Growth
This paper proposes a possible framework for identifying excessive investment. Based on this method, it finds evidence that some types of investment are becoming excessive in China, particularly in inland provinces. In these regions, private consumption has on average become more dependent on investment (rather than vice versa) and the impact is relatively short-lived, necessitating ever higher levels of investment to maintain economic activity. By contrast, private consumption has become more self-sustaining in coastal provinces, in large part because investment here tends to benefit household incomes more than corporates. If existing trends continue, valuable resources could be wasted at a...
Is China Over-Investing and Does it Matter?
Now close to 50 percent of GDP, this paper assesses the appropriateness of China’s current investment levels. It finds that China’s capital-to-output ratio is within the range of other emerging markets, but its economic growth rates stand out, partly due to a surge in investment over the last decade. Moreover, its investment is significantly higher than suggested by cross-country panel estimation. This deviation has been accumulating over the last decade, and at nearly 10 percent of GDP is now larger and more persistent than experienced by other Asian economies leading up to the Asian crisis. However, because its investment is predominantly financed by domestic savings, a crisis appears unlikely when assessed against dependency on external funding. But this does not mean that the cost is absent. Rather, it is distributed to other sectors of the economy through a hidden transfer of resources, estimated at an average of 4 percent of GDP per year.
Sustainable Designed Pavement Materials Volume 2
This Special Issue “Sustainable Designed Pavement Materials” has been proposed and organized as a means to present recent developments in the field of environmentally-friendly designed pavement materials. For this reason, articles included in this special issue relate to different aspects of pavement materials, from industry solid waste recycling to pavement materials recycling, from pavement materials modification to asphalt performance characterization, from pavement defect detection to pavement maintenance, and from asphalt pavement to cement concrete pavement.
Sustainable Designed Pavement Materials
This Special Issue “Sustainable Designed Pavement Materials” has been proposed and organized as a means to present recent developments in the field of environmentally-friendly designed pavement materials. For this reason, articles included in this special issue relate to different aspects of pavement materials, from industry solid waste recycling to pavement materials recycling, from pavement materials modification to asphalt performance characterization, from pavement defect detection to pavement maintenance, and from asphalt pavement to cement concrete pavement.
Functional Pavement Design
Functional Pavement Design is a collections of 186 papers from 27 different countries, which were presented at the 4th Chinese-European Workshops (CEW) on Functional Pavement Design (Delft, the Netherlands, 29 June-1 July 2016). The focus of the CEW series is on field tests, laboratory test methods and advanced analysis techniques, and cover analysis, material development and production, experimental characterization, design and construction of pavements. The main areas covered by the book include: - Flexible pavements - Pavement and bitumen - Pavement performance and LCCA - Pavement structures - Pavements and environment - Pavements and innovation - Rigid pavements - Safety - Traffic engineering Functional Pavement Design is for contributing to the establishment of a new generation of pavement design methodologies in which rational mechanics principles, advanced constitutive models and advanced material characterization techniques shall constitute the backbone of the design process. The book will be much of interest to professionals and academics in pavement engineering and related disciplines.
China's Economy in Transition
China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as the main driver of China's growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.
Urban Biodiversity and Built Environment
This book proposes the concept of urban multiple habitats and then analyzes its corresponding classification, function and potential supply capability. It provides an analysis framework for studying the relationship between urban biodiversity and built environment, and for considering the loss of urban habitats caused by high-density development. It argues that urban biodiversity is a key indicator for assessing urban ecosystem services. On this basis, the book then presents a case study mainly focusing on wild birds in Shanghai, as urban wild birds and their species could be viewed as an essential indicator for evaluating healthy ecosystem of contemporary cities. Based on the empirical findings, the book proposes an assessment model for urban biodiversity performance and a range of principles, strategies and key indicators regarding the optimization of urban planning and design practice to enhance urban biodiversity performance.
5th International Conference on Geofoam Blocks in Construction Applications
These proceedings of the EPS 2018: 5th International Conference on Geofoam Blocks in Construction Applications, held in Kyrenia, Northern Cyprus on May 9 to 11, 2018, present a collection of contributions on the state-of-the-art of research and applications relating to geofoam. Geofoam researchers, consultants, molders, contractors and practitioners from all around the globe discuss the recent developments and future trends of expanded polystyrene (EPS)-block geofoam technology and its construction applications. EPS’18 contributes to the development of geofoam applications, following on from successful conferences in Oslo (1985), Tokyo (1996), Salt Lake City (2001) and Oslo (2011). The book discusses topics including, but not limited to, current use of geofoam, design specifications, applications, new concepts, material properties, modeling and specific topics in geofoam blocks in construction applications.
Green and Intelligent Technologies for Sustainable and Smart Asphalt Pavements
Green and Intelligent Technologies for Sustainable and Smart Asphalt Pavements contains 124 papers from 14 different countries which were presented at the 5th International Symposium on Frontiers of Road and Airport Engineering (IFRAE 2021, Delft, the Netherlands, 12-14 July 2021). The contributions focus on research in the areas of "Circular, Sustainable and Smart Airport and Highway Pavement" and collects the state-of-the-art and state-of-practice areas of long-life and circular materials for sustainable, cost-effective smart airport and highway pavement design and construction. The main areas covered by the book include: • Green and sustainable pavement materials • Recycling technolog...
