In Chapter I, Professor David Daokui Li at the Tsinghua University reviews the way in which China has coped with the Asian Financial Crisis in late 1990s and subsequently he evaluates that the current trend of globalization has still created generally unfavorable circumstances for developing countries. He concludes that both developed nations and developing countries collectively have to cooperate in improving the current international financial order and he finally emphasizes China's more positive role, as a swiftly emerging developing country, to build a new, more rational international economic order.
One of the most frequently asked questions about China is whether it can continue its high economic growth and will substitute the US in around 2020 as some international economic institutions predict. In Chapter II, to answer this question, Professor Youngrok Cheong at the Seoul National University identifies two most important China-specific factors, which most other countries do not have: the country's life cycle in the long history of China and its huge country size. Based on the innovative analysis of these two factors, his prediction is that China will sustain its speedy economic growth longer than what is generally expected. (The rest is omitted.)

Foreword

Executive Summary

1. China in the Realm of the World Economy / David Daokui Li

2. Interpretation of China's Economic Comeback / Youngrok Cheong

3. Reflections on 10 Years of Financial Reform in China / Ping Xie

4. Higher Education Reform in China: Market Orientation and Institutional Response / Jun Zhang

5. The Structure of Trade between China and Korea / Yoocheul Song

6. China's Energy: Challenges and Strategies / Weidou Ni

7. FDI in China and Policy Consideration / Taotao Chen

8. The Korea-US Free Trade Agreement: Economy-wide Effects and Conclusions / Junkyu Lee

9. Why So Little Regional Financial Integration in Asia?: The Role of Liquidity / Doo-Yong Yang

10. Financial Integration in the Context of Northeast Asia / Hong-Rae Cho

List of Participants