productive investment

Slowdown in economic growth is the defining characteristic of the 'New Normal' of the Chinese economy post-2008. Explanations of the slowdown have coalesced around the theses of demand deficiency and profitability decline. This paper dissects the theoretical reasoning and empirical backings of these theses, with a view of clarifying the structural-institutional conditions that underpin the economic performance. On that basis, the paper arrives at the judgement that, long term, whether or not China is able to sustain medium-speed growth or even to resume high-speed growth hinges on the rivalry between two models of economic transformation that have both been operating in the economy in recent years: namely, a production-oriented model versus a speculation-oriented model.

This presentation examines changes in global foreign direct investment (FDI) flows and stocks in the past quarter of century (1991–2016) for countries and territories for which data are available. It also asks how those changes affect our way of explaining FDI and other activities of multinational enterprises (MNEs), and draws basic public policy conclusions from the evolving landscape of FDI and our understanding about the main driving forces behind those changes.

This presentation examines changes in global foreign direct investment (FDI) flows and stocks in the past quarter of century (1991–2016) for countries and territories for which data are available. It also asks how those changes affect our way of explaining FDI and other activities of multinational enterprises (MNEs), and draws basic public policy conclusions from the evolving landscape of FDI and our understanding about the main driving forces behind those changes.