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While the rest of the world was mired in the Great Recession, the economies of Brazil, China, and India stood out for their resilience. Yet these societies did not merely hold their ground. In this volume, leading China scholars from multiple disciplines dissect how China responded to the raging tides of global financial crisis at the macroeconomic level and in key sectors. They also analyze how the efforts to promote economic rebalancing and trade adjustment have affected state-society relations and governance in China. Taken as a whole, this volume reveals much about the dynamics and dilemmas of China's political economy and governance.

DALI L. YANG is a professor in the Department of Political Science at the University of Chicago. He is the author of Remaking the Chinese Leviathan: Market Transition and the Politics of Governance in China (2004); Calamity and Reform in China: State, Rural Society, and Institutional Change Since the Great Leap Famine (1996); and Beyond Beijing: Liberalization and the Regions in China (1997). He is also the editor or co-editor of several other volumes and the author of many articles, including "The United States and the Rise of China and India" by the Chicago Council on Global Affairs. Yang is the founding faculty director of the University of Chicago Center in Beijing and of the University of Chicago Confucius Institute. He was previously the chairman of the Political Science Department, director of the Center for East Asian Studies, and director of the Committee on International Relations, all at the University of Chicago. He is a current member of the Committee of 100, the National Committee on U.S.-China Relations, and the China Committee of the City of Chicago Sister Cities Committee. He received his PhD from Princeton.

Con t en ts
List of Figures and Tables vii
Foreword xi
Acknowledgments xiii
Introduction 1
Dali L. Yang and Junyan Jiang
1 Economic Rebalancing and Adjustment
1 China’s Response to the Global Crisis, and
the Lessons Learned 15
Barry Naughton
2 Guojin Mintui: The Global Recession and
Changing State-Economy Relations in China 33
Dali L. Yang and Junyan Jiang
3 Visible Hand or Crippled Hand: Stimulation and
Stabilization in China’s Real Estate Markets,
2008–2010 71
Fubing Su and Ran Tao
4 Global Crisis and China’s Trade Adjustment 101
Sarah Y. Tong
2 State-Society Relations and Governance
5 Slowdown in the World’s Workshop?: Chinese Labor and
the Global Recession 117
William Hurst
6 Public Goods and State-Society Relations: An Impact
Study of China’s Rural Stimulus 131
Ethan Michelson
7 The Role of Legal Institutions in Dealing with
the Financial Crisis in China 159
179
199
223
Xianchu Zhang
8 Corruption, Local Protectionism, and the Global
Recession in China
Andrew Wedeman
9 China’s Rising Appeal to Taiwan and Hong Kong in
the Wake of the Global Recession
Joseph Y. S. Cheng
10 The China Model and the Global Recession:
A Historical Comparison
Ming Wan
Selected Bibliography 243
List of Contributors 253
Index 257
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