International Business School Suzhou at Xi'an Jiaotong-Liverpool University PhD Director's New Book Takes Contemporary Look at Chinese Economy

Jul 13, 2015, 03:00 ET from Xi'an Jiaotong-Liverpool University

SUZHOU, China, July 13, 2015 /PRNewswire/ -- PhD Programme Director of International Business School Suzhou (IBSS) at Xi'an Jiaotong-Liverpool University, Professor Ron Schramm, has released a new book, The Chinese Macroeconomy and Financial System: a US Perspective (Routledge, April 2015).

This book plays a vital role in understanding the present and future paths of the world's two largest economies -- China and the United States.

Different from traditional economics books about China's economy that take an institutional or historic approach, Professor Schramm's book looks at the economy as it is today using contemporary tools from macroeconomics, finance, accounting and even management to help explain the Chinese economy; he takes literally the notion that China is run like a company.

"I wrote this book because I believe there's a need for better understanding the Chinese economy," Professor Schramm said. "In the U.S., the average university student has a very limited knowledge of the Chinese economy so I'm trying to convey a message about what the Chinese economy is really like and its financial system."

Professor Schramm put his new textbook to the test on 40 senior students at IBSS who told him that he had taught them things about the Chinese economy they never really understood or knew. He said, "I was thrilled by that because I thought if Chinese students don't have a good understanding of their own economy, how can we expect non-Chinese students to?"

Professor Schramm identifies four key drivers for the Chinese economy that make it unique and help explain its current and future performance. They are: China's population or what he calls the "great economic shock absorber"; China's high savings rate; the role of government and China's labour force.

Morgan Stanley chairman and CEO, James P. Gorman, praised the textbook, saying, "The Chinese Macroeconomy and Financial System: a U.S. Perspective combines the nuanced insight of a decades-long expert in China with fundamental analysis of the unique demand, growth and policy dynamics that have driven its rise and recast the global landscape."

Professor Schramm continues his research related to China, currently examining firm size distribution of investment banks in China. At a broader level, he is interested in applying tools from finance to macroeconomics questions -- a field he describes as "Macrofinance."

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