2008 年金融危機之後，中國的經濟改革和結構轉型不僅影響了中國經濟和社會，也推動
了世界的全球結構變革。 2008 年危機後有兩種不同的復蘇速度;一個是高收入國家的低速國家，另一個是發展中國家的高速國家。以中國為首的發展中國家的世界 GDP 增長優勢的復蘇和貢獻鼓勵他們在國際上發表聲音
今天，中國通過高科技產業和人民幣內部化舉措開始改變立場，重塑新的世界秩序。即使中國政策取得成功，中國在不久的將來也會面臨諸多問題;房地產市場泡沫，人民幣升值
。在全球化討論下，2008 年經濟危機，新世界秩序這項研究已經討論了 2008 年金融危機後中國經濟和結構的變化以及中國在當前國際舞台上的地位。

After 2008 financial crisis, China’s economic reforms and structural transformation moves not only effect on Chinese economy and society but also has pushed the world to global structural change. There is two different speed of recovery after 2008 crisis; one is low-speed of high income countries and the other one is high-speed of developing countries. That recovery and contribution of world GDP growth advantage of developing countries, which led by China, encouraged them voice up at the international area. 
Today China through high-tech industry and internalization of Renminbi moves has started to change its position and reshaped the new world order. Even China had success its policies, there is huge problems may China will face at the near future such as; bubble in real estate market, appreciation of Renminbi. Under discussion of globalization, 2008 economic crisis, new world order this study have been discussed China’s economic and structural change after 2008 financial crisis and China’s position in current international arena.

Table of Contents
Abstract……………………………………………………………………………………..
Introduction……………………………………………………………………………….1
1.1.	 Research Motivation………………………………………………………………….. 2
1.2. The Reasons behind the 2008 Financial Crisis………………………………………...4 
1.3. Chinese Economy Before 2008 Financial Crisis……………………………………....5
Chapter 2
Chinese Economic Structure Changes After 2008 Financial Crisis
2.1. China’s Open-up Policy in 1978……………………………………………………….6
2.2. China’s Economic GDP Growth After World Trade Organization Membership…...…7
2.3. Stimulus Package………………………………………………………………………10
2.4. One Road One Belt Initiative…………………………………………………………..10
2.5. Made in China 2025……………………………………………………………………12
Chapter 3
China’s Quick Recovery After Economic Slowdown
3.1. Structural adjustment policies…………………………………………………………15
3.2. Stimulus Packages for Recovering After 2008 financial Crisis……………………….16
3.3. China’s Foreign Exchange Reserves…………………………………………………..17
3.4. Domestic Consumption………………………………………………………………..19
3.5. Foreign Direct Investment……………………………………………………………..20
3.6. Going Out Strategy…………………………………………………………………….22
3.7. Becoming a Worldwide Donor……………………………………………………..….23
Chapter 4
Bubble in Chinese Real Estate Market
4.1. Real Estate Reform in 1998…………………………………………………………….24
4.2. Bubble in Real Estate Market…………………………………………………….…….24
4.3. How is the building of ‘Ghost Cities’ has started?..........................................................25
4.4. Speculation…………………………………………………………………………,,,…26
4.5. Urbanization…………………………………………………………………………….27
4.6. How to define bubble in Real estate market……………………………………….……29
4.6.1. Housing Price to Income Ratio…………………………………………………….….29
4.6.2. Housing Price to Rent Ratio……………………………………………………..…….30
4.6.3. Vacancy Rate…………………………………………………………………..………30
4.7. What are the reasons behind the bubble?..........................................................................31
4.8. Real Estate Markets’ Contribution of GDP…………………………………………...…31
4.9. If the bubble burst?............................................................................................................32
Chapter 5
China and Other Developing Countries after 2008 Financial Crisis
5.1. Global Economic Structure and South Cooperation………………………………….…34
5.2. China’s Policy on South Cooperation…………………………………………………...34
5.3. Globalizations’ Effect on Developing Countries………………………………………..35
5.4. Recovery After 2008 Financial Crisis…………………………………………………...36
5.5. Changing Global Economic Architecture……………………………………………….37
5.6. China’s Role…………………………………………………………………………..…39
5.7. Chinese Model for Economic Development……………………………………….……40
5.8. China Dream…………………………………………………………………………….42
Chapter 6
Change in International Monetary System after 2008 Financial Crisis
6.1. What is SDR?.................................................................................................................45
6.2. Dollar-based International Monetary and Fiscal System………………………….…..45
6.3. Liquidity Problem………………………………………………………………….….47
6.4. China’s International Reserves………………………………………………………..48
6.5. China’s Foreign Reserve Strategies……………………………………………..…… 49
6.5.1. Internalization of Renminbi…………………………………………………………50
6.5.2. New Investment Strategies…………………………………………………………51
6.6. China’s Trade Volume…………………………………………………………….…51
Chapter 7
World Systems Theory and New World Order
7.1. World Systems Theory …………………………………………………………….54
7.2. New World Order…………………………………………………………………..54
7.3. China’s Position in New World Order……………………………………………..56
7.4. Other Developing Countries Position in New World Order……………………….62
Conclusion……………………………………………………………………………...63
References…………………………………………………………………………...….70

Figures and Tables
Figure 2.1. 1978- 2008 China’s GDP Growth (Annual %) ………………………………8
Figure 2.2. 2007-2016 China’s GDP Growth (Annual %) ……………………………….8
Table 2.1. Changes in Ranking of China in the World Before and After the Global Economic
Crisis …………………………………………………………………………………………9
Figure 3.1. China’s Foreign Exchange Reserves …………………………………………..18
Figure 3.2. Household Final Consumption Expenditure % of GDP ……………………......19
Figure 3.3. China’s FDI Net Outflow ………………………………………………………20
Figure 3.4. China’s FDI Net Inflow ……………………………………………………….21
Table.4.1. Loaning Money from Banks Since 2008 ………………………………………..25
Figure 4.1. GDP Contribution of Urbanization ……………………………………………28
Figure 4.2. China’s Income Per Capita from 2001 to 2017 ………………………………...28
Figure 4.3. Real Estate Market’s Contribution of GDP in 4 Cities ………………………...32
Figure 5.1. Contribution to World GDP Growth …………………………………………....37
Figure 5.2. China’s GDP Growth During the Global Crisis ………………………………...40
Table 6.1. Ratio of International reserves in terms of assets (%) ………………………….48
Figure 7.1. China’s Gross Domestic Savings to %GDP Since 2001 ……………………….58
Figure 7.2. Value of Renminbi Since 2008 …………………………………………………60

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