Figures

Figure 2.1 Coal consumption of China compared with other countries

Figure 2.2 Steel consumption of China compared with other countries

Figure 2.3 Thermal coal price index (US$/Mt; 2007 prices, 2007=100)

Figure 2.4 Crude oil price index (US$/bbl; 2007 prices, 2007=100)

Figure 2.5 Copper price index (US$/Mt; 2007 prices, 2007=100)

Figure 2.6 Real growth rate of GDP and wage of low-skilled workers

Figure 2.7 Gini coefficient of China

Figure 2.8 Consumption and investment share of GDP

Figure 2.9 Trade balance and current account balance

Figure 2.10 Contributions of components of GDP growth

Figure 2.11 Contributions of components of potential output growth, 2006–14: Developed countries (per cent)

Figure 2.12 Contributions of components of potential output growth, 2006–14: China (per cent)

Figure 2.13 Contributions of components of potential output growth, 2006–14: Other emerging market economies (per cent)

Figure 3.1 Chinese inflation, industrial profit and inventory

Figure 3.2 Real Chinese GDP growth and government bond yields

Figure 3.3 Nominal and real GDP growth and private-sector debt in China

Figure 3.4 Real policy rates and real effective exchange rates for G5 central banks

Figure 3.5 Financial condition indices (FCI) for G5 economies

Figure 3.6 The RMB daily trading band and the US dollar index

Figure 4.1 Development of foreign banks in China

Figure 4.2 Financial freedom index, 2005

Figure 4.3 Distribution of host countries of foreign banks in 2006

Figure 4.4 Development of foreign banks in China

Figure 4.5 Foreign banks turning into net takers of capital

Figure 4.6 NPL ratio of commercial banks and foreign banks

Figure 6.1 Historical average prices of energy products in China

Figure 6.2 Coefficient of variation for energy products in China

Figure 7.1 Evolution of the gas sector in China

Figure 7.2 China’s imports of natural gas, 2006–14

Figure 7.3 China LNG import sources, 2014

Figure 7.4 Spot price and shadow price (all prices in 2012 US$ per mmBtu)

Figure 7.5 Chinese gas market balance (production and imports) (bcm)

Figure 7.6 Australia’s gas market balance (production and exports) (bcm)

Figure 7.7 China’s pipeline and LNG imports (bcm)

Figure 7.8 Australia’s LNG exports: baseline scenario (bcm)

Figure 7.9 Selected spot price comparison: baseline versus China spot price

Figure 7.10 Pipeline imports to China: baseline versus China spot (bcm)

Figure 7.11 LNG imports to China: baselines versus China spot (bcm)

Figure 7.12 Spot and shadow prices: ‘China spot, no TOP’ versus baseline (US$)

Figure 7.13 Production comparison: baseline versus ‘China spot, no TOP’ (bcm)

Figure 7.14 LNG imports to China: baseline versus ‘China spot, no TOP’ (bcm)

Figure 7.15 Pipeline imports to China: baseline versus ‘China spot, no TOP’ (bcm)

Figure 7.16 Australian LNG exports: ‘China spot’ scenario

Figure 7.17 Australian LNG exports: baseline versus ‘China spot, no TOP’ scenario

Figure 8.1 The central location of the Three Gorges Dam

Figure 8.2 The Guangdong electricity sector in late 2002

Figure 8.3 Structure of generation capacity ownership in China in late 2002

Figure 8.4 Global comparison of power systems (2010 data)

Figure 8.5 Generation and transmission map of the NEM

Figure 8.6 Australia’s NEM and other electricity markets

Figure 8.7 Power sector models, 10 comparator countries, UK pathway since 1882 and recent and possible future pathways for China

Figure 9.1 US Treasury bond short and long yields over two decades

Figure 9.2 Long-term bond yields in advanced economies

Figure 9.3 Effects of the growth surge: sensitivity to China’s financial integration (percentage changes)

Figure 9.4 Effects of the transition: sensitivity to China’s financial integration (percentage changes)

Figure 10.1 Trends in global financial reform

Figure 10.2 China’s financial reform: Cross-country comparison

Figure 10.3 Scenario analysis: Domestic financial reform and capital account opening

Figure 10.4 Scenario analysis: Banking system reform and capital account opening

Figure 10.5 Scenario analysis: Credit allocation reform and capital account opening

Figure 11.1 Chinese renminbi (RMB per US dollar, inverted scale)

Figure 11.2 PBC local currency swap agreements

Figure 11.3 Foreign investment in Chinese financial assets (accumulated approved quotas)

Figure 11.4 Shanghai–Hong Kong Stock Connect program (aggregate quota used)

Figure 11.5 Cross-border RMB settlement

Figure 11.6 Bilateral RMB trade settlement, as a share of total bilateral merchandise trade with China

Figure 11.7 Cross-border RMB receipts and payments

Figure 11.8 Value of RMB deposits

Figure 11.9 Dim sum bond issuance, by nationality of parent issuer

Figure 11.10 Chinese five-year government bond yields

Figure 11.11 China’s balance of payments (quarterly flows, percentage of GDP)

Figure 11.12 Chinese RMB (spot rate against US dollar, inverted scale)

Figure 12.1 Growth of China’s GDP and its component sectors, 1978–2013 (1978=100)

Figure 13.1 Four stages of China’s ODI

Figure 13.2 China’s ODI flows, 1980–2013

Figure 13.3 Estimated annual flow of Chinese ODI, 2013–22 (US$ billion)

Figure 13.4 Comparison of China’s future ODI estimations, 2013–22 (US$ trillion)

Figure 13.5 ODI of developing countries

Figure 13.6 BRIC ODI

Figure 13.7 ODI by China and Chinese SOEs above US$100 million

Figure 13.8 Chinese transactions covered by the Committee on Foreign Investment in the United States

Figure 13.9 Typology of Chinese entities investing in the United States, Q3 2014

Figure 13.10 CITIC before and after the acquisition

Figure 15.1 Chinese trade volume, 1978–2013 ($ million)

Figure 15.2 Export trade share of GDP, 1978–2013

Figure 16.1 Mainland Chinese FDI stock in Africa (US$ billion)

Figure 16.2 China–Africa trade (US$ billion)