Economic growth in China and Europe: development of the financial sector and the labor market

China was clearly the rising star of the 20th century and is now in the process of becoming a new superpower of the 21st century. America and Europe - as the present leading players in the global political as well as economic arena - are observing China with a mixture of admiration and fear: With admiration, because China has made the leap from an „international nobody“ to a „global player“ within a few decades only and with fear, because this development has been accompanied by substantial new tensions in the political, economic, and social sphere which need to be resolved before this promising country can take its rightful place in the global arena for its own welfare as well as for the common good of the international community. What happens in China today is, therefore, not only of great significance for its own growth and development process, but also for redesigning the existing rules of the global political and economic power game between the established centers of gravity and its contemporary challengers. This collection of papersby renowned Chinese and European economists is to contribute to the knowledge of these complex relationships and, moreover, to the understanding of national and inter-regional growth and development opportunities. This volume addressestwo major parameters of economic development: On the one hand it analyses the challenges to and solutions found with respect to corporate and financial government. On the other hand it discusses important issues arising in the interdependent relationship between education and human capital, employment and health care. Contents Part One Corporate and Financial Government Ying Ma, Bo Chen and Jianlin Zhou 1.1 Decentralization, Reform of Financial Institutions and Financial Development in China Markus Taube and Marcus Conlé 1.2 The Chinese Law, Finance & Growth Paradox - Lending Channels in the Chinese Formal and Informal Financial Sectors Jianbo Chen 1.3 An Empirical Analysis of Corporate Governance in China: Legal Environment, Ownership Concentration, and Corporate Performance Julan Du, Oliver M. Rui and Sonia M. L. Wong 1.4 Financial Development under Financial Repression: An Analysis from the Perspective of the Behavior of the Listed Companies in China Gregor van der Beek 1.5 Intergovernmental Fiscal Relations in the European Union Part Two Human Capital, Employment, and Healthcare Ying Ma and Yong Qin 2.1 The Current Problem of „Educational Deepening“ in China: Empirical Analysis and Policy Implications Lin Lin 2.2 Motives of Return: Case Study of China's Brain Return Long Wei, Edun Adetunji Olufemi and Shuman Wen 2.3 How Rural Worker Migration Affects Industrial Transformation: A Case Study of China in 1990s Chuanjiang Liu, Jing Wang and Yanfang Dong 2.4 The Second Generation Peasant Workers' New Features and Transformation to Urban Residents Yanlin Yang, Feipeng Lou, Li Li, Liang Liu and Kui Li 2.5 An Empirical Analysis of the Employment for the Disabled Labors in Urban China Gerhard Michael Ambrosi 2.6 The global economic crisis and employment political reactions- A comparison between China and Europe Thomas Apolte 2.7 Rising Wage Gap and Qualification of Employment International Experiences and Theory Günter Heiduk 2.8 Can the European Union Escape from the Demographic Depression Xiangsen Lin, Qiyun Fang and Chunrong Ai 2.9 Inequity in Healthcare Utilization in China: A Formal Test Torsten Sundmacher 2.10 EU Health Care Policy