The authors recommend that the G20 target innovative green-technology SMEs as an opportunity to promote financial de-risking while addressing Paris Agreement commitments and UN Sustainable Development Goals. This should be achieved by creating signals for private investors through: (1) a reporting system that can help monitor the scale-up of green-technology SMEs; (2) the use of public funds to signal innovative green-technology SMEs to investors; and (3) the inclusion of SMEs in the design of green finance platforms. By implementing these recommendations, the G20 will ensure that innovative, low-carbon SMEs become attractive, low(er)-risk investment opportunities for the private sector.(Published as Global Solutions Paper) JEL O31 Q55 Q58 E60
The comparison of the automobile industry in China and India allows us to shed light on the economic processes of emergence at large. There is a stark contrast in the capacities of autonomisation and endogenisation of the sector in the two countries. This contrast serves as an analyser of the relationships between the modes of sector opening and the paths of technological catching-up that is at the core of the phenomenon of emergence.
With the significant slowing down of Chinese economy, the so-called Chinese "economic miracle" or "growth model" needs to be re-examined. Combining some theoretical perspectives of economic development stages, capital accumulation regime with Chinese characteristics, and techno-economic paradigm, this paper tries to explain how the Chinese growth miracle fell to the edge of crisis after 2008. It argues that during 30 years, the "visible hand" of managing Chinese economy has progressively shifted from local governments' initiative and experiments to central government's macro policy supplemented with industrial economics tools. This fundamental change of how the economy is managed and controlled not only brought China's growth from factor-driven to investment driven stage, but also progressively decoupled the financial system from China's local, dominant, accumulation regime, and directing finance into a technological accumulation regime. Ironically, Chinese central government's anti-crisis monetary and fiscal policy in 2008/09 first aggravated this long-term structural unbalance. In the "post-miracle" era, Chinese central government has tried and is trying three macroeconomic approaches to readdress the growth pattern: rebalancing, supply-side reform, and innovation-driven development. We here put the hypothesis that, beyond a grand epochal move, the belt and Road Initiative is an attempt to domestically recouple backward to coastal provinces, trade and investment to modernization and economic diversification and upgrading of provinces. Each of these stages has had specific policy implications and the Chinese central government has to face the challenge of shifting to a new accumulation regime in the long run the current growth model of China is composed of different capital accumulation regimes such as export, domestic infrastructure investment, then financial market liberalization, and recently E-commerce platform economy, all based on manufacturing economy built up since 40 years. This model is ending and China needs to upgrade its manufacturing economy to an innovation level, and build up new capital accumulation regime on it.
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