The Rise of China: How Economic Reform Is Creating a New Superpower

Overview

Long considered an overpopulated, repressive, backward country, China has in the last decade entered the small circle of advanced industrial nations. Economic reform, more than any other factor, is responsible for this progress, maintains William H. Overholt in this provocative book.
In the 1980s, embracing capitalism to an increasing degree, China's economy grew at a rate of 9.5 percent. In 1992 it grew 12. 8 percent, rising to 13.4 percent in 1993. Cumulatively, this is the ...

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Overview

Long considered an overpopulated, repressive, backward country, China has in the last decade entered the small circle of advanced industrial nations. Economic reform, more than any other factor, is responsible for this progress, maintains William H. Overholt in this provocative book.
In the 1980s, embracing capitalism to an increasing degree, China's economy grew at a rate of 9.5 percent. In 1992 it grew 12. 8 percent, rising to 13.4 percent in 1993. Cumulatively, this is the greatest sustained growth in human history. Even if it slows substantially it is likely to surpass the economy of the United States early in the twenty-first century.
Overholt, who holds a Ph.D. from Yale University, is a managing director of Bankers Trust Company in Hong Kong and the author of several books. Based in Hong Kong since 1985, he has traveled widely in China and has served as political adviser to several of Asia's major political figures. This book is his account of China's remarkable growth, told authoritatively and in unique detail by a close and astute observer.

Since the 1980s, China's economy has attained the greatest sustained growth rate in human history. Overholt, a political adviser and a managing director of Bankers Trust Company in Hong Kong, provides an authoritative and detailed insider's look at the world's most dynamic economy.

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Editorial Reviews

Zbigniew Brzezinski
“The next giant on the world scene will be China—and Overholt's incisive and provocative analysis will help to cope with its challenge.”
Wall Street Journal
“Provocative. . . . Overholt's dissection of China's economic transformation is compelling.”
Publishers Weekly - Publisher's Weekly
China, the world's fastest growing economy, is eliminating poverty while achieving huge trade surpluses and creating a vast new class of consumers open to liberal ideas, reports Overholt, managing director of Bankers Trust in Hong Kong. His detailed economic and political analysis portrays Deng Xiaoping as a master strategist who is using rapid economic growth and gradual privatization to build a consensus around stability, arguing that an immediate move towards a Western market-style economy would likely be disastrous for the People's Republic. Overholt, who cofounded the journal Global Political Assessment with Zbigniew Brzezinski, maintains that the U.S. should pressure China for reforms of its trade policy, arms sales and human rights abuses but still grant the country most-favored-nation trade status. Continuing along this path of economic development will create an educated citizenry and wider freedoms, contends Overholt, and provide the best hope for transforming authoritarian China into a democracy. Nov.
Library Journal
Many Americans believe China will collapse just like the regimes of Eastern Europe. All Communist economies are fundamentally flawed, aren't they? Overholt, the director of a Hong Kong bank, argues that, to the contrary, China is on the verge of economic explosion. He believes that the Chinese economic reform under communism will succeed where similar Soviet efforts failed because the Chinese are proceeding with reforms slowly, which brings stability, while Gorbachev tried to change the Soviet Union all at once. In Poland's Jump to the Market Economy LJ 10/15/93, Jeffrey Sachs presents the opposite view, advising the new Eastern European leaders to ``jumpstart'' their economies quickly. Both viewpoints have their supporters. Whichever is eventually proven correct, Overholt's book as well as Sachs's belongs in any academic collection as representative of current thought.-- Kris Swank, American Graduate Sch . of International Management Lib., Glendale, Ariz.
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Product Details

  • ISBN-13: 9780393312454
  • Publisher: Norton, W. W. & Company, Inc.
  • Publication date: 10/28/1994
  • Edition description: Reprint
  • Pages: 432
  • Product dimensions: 5.50 (w) x 8.20 (h) x 1.10 (d)

Table of Contents

Acknowledgments 9
List of Charts 13
List of Maps 15
Introduction 19
I The Rise of China's Economy 25
II The Politics of Economic Takeoff 85
III The Emergence of Capital Markets 147
IV The Golden Age of Hong Kong and Guangdong 183
V The Diplomacy of Hong Kong's Transition 249
VI The Transformation of International Relations 313
VII The United States and China 365
Author's Note 417
Index 425
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