The China Miracle : Development Strategy and Economic Reform

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The tremendous success of China's economic reform, in contrast with the vast difficulties encountered by the former Soviet Union and Eastern European countries in their transition, has attracted worldwide attention. Using a historical, comparative and analytic approach grounded in mainstream economics, the authors develop a consistent and rational framework of state-owned enterprises and individual agents to analyze the internal logic of the traditional Chinese planning system. They also explain why the Chinese economy grew slowly before the market-oriented reform in 1979 but became one of the fastest growing economies afterwards, and why the vigor/chaos cycle became part of China's reform process. The book also addresses the questions: Can China continue its trend of reform and development and become the largest economy in the world in the early twenty-first century? What are the general implications of China's experience of development and reform for other developing and transition economies? In this revised edition, the authors update the data and information in the book and include a new chapter on the impact of China's WTO accession on its reform.

The Chinese University Press

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Product Details

  • ISBN-13: 9789622019850
  • Publisher: Chinese University Press, The
  • Publication date: 7/4/2003
  • Series: Friedman Lecture Fund Monograph Ser.
  • Edition description: REVISED
  • Pages: 432
  • Sales rank: 1,506,199
  • Product dimensions: 5.50 (w) x 8.30 (h) x 1.00 (d)

Meet the Author

Justin Yifu Lin is professor and founding director of the China Center for Economic Research (CCER) at Peking University and professor at the Hong Kong University of Science and Technology. His articles have appeared in various academic journals such as American Economic Review and Journal of Political Economy.Fang Cai is research fellow and director of the Institute of Demography, the Chinese Academy of Social Sciences, Beijing.Zhou Li is deputy director of the Institute of Rural Development, the Chinese Academy of Social Sciences, Beijing.

The Chinese University Press

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Table of Contents

Foreword to the First Edition
Foreword to the First Edition
Preface to the Revised Edition
Preface to the First Edition
The Authors
1.1 Economic Development Since Reform, and Prospects for the 21st Century 3
1.2 Policy Barriers to Persistent Growth 19
1.3 Key Questions 25
2.1 Logical Starting Point: Heavy-industry as the Priority of Development 30
2.2 Basic Characteristics of Heavy Industries vs. China's Economic Reality 37
2.3 The Macro-policy Environment for the Heavy-industry-oriented Development Strategy 39
2.4 The Planned Resource-allocation System 46
2.5 Micro-management Institutions Characterized by Nationalization and the People's Commune System 52
2.6 The Trinity of the Traditional Economic System: An International Comparison 59
3.1 Economic Growth Before Reform 70
3.2 Distorted Structures Under the Traditional Economic Strategy 74
3.3 Lack of Incentives and Low Efficiency 84
3.4 Leap-forward Strategies: An International Comparison 91
4.1 Different Interpretations of the East Asian Miracle 104
4.2 An Alternative Development Strategy 108
4.3 Comparative Advantage and Upgrading the Factor-endowment Structure 115
4.4 The Government's Role in Economic Development 120
4.5 The Comparative-advantage-following Strategy and the Asian Financial Crisis 127
5.1 Differences between Pre-1978 and Post-1978 Reforms 138
5.2 Reform of the Micro-management Institution 140
5.3 Reform of the Planned Resource-allocation System 156
5.4 The Reform of the Macro-policy Environment 171
5.5 The Economic Logic of "Crossing the River by Groping the Stones" - China's Approach to Reform 177
6.1 Improvement of Incentives and Efficiency 184
6.2 Correction of the Industrial Structure 190
6.3 Exploitating Comparative Advantage 197
7.1 The Cyclic Nature of Reform and Development 204
7.2 Rent-seeking and Corruption 210
7.3 Difficulties in the Reform of State-owned Enterprises 215
7.4 Non-performing Loans and Malpractice in the Financial System 221
7.5 The Aggravation of Uneven Regional Development 223
7.6 The Potential of Grain Supply 231
8.1 Coordination of the State-owned Enterprise Reform and the Reform in Economic System 237
8.2 Further Reform and Prevention of Financial Crises 252
8.3 Exploiting Comparative Advantages to Realize Sustainable Economic Development 254
9.1 The Demand Side of Deflation 258
9.2 Serious Over-supply Is the Main Cause of Deflation 265
9.3 The Effects of Excess Capacity and Deflation 271
9.4 The New Village Movement and Solution to Deflation 275
10.1 WTO Accession and China's Agriculture 285
10.2 Accession's Potential Impacts on Financial Sector 289
10.3 WTO Accession and SOE Reform 293
11.1 The Starter and Propellers of Reform 308
11.2 The Approach and Characteristics of Economic Reform 314
11.3 General Implications of China's Reform Approach 325
Bibliography 347
Index 375
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