Growth without Miracles Readings on the Chinese Economy in the Era of Reform

by Garnaut, Ross; Huang, Yiping

• ISBN13: 9780199240593
• ISBN10: 0199240590
• Format: Paperback
• Copyright: 2001-05-24
• Publisher: Oxford University Press

Summary

China's economic reform constitutes one of the most remarkable events of the second half of the twentieth century. It not only significantly improved the living conditions of the Chinese population but also provides a useful model of economic transition from central planning to a marketeconomy. The gradual approach to reform adopted by the Chinese was widely regarded as suboptimal and likely to fail when compared to the shock therapy method applied in the former Soviet Union and the Eastern European economies. But China has out-performed other transitional economies. To many observers the Chinese experience is either a myth or a miracle. This volume addresses key questions about the initial economic foundations, the reform of macroeconomic policies and macroeconomic stability, the achievements of agricultural reform and the agricultural policy choices facingthe Chinese government, the unique characteristics of the township and village enterprises, the successful reform of the state-owned enterprises, the development of factor markets, the contributions of the external sectors to economic growth, the lessons of the Chinese experience for transitionaleconomies, and the challenges for economic threory. Growth without Miracles brings together thirty widely cited articles by prominent economists in the field of China studies to offer authoritative and through assessment and analyses of Chinas experience during the reform period. It provides a complete story for teachers and students of courses onthe Chinese economy and will be of considerable interest to researchers, officials, and business people who want to understand past experiences, current problems, and the future direction of the Chinese economy.

Table of Contents

Contributors	viii
Acronyms	x
Foreword	xi
Introduction and Overview
Twenty Years of Economic Reform and Structural Change in the Chinese Economy	1	(18)
Ross Garnaut
The `Neither This nor That' Economy	19	(17)
Geoff Raby
Completing China's Move to the Market	36	(18)
Dwight Perkins
Economic Foundations Before Reform
Foundations for the Future: the building of modern machiner in Shanghai after the Pacific War	54	(5)
Mark Elvin
Pre-reform Economic Development in China	59	(18)
Justin Yifu Lin
Fang Cai
Zhou Li
A Long-term Appraisal of Country Risk	77	(11)
E.L. Jones
Macroeconomic Policy and Stability
Economic Growth and Stability in China	88	(15)
Ross Garnaut
Guonan Ma
China's Macroeconomic Performance and Management during Transition	103	(18)
Shahid Yusuf
Agricultural Policy
Plan and Market in China's Agricultural Commerce	121	(16)
Terry Sicular
Rural Reforms and Agricultural Growth in China	137	(17)
Justin Yifu Lin
How Should China Feed Itself?	154	(16)
Yongzheng Yang
Yiping Huang
Rural Industrialisation
Township, Village and Private Industry in China's Economic Reform	170	(19)
William Byrd
Alan Gelb
Surrounding the Cities from the Countryside	189	(16)
Christopher Findlay
Andrew Watson
The Nature of the Township-Village Enterprise	205	(14)
Chun Chang
Yijiang Wang
Public vs. Private Ownership of Firms: evidence from rural China	219	(25)
Hehui Jin
Yingyi Qian
Enterprise Reform and Industrial Development
Enterprise Reform in Chinese Industry	244	(19)
Gary H. Jefferson
Thomas G. Rawski
Autonomy and Incentives in Chinese State Enterprises	263	(18)
Theodore Groves
Yongmiao Hong
John McMillan
Barry Naughton
The SOE Sector Under Reform	281	(11)
Jeffrey Sachs
Wing Thye Woo
China's Industrial Growth and Efficienty: a comparison between the state and the TVE sectors	292	(16)
Yiping Huang
Xin Meng
Factor Markets and Income
Towards a Labour Market in China	308	(23)
John Knight
Lina Song
Fiscal Decentralisation and Growing Regional Disparities in Rural China	331	(16)
Loraine A. West
Christine P. W. Wong
Wage Determination and Occupational Attainment in the Rural Industrial Sector of China	347	(16)
R.G. Gregory
Xin Meng
Income and Inequality in China: composition, distribution and growth of household income, 1988 to 1995	363	(22)
Azizur Rahman Khan
Carl Riskin
External Sector
The Role of Foreign Trade and Investment in China's Economic Transformation	385	(14)
Nicolas R. Lardy
Institutional Change, Trade Composition and Export Supply Potential in China	399	(19)
Ligang Song
China's WTO Membership: what's at stake?	418	(18)
Yongzheng Yang
China's Integration into the World Economy	436	(23)
Ross Garnaut
Yiping Hunag
Lessons from China's Experiences
How to Reform a Planned Economy: lessons from China	459	(15)
John McMillan
Barry Naughton
Structural Factors in China's Economic Reform	474	(18)
Jeffrey Sachs
Wing Thye Woo
Challenges of China's Economic System for Economic Tehory	492	(7)
Gregory C. Chow
Index	499