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2024 | Buch

Reform, Transformation and Growth

Observation and Interpretation

verfasst von: Jun Zhang

Verlag: Springer Nature Singapore

Buchreihe : Understanding China

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Über dieses Buch

This book aims to present the observation and Interpretation for China’s economic growth since Reform and Opening-up from a Chinese economist’s view. The book is divided into 5 sections, including the research of traditional socialist economic structure, China’s transformation from planned economy to market economy, reform of Chinese industrial economy, economic growth and political economy. Key topics are covered over the past 40 years including strategies for economic transformation, dual-track pricing, industrial transformation and enterprise reform, capital formation and economic growth, structural changes and productivity growth, macroeconomics, fiscal relations between central and local governments, and the political economy of growth.

Inhaltsverzeichnis

Frontmatter

Socialist Economic System and Its Changes

Frontmatter
Chapter 1. Information Costs, Limited Reasoning Ability and Simplifying Planning: A Theoretical Explanation of Traditional Chinese Planning Structure
Abstract
Over the past 40 years, the development of modern economics has been promoted thanks to many basic assumptions being modified.
Jun Zhang
Chapter 2. Socialist Government and Enterprise: An Analysis from the Perspective of “Exit”
Abstract
Any possible relationship between two or more than two economic entities can be described by a (explicit or implicit) contract.
Jun Zhang
Chapter 3. Monetary Incentive and Property Rights Structure of Socialist Enterprises: China’s Experience
Abstract
During the ten years from the pilot reform of enterprise distribution system in 1978 to the contracted responsibility system promoted across the country in 1987, China's state-owned enterprises have experienced a series of decentralization of power and transfer of profits reforms aimed at expanding the autonomy of enterprise management and encouraging the employees to work hard. All these institutional changes were trying to relax or even free enterprises from the constraints of the centralized, unified revenue and expenditure distribution system, and to give full play to the role of material incentives through setting and expanding the funds that an enterprise is entitled to retain and reward funds while strengthening the ideological education. The fact that statistics shows that the annual corporate profits are increasing is a reflection of the original intention of reform.
Jun Zhang
Chapter 4. Privileges Sustained by Central Planning: An Analytical Method of Property Rights
Abstract
One of the fundamental features of the centrally planned economy (CPEs) is that its operation is fully based on initial definition of distribution of privileges maintained by executive order, which is the basic system arrangement of central economic planning: urban and rural separation, the household registration system, farmers cannot change their identity, favorable planned price, unemployed professions, welfare subsidized by government, regions and industries that are given priority for development and resource allocation dictated by administrative orders, etc., are the various forms of privileges stemmed from the central planning. We call this type of privilege “planning privilege”.
Jun Zhang

Transitional Economics

Frontmatter
Chapter 5. The Growth of China's Industrial Output Since the Reform: Double-Track Pricing and Border Competition
Abstract
Since the reform, especially the reform of local industrial sectors since the 1980s, the industrial production in China has maintained a good growth momentum, avoided the bitter experience of production landslide and collapse (the so-called “L” growth curve) in the early transitional period in Russia and Eastern European countries and realized the smooth transition and industrial production growth in transition. Moreover, the state-owned industrial sectors continue to maintain its dominant position in industrial growth activities, making great contributions to both industrial output and industrial output growth.
Jun Zhang

Industrial Reform

Frontmatter
Chapter 6. Technology, Classification of Scale and Industrial Organization: Why Can China's “Large Enterprises” Make Higher Profit Margins?
Abstract
In the past several decades, economists made a lot of research on the Chinese industrial reform and changing patterns of productivity with the purpose of better understanding the impact of reform policy on improving the performance Chinese industry.
Jun Zhang

Productivity and Economic Growth

Frontmatter
Chapter 7. Industrial Reform and Efficiency Change in China: Methods, Data, Literatures and Existing Results
Abstract
For all its limitations, there is nothing more fascinating for economists than the study of economic growth and productivity changes (mainly called “total factor productivity” or “TFP”). Since economists developed a theoretical framework and accounting techniques for economic growth in the 1950s, the study of productivity has reached a period of sustained prosperity.
Jun Zhang
Chapter 8. Decline of China's Investment Efficiency and the Aggregate Characteristics of Capital Formation
Abstract
Since the 1980s, China has sustained a rapid economic growth for 20 years. This is unique not only among all the transition economies, but also surpassed the growth record of the “four dragons” of East Asia during their period of rapid growth (60s–80s in the past century).
Jun Zhang
Chapter 9. Growth, Capital Formation and Technological Choice: Explanation of Long-Term Factors for Recent Decline of Economic Growth in China
Abstract
With regard to the transition from a planned economy to market economy, how to realize and sustain the economic growth is of primary importance.
Jun Zhang

New Political Economics

Frontmatter
Chapter 10. Decentralization and Growth: The Story of China
Abstract
Many economists have predicted that the transformation and rapid growth of China’s economy over the past 30 years will have a profound impact on the development of economics. It is undeniable that over the years, modern economics has had an extraordinary impact on the transformation and growth of China’s economy, and helped us understand many of the stories that have taken place in China over the past 30 years.
Jun Zhang
Chapter 11. Why Have China Had a Good Infrastructure: Decentralization Competition, Governance and Infrastructure Investment Decisions
Abstract
For those who have been in China 30 years ago and revisited China during the past 10 years, the changes in the level of infrastructure in China indeed have made them stunned. Yes, China’s infrastructure and urban landscape (especially in the coastal areas) are changing rapidly. Even 15 years ago, no one would have dared to expect the infrastructure in China to reach its present level and update speed. Back in the 1980s, even those Chinese living in cities had also to endure great inconvenience in communication, use of energy, public transport and travel. Today, the number of people traveling on the highway by bus every day can be as many as millions, not to mention the welfare brought about by the changes in the urban infrastructure for the Chinese people.
Jun Zhang
Chapter 12. Irregular Financial Sector in Rural China After the Reform: A Case Study of Wenzhou
Abstract
In the rural financial (credit) market, the irregular sector refers to the spontaneous formation of the private credit sector relevant to the official financial system and the banking organization.
Jun Zhang
Backmatter
Metadaten
Titel
Reform, Transformation and Growth
verfasst von
Jun Zhang
Copyright-Jahr
2024
Verlag
Springer Nature Singapore
Electronic ISBN
978-981-9957-12-5
Print ISBN
978-981-9957-11-8
DOI
https://doi.org/10.1007/978-981-99-5712-5

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