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Chinese Economy Transitions and Growth

ISBN-10: 0262640643
ISBN-13: 9780262640640
Edition: 2007
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Description: The author provides an introduction to China's economy since 1949 and original insights based on his own research. He discusses the economy in relation to other transitional or developing economies such as the U.S. and Japan.

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Book details

List price: $35.00
Copyright year: 2007
Publisher: MIT Press
Publication date: 10/27/2006
Binding: Paperback
Pages: 544
Size: 6.75" wide x 8.75" long x 1.00" tall
Weight: 1.122

The author provides an introduction to China's economy since 1949 and original insights based on his own research. He discusses the economy in relation to other transitional or developing economies such as the U.S. and Japan.

Barry Naughton, an economist, is Professor and Sokwanlok Chair at the Graduate School of International Relations and Pacific Studies at the University of California, San Diego. He is the author of Growing Out of the Plan: Chinese Economic Reform, 1978--1993 and The Chinese Economy: Transitions and Growth (MIT Press). Wu Jinglian, one of the principal architects of China's economic reform, worked in the Institute of Economics of the Chinese Academy of Social Sciences, and the State Council Development Research Center in China. He has held positions at Oxford, Stanford, Yale, and MIT.

Acknowledgments
Introduction
From Transition to Development
The Distance Traveled
The Dual Transition
China's Growth Performance
Becoming a "Normal" Country
China to the Future
Using This Textbook
Bibliography
Legacies and Setting
The Geographical Setting
Landforms
Climate and Water
Provinces and Regions
Mineral Resources
Conclusion: Regional Differentiation
Bibliography
The Chinese Economy Before 1949
The Traditional Chinese Economy, 1127-1911
High-Productivity Traditional Agriculture
The Commercialized Countryside
Sophisticated Institutions
Competitive Markets
Small-Scale, "Bottom-Heavy" Economy
Crisis of the Traditional Economy?
The Failed Response to the West and Japan
The Beginnings of Industrialization, 1912-1937
Industry
Evaluation: How Broad Was Development in the 1912-1937 Period?
War and Civil War, 1937-1949
The Rise and Fall of a Japan-Centered East Asian Economy
The Rise of Manchuria
Increased State Intervention
Inflation
Legacies of the Pre-1949 Economy
Legacy for the Socialist Era (1949-1978)
Legacy for the Post-1978 Market Economy
Bibliography
The Socialist Era, 1949-1978: Big Push Industrialization and Policy Instability
The Big Push Development Strategy
The Command Economic System in China
Policy Instability
Economic Recovery, 1949-1952
1953 and 1956: The Twin Peaks of the First Five-Year Plan
Retrenchment: The "Hundred Flowers" of 1956-1957
The Great Leap Forward, 1958-1960
Retrenchment: Crisis and "Readjustment," 1961-1963
Launch of the Third Front, 1964-1966: New Expansion Hijacked by Radicalism
Retrenchment: The Cultural Revolution, 1967-1969
The Maoist Model: A New Leap in 1970
Retrenchment: Consolidation and Drift, 1972-1976
The Leap Outward: 1978 and the End of Maoism
A Final Turning Point: The Third Plenum and the Beginning of Economic Reform
Legacies of the Socialist Period
The Legacy of Policy Instability
The Shortcomings of the Development Strategy
Human Capital Base
Bibliography
Market Transition: Strategy and Process
The Chinese Approach to Transition
How Did Reforms Start? The Initial Breakthrough in the Countryside
A Two-Phase Framework of Economic Reform
Elements of China's Transition Through 1992
Dual-Track System
Growing Out of the Plan
Particularistic Contracts
Entry
Prices Equating Supply and Demand
Incremental Managerial Reforms Instead of Privatization
Disarticulation
Initial Macroeconomic Stabilization Achieved Through the Plan
Continued High Saving and Investment
Conclusion of First-Phase Reforms
The Tiananmen Interlude
The Second Phase of Reform, 1993-Present
Prerequisites
Market Reunification
Recentralization
Macroeconomic Austerity
Regulatory Approach and Administrative Restructuring
Fiscal and Tax System
Banking and Financial System
Corporate Governance
External Sector: Membership in the World Trade Organization
Outcomes
From Inflation to Price Stability
State Enterprise Restructuring and Downsizing
Privatization
Reform with Losers
Contemporary Challenges
Bibliography
The Urban-Rural Divide
A Dualistic System: The Division Between Urban and Rural
Origins of the Urban-Rural Divide
The Urban Economic System
The Danwei
Urban Property Rights
The Rural Economic System
Rural Collectives
Rural Property Rights
"Fuzzy" Property Rights and Land-Use Disputes
The Evolution of the Rural and Urban Systems During Market Transition
Invisible Walls: Administrative Barriers Today
Urbanization
Rural-Urban Migration
Overview of Migration
Characteristics of Migrants
Economic Consequences of the Urban-Rural Divide
Living Standards and Restrictions on Mobility
Addressing the Urban-Rural Divide
Conclusion
Bibliography
Patterns of Growth and Development
Growth and Structural Change
Growth
Data and the Measurement of Growth
Growth in Comparative Perspective
Instability in Growth
Investment
Structural Change: Common Patterns
Structural Change in China: Labor
Structural Change in China: GDP
Structural Change and Globalization
Conclusion
Bibliography
Population Growth and the One-Child Family
The Demographic Transition
China's Demographic Transition
The Role of Government Policy
Consequences of the One-Child Policy
Changing Age Structure of the Population
Conclusion
Bibliography
Labor and Human Capital
The Institutional Transformation of Chinese Labor
The Labor Force
Employment: Ownership and Labor Mobility
Employment, Unemployment, and State-Sector Downsizing
The Informal Sector: Emerging Dualism Within Urban Labor Markets
Rural Labor Markets
How Well Do Labor Markets Function in China Today?
Returns to Education
Human Capital and Educational Attainment
Other Attributes
The Migration Decision
Labor Markets Concluded
Social Security
Conclusion
Bibliography
Living Standards: Incomes, Inequality, and Poverty
Income Growth
Poverty
Rural Poverty
Official Poverty Line
World Bank Internationally Comparable Poverty Line
Explaining Poverty Trends
Urban Poverty
Overall Poverty
Inequality
Accounting for All Income Sources
Physical Quality of Life Indicators
Life Expectancy at Birth
Other Health-Related Indicators
Education
Human Development Index
Income, GDP per Capita, and Purchasing Power Parity Once Again
Conclusion
Bibliography
The Rural Economy
Rural Organization
The Chinese Village
Agricultural Collectives
Features of the Agricultural Collectives
Discussion of Collectives
The Agricultural Policy Environment of the Collectives: "Grain First"
The Second Revolution in the Countryside: Rural Reforms, 1979-1984
Production Surges in the Wake of Rural Organizational Change
The Side-Effect of Reform: Rural Public Services Decline
The Emergence of Rural Land Markets
Bibliography
Agriculture: Output, Inputs, and Technology
Overview of Post-1949 Agriculture
Technology Choice and Technical Innovation in Agriculture
The Green Revolution
Irrigation
Agricultural Chemicals
Seeds
Motive Power in the Countryside
Output and Yields: The Challenge of Intensification
Diversification and the Challenge of the Future
Genetically Modified Organisms
Globalization
Bibliography
Rural Industrialization: Township and Village Enterprises
Origins of the TVEs
The Golden Age of TVE Development
Causes of Rapid Growth
Diverse Regional Models of TVE Development
The Southern Jiangsu (Sunan) Model
The Wenzhou Model
The Pearl River Delta Model
Failed or Absent TVE Development
The Transformation of TVEs in the New Century
The Changing Economic Environment of TVEs
TVE Restructuring: The Great Privatization
National Policy and Local Models
Market Conditions and Privatization
Insider Privatization
Local Variation in the Privatization Process
Emergence of New Forms of Rural Industry in the Twenty-First Century
Bibliography
The Urban Economy
Industry: Ownership and Governance
Ownership Change: A Diverse Industrial Base
Ownership Change in the First Period of Transition
Ownership Change from 1996 Through the Present
Industrial Finance
Transforming Corporate Governance in the State Sector
Creating Corporate Governance: Transition A
Creating Corporations: Transition B
Corporatization and the Company Law: Objectives and Principles
The Chinese System in Practice
Typology of Corporate Governance Systems
Privatization and Hybrid Ownership
Conclusion
Bibliography
Structural Change: Industry, Energy, and Infrastructure
Growth and Structural Change in Manufacturing
Regional Growth Patterns
Energy
Energy Efficiency of the Economy
The Three Main Energy Sectors
Coal
Oil and Gas
Electric Power
Energy Security, Diversification, and Imports
Telecommunications
Common Features: Infrastructure Investment
Conclusion
Bibliography
Technology Policy and the Knowledge-based Economy
Pursuing Critical Technologies: The R&D Effort
The Trajectory of China's Technology Effort
Strategies of R&D Investment
Do It Yourself
Buy It
Bargain for It
Seed It
Encourage Spin-offs
Open Up to Foreign Direct Investment
Support Domestic Entrepreneurship
Human Capital Resource Base
The Output of the R&D Effort
Redefining Government Technology Policy in the Twenty-First Century
Aligning Incentives in Favor of High-Technology Development
Deeper Integration into Global Production Networks
Conclusion
Bibliography
China and the World Economy
International Trade
Background
Initial Reform Steps
Liberalizing the Foreign-Trade System
A Dualist Trade Regime: The Export-Processing System
Toward an Open Economy
Currency Convertibility
World Trade Organization Membership
Openness Revisited
Outcomes: Rapid Growth and Structural Change
Exports
Imports
High Technology Trade
Regional Composition of Trade Within China
Conclusion
Bibliography
Foreign Investment
FDI in the Chinese Economy
"Zones": The Gradual Liberalization of the Investment Regime
The Investment Regime Today
Sources of Investment in China
The China Circle
FDI in Context
Sectoral Composition of FDI: The WTO Impact
Modes of Capital Inflow
Conclusion
Bibliography
Macroeconomics and Finance
Macroeconomic Trends and Cycles
Trends in National Saving
The Fiscal System and Fiscal Reform
Reversing Fiscal Erosion
Broadening the Tax Base: Horizontal Equity
Restructuring Central-Local Relations
The Fiscal System Today
Intergovernmental Fiscal Relations: Principles
Inadequacy of Local Government Revenue in Rural Areas
Extrabudgetary Funds, Levies, and Charges
Abolishing Local Taxes and Stepping Up Transfers
Arbitrary Nature of Transfers
Fiscal Deficits and Fiscal Policy
Inflation and Macroeconomic Cycles
Monetary Policy
Conclusion
Bibliography
Financial System
The Financial System in the Planned Economy and under Reform
The Banking System
State-Owned Commercial Banks
Joint-Stock Commercial Banks
City Banks
Other Banks
Policy Banks
Rural Credit Cooperatives
The Fringe
Central Bank and Regulatory Apparatus
Weakness of the Banking System
Measures to Reduce the Stock of Nonperforming Loans
The "Flow" Problem: Ensuring Good Lending Decisions
Current Bank-Reform Program and Prospects for the Future
Stock Markets: Learning to Crawl?
Birth of the Market: Raising Funds for the State Sector
Characteristics of the Market
Circulating and Noncirculating Shares
Low Contestability
Rationing of Listing Opportunities
Thin Markets
Weak Disclosure and Regulation; Multiple Related-Party Transactions
Policy-Driven Market
Insider Control and Manipulation
Reform Initiatives: Selling Down the State Share: Changing the "Split Share Structure"
Institutional Investors
Comparative Evaluation of China's Stock Market
Bond Markets
Other Financial Markets
Conclusion
Bibliography
Conclusion: China's Future
Environmental Quality and the Sustainability of Growth
Pollution
Air Pollution
Water Pollution
Costs of Pollution
Pollution Control
Sustainability
Broad Impact of Pollution and Global Warming
Sustainability of Land and Water Resources
Desertification
Forests and Grasslands
Water Availability
Conclusion
Bibliography
Index

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