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Understanding Chinese Economic Reform

In: How the Chinese Economy Works

Author

Listed:
  • Guo Rongxing

Abstract

From the foundation of the PRC in 1949, the Chinese government had uneasily followed the Soviet Union and adopted a centrally planned economy (CPE). Generally, this kind of planning system has the following problems. First of all, it makes almost all productive enterprises subordinate to administrative organs. To a large extent, this neglects the economic independence of the enterprises and thereby leads to the neglect of their material interests and responsibilities, blunting the levels of initiative and enthusiasm. Secondly, the system involves excessive command planning from above and is overly rigid. So long as the enterprises meet their stipulated targets, they are considered to have performed satisfactorily — regardless of whether or not its products satisfy society’s needs.

Suggested Citation

  • Guo Rongxing, 2009. "Understanding Chinese Economic Reform," Palgrave Macmillan Books, in: How the Chinese Economy Works, edition 0, chapter 5, pages 99-135, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-24568-6_5
    DOI: 10.1057/9780230245686_5
    as

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