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Completing China's Move to the Market

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  • Dwight H. Perkins

Abstract

Beginning in late 1978, by luck as much as design, China arrived at a strategy for market-oriented economic reform that combined substantial reform with rapid growth in GDP and exports. The sequencing of reform began with the 'easy to reform' sectors, agriculture and foreign trade, and then took up the more difficult task of reforming the large state-owned enterprises. With respect to agriculture, small-scale industry, and foreign investment, China found ways of introducing meaningful property rights into the increasingly marketized system. A partially unreformed financial system and inadequate autonomy of large state enterprises accounts, however, for the current stop-go nature of Chinese development.

Suggested Citation

  • Dwight H. Perkins, 1994. "Completing China's Move to the Market," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 23-46, Spring.
    • Handle: RePEc:aea:jecper:v:8:y:1994:i:2:p:23-46
    Note: DOI: 10.1257/jep.8.2.23
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.8.2.23
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    References listed on IDEAS

    as
    1. Lardy,Nicholas R., 1992. "Foreign Trade and Economic Reform in China," Cambridge Books, Cambridge University Press, number 9780521414951, September.
    2. Wang, Yijiang, 1991. "Economic reform, fixed capital investment expansion, and inflation: A behavioral model based on the Chinese experience," China Economic Review, Elsevier, vol. 2(1), pages 3-27.
    3. Granick, David, 1990. "Chinese State Enterprises," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226305882, April.
    4. Sung,Yun-Wing, 1992. "The China-Hong Kong Connection," Cambridge Books, Cambridge University Press, number 9780521382458, September.
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    JEL classification:

    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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