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Reform, Development and Stabilization Policies: The Case of China

In: Reform, Opening-up and China's Changing Role in Global Governance

Author

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  • Yuyan Zhang

    (Chinese Academy of Social Sciences)

Abstract

China’s reform is aimed at achieving economic development and realization of industrialization drive by means of reforming economic system and adjusting economic policy. China’s economic system is characterized by responsibility system, dual pricing system and coexistence of various ownership forms. This economic system is an inevitable outcome of the long-pursuit reform, and the four major problems—inflation, imbalanced structure, ubiquitous rent-seeking behavior (synonym for corruption) and lower efficiency—that are also inescapable because of the lack of theoretical preparation, the inconsistence between various reform measures and economic policies, and the underestimation of many latent crisis. Thus, the counter-measures adopted by Chinese government in the process of reform can be viewed as a kind of readjustment mostly suitable to China’s pattern of development based on the actual conditions. China’s reform marks that the economic system and policy, namely institutional factors, is seen as a two-edged sword which might be either beneficial or detrimental to the economic development. Finally, the paper tries to foretell the economic future of China based on the present policy of stabilization and adjustment and long-term reform measures.

Suggested Citation

  • Yuyan Zhang, 2021. "Reform, Development and Stabilization Policies: The Case of China," Springer Books, in: Reform, Opening-up and China's Changing Role in Global Governance, chapter 0, pages 39-78, Springer.
    • Handle: RePEc:spr:sprchp:978-981-33-6025-9_2
    DOI: 10.1007/978-981-33-6025-9_2
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