Stagnation: 2003–2012

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Chapter 5 in The Institutional Evolution of China, 2018, pp 155-215 from Edward Elgar Publishing

Abstract: The distinctive features of this period are (i) the unprecedented economic growth as a result of institutional improvements that had started in the previous period, such as state-owned enterprise reform and World Trade Organization entry, and (ii) the stagnation of marketisation reform due to the social and economic problems produced by the government-led marketisation. This was a period of speeding up of economic growth and slowing down of institutional reform. The system created by reform in the previous years was successful in promoting economic development, but it ignored some socioeconomic problems, such as poverty, income inequality, rising house prices, and increasing health care costs. The new government realised that there were problems, and in response hesitated to continue the reform on such a large scale, slowed down the marketisation process, and shifted its focus onto social problems. This first wave of adjustment of the reform strategy resulted in the stagnation of the marketisation reform.

Keywords: Asian Studies; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2018
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