China’s Transition to a Market Economy: How Far Across the River?

Wu Jinglian

Chapter 2 in Transition from Socialist to Market Economies, 2009, pp 37-66 from Palgrave Macmillan

Abstract: Abstract We view China’s reform as an evolutionary process in two stages. The first stage spans about fifteen years from 1978 to 1993, and the second begins in 1994. There is a clear division between the two. The watershed is the historic November 1993 “Decision on Issues Concerning the Establishment of a Socialist Market Economic Structure” adopted by the Third Plenum of the Fourteenth Congress of the Communist Party of China (CPC). The review in Section 2.2 below of the nature of the first-stage reform will allow better understanding of the significance of the decision. First, the reform started step by step to expand the market incentives for resource allocation, while keeping the basic institutional framework of central planning almost intact. It achieved a great success outside the state sector and dramatically improved people’s living standards, eliminating the shortages common to all planned economies.

Keywords: Corporate Governance; Central Bank; Market Economy; Private Enterprise; Nonperforming Loan (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230244986_3

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