Dual-Track Transition and "Dual-Track Adjustment and Control"

Fan Gang, Zhang Shuguang and Wang Limin

Chinese Economy, 1995, vol. 28, issue 6, 40-88

Abstract: A characteristic of China's "gradualistic" reform is that it starts first by trying not to confront many vested interests or to undertake any fundamental, radical restructuring of the old system, but rather to develop a new system alongside (or on the "margins" of) the old system. Therefore, inevitably, a "dual-track system" situation will emerge and reform will ultimately be accomplished only through a rather long period of "dual-track transition." Thus, it can be said that a fundamental characteristic of any gradualistic reform is a relatively long period of a dual-track transition.

Date: 1995
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