Editor's Introduction

Joseph Fewsmith

Chinese Economy, 1996, vol. 29, issue 2, 3-4

Abstract: This second issue of reflections on the economic reform process presents three articles by two of China's leading economic theorists. The first article, by Sheng Hong, "A Survey of the Research on the Transitional Process of Market-Oriented Reform in China," gives a rather detailed overview of the way in which Sheng and other economists have been conceptualizing what they call "transitional economics." As Sheng notes, much of what is currently encompassed by that term was implicit in the thinking and practice of young reformers in the 1980s. Now, Sheng and his colleagues are trying to sum up China's reform experience in theoretical terms. In their efforts to do so, they draw heavily on Western theoretical efforts, particularly the work of economists such as Ronald Coase, Douglass North, and James Buchanan, but, at the same time, there is an effort to bring these insights together with their own experience. Here one can see an effort to develop a distinctly Chinese understanding of economics, one that is informed by, but not restricted to, Western concepts.

Date: 1996
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