China's Economic Miracle: Myth or Reality?

Joseph A. Martellaro
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Joseph A. Martellaro: Depatment of Economics, Northern Illinois University, Postal: 1425 W. Lincoln Hwy., DeKalb, IL 60115-2828 USA, http://www.niu.edu/index.shtml

Economia Internazionale / International Economics, 1996, vol. 49, issue 3, 417-437

Abstract: Since the 1972 visit to China by the late President Richard M. Nixon especially since the introduction of China’s reform measures of the eighties, interest in China by observers and Sinologists has intensified. The progress of the economy over the past 15 years has been of particular interest. In their assessment of the relatively recent economic progress of the People’s Republic of China (PRC), students of China can probably be divided into the categories. The first group view the recent economic development and growth sufficiently impressive to be termed an « economic miracle ». A second group, thought impressed by China’s economic progress, are cautiously optimistic. A third group though cognizant of the PRC’s recent economic accomplishments, prefer to withhold judgment until a later date when additional meaningful data and information available. The purpose this paper is to place focus on several facets of the PRC’s economic accomplishments over recent years, and in the process identify some of the national policies which have been implemented to promote economic growth and development especially those related to reform. In part, based on the data provided in paper, the author suggests that as commendable as the PRC’s economic progress been since the early 1980s, one has to labor in order to term the PRC’s progress as.1 economic miracle.

Date: 1996
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