China’s economic reforms and growth prospects

Nicholas Lardy

China Economic Journal, 2015, vol. 8, issue 2, 95-108

Abstract: Conventional wisdom attributes China’s rapid economic growth to its model of state capitalism, which combines direct state ownership of the commanding heights of the economy and indirect state control of the rest of the economy through industrial policies and the allocation of credit through state-owned banks. This article argues that China’s growth since 1978 is largely due to the result of the expanding role of markets and the rise of private business. If China systematically adopts the economic reform agenda endorsed by the Chinese Communist Party in the fall of 2013, it likely will avoid a sustained period of much slower growth that some have forecast.

Date: 2015
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DOI: 10.1080/17538963.2015.1061247

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