What Can We Learn from China’s Economic Reform?

Justin Lin ()

Chapter 8 in Contemporary Economic Issues, 1998, pp 147-163 from Palgrave Macmillan

Abstract: Abstract China is the first among the socialist countries to engage in wide-range economic reforms and so far the most successful one. China’s reforms started at the end of 1978. Since then, China has joined the rank of East Asian NIEs and achieved an average annual growth rate of 9.6 per cent, while the price level has been relatively stable (see Figure 8.1). In the 17 years between 1978 and 1995, the size of China’s GNP increased about five times. As a consequence, the living standard of people improved significantly. It is no exaggeration to say that such a rapid rate of economic growth in such a large country for such a long period of time has never occurred elsewhere in human history. This achievement is especially extraordinary when the Chinese experience is compared with the economic collapse and stagnation in Eastern European countries and the Former Soviet Union (FSU) during their reform process. Figure 8.1 Economic growth and inflation in China, 1978–94

Keywords: Interest Rate; Total Factor Productivity; Foreign Exchange; Former Soviet Union; Chinese Economy (search for similar items in EconPapers)
Date: 1998
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-26723-1_8

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349267231

DOI: 10.1007/978-1-349-26723-1_8

Access Statistics for this chapter

More chapters in International Economic Association Series from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().