Prices, Markets and Resource Allocation in China

Clement Tisdell

Chapter 9 in Economic Development in the Context of China, 1993, pp 135-151 from Palgrave Macmillan

Abstract: Abstract A major feature of change in China’s economic system since 1978 has been its market reforms and its increased reliance on market mechanisms as means for guiding economic decision-making. In this respect, China proceeded further than the Soviet Union and Eastern European countries in the 1980s. But China is still far from having a complete market economy. So far its reforms have proceeded furthest in relation to product markets. While there has been some relaxation of central control over resource or factor allocation, markets either are not present for resources or are much restricted in their operation. So the extent of China’s market reforms are uneven as between product and factor markets. This, as discussed below, is not surprising given the Marxian background of the People’s Republic.

Keywords: Productive Unit; Market System; Factor Market; Market Reform; Production Possibility (search for similar items in EconPapers)
Date: 1993
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-38018-9_9

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DOI: 10.1057/9780230380189_9

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