China’s Economic Rise

Ken Moak and Miles W. N. Lee

Chapter Chapter 8 in China’s Economic Rise and Its Global Impact, 2015, pp 169-183 from Palgrave Macmillan

Abstract: Abstract China’s remarkable economic rise is the result of well-researched and well-planned strategies and policies on the part of the government, beginning during the Korean War. Defense and civilian production and research and development facilities were scattered across the country to avoid total destruction from aerial bombing. Although it might not have been the intention, the strategic decision promoted regional economic development. In the aftermath of the Korean War through the Cultural Revolution, the government set out its economic development strategies and policies with the adoption and revision of the Soviet five-year-plan model. Post—Cultural Revolution development strategies formulated during the Deng Xiaoping era were even more productive. Incorporating pragmatism, experimentalism, gradualism, and authoritarianism made them effective and timely. In the post-Deng period, economic reforms are not only continuing but expanding and looking forward, gradually weaning the economy off Communism and moving It toward hybrid capitalism, popularly known in the West as socialism with Chinese characteristics. Further, the government takes a long-term view on economic planning and development as evidenced by its adherence to the China: 2030 study. The rational and systematic development approach has served China and the party well, living up to the government’s slogan of “serving the people.” It Is also serving the party’s interests because they are intrinsically linked with those of the people. That link is a powerful motivator for deepening reforms.

Keywords: Chinese Government; Democratic Progressive Party; Loan Guarantee; Chinese Investment; Municipal Bond (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-53558-0_9

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DOI: 10.1057/9781137535580_9

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