Steering: From Planning to Programming

Shaoguang Wang ()
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Shaoguang Wang: Huazhong University of Science and Technology

Chapter Chapter 5 in China’s Rise and Its Global Implications, 2021, pp 155-183 from Springer

Abstract: Abstract This chapter deals with one of China’s “secret weapons” for development: medium and long-term planning. Since 1953, China has completed 13 five-year plans, among which 6 were implemented after 1992 when China announced to move from a planned economy to a socialist market economy. China’s five-year plan today is called “guihua,” very different from previous “jihua.” Its range of coverage is more comprehensive than before, involving not only economic development but also social development, and its nature is more macroscopic than micro-managerial, no longer aiming at dictating activities of individual enterprises. Planning still plays a key role in resource allocation, especially in strategic areas, but in most areas, the market's role is more fundamental and decisive. China still insists on formulating a five-year plan mainly to clarify national strategic intentions, underscore government priorities, and guide market players’ behaviors.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-4341-5_5

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DOI: 10.1007/978-981-16-4341-5_5

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