The “Take-off” of Chinese Economy: An Evolutionary Model of Reform and Open-up

Zhiming Fu, Antoine Le Riche, Antoine Parent and Lei Zhang

Chapter 6 in Institutional Change and China Capitalism:Frontier of Cliometrics and its Application to China, 2022, pp 111-135 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter, we analyze how the “take-off” of the Chinese economy is due to a gradual shift from a planned to a market economy. This evolution is mainly explained by reforms implemented which we present chronologically. We use a simple evolutionary model, based on biology, to explain how reforms allow an economy to move from a planned to a market economy. We present the case where no reforms are implemented and show that there exist two stable stationary equilibria: (i) a full market economy and (ii) a full planned economy. After the introduction of reforms, we are able to prove that there is only one stable stationary solution that corresponds to a full market economy.

Keywords: China; Macroeconomics; Cliometrics; Institutional Economics; Complexity; Economics; International Trade; Applied Econometrics; Econometrics; Empirical Finance; Behavioral Finance; Economic History; Sociology; Gender Studies (search for similar items in EconPapers)
JEL-codes: B1 B2 F10 F15 F4 N15 O11 P1 (search for similar items in EconPapers)
Date: 2022
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