 CHINA’S ECONOMIC GROWTH, 1978-2005: STRUCTURAL CHANGE AND INSTITUTIONAL ATTRIBUTESDic Lo () and
Guicai Li
No 150, Working Papers from Department of Economics, SOAS University of London, UK Abstract: China’s sustained rapid economic growth over the era of its systemic reform is of general importance for late development under globalization. This paper seeks to construct an explanation of the experience, which centers around the notion of an evolving “regime of accumulation†, or development path, that emboddies an uneasy mix of the attributes of allocative and productive efficiency. In this light, the analytical findings of the paper give rise to two main propositions. First, in contrast to the general direction of market reform in the institutional dimension, China’s actual path of industrialization and economic growth has rather tended to contradict the principle of comparative advantage – it has been in the direction of capital deepening, especially since the early 1990s. Second, China’s reformed economic institutions have encompassed both market-conforming and market-supplanting elements, represented by non-state-owned enterprises and state-owned enterprises, respectively, with the former accounting for the improvement in allocative efficiency while the latter accounting for the improvement in productive efficiency. The paper concludes with a discussion on the social implications of the findings and propositions. Pages: 29 pages Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:soa:wpaper:150 Access Statistics for this paper More papers in Working Papers from Department of Economics, SOAS University of London, UK Contact information at EDIRC. |
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