Author: John Wong & Lu Ding
Publisher: World Scientific Pub Co Inc
Year:2002
ISBN: 9810247885
Synopsis:
In the last two decades of the 20th century, China stood out as the world’s star performer in economic growth, thanks to the market-oriented reform that started in 1978. At the turn of the century, the Chinese economy faces a series of challenges to sustain its growth and stability. The two-decade-long rapid growth has effectively strengthened China’s economic power and raised its people’s standard of living. It has also transformed China from a centrally planned command economy into a “socialist market economy”, which operates increasingly in line with capitalist norms. Major structural problems, however, remain and are growing acute. Weakness in the fiscal system breeds rent-seeking at the local level and causes tension in the state budget. The flawed financial institutions and the biased ownership structure continue to distort resource allocation and cause huge efficiency losses. Inter-provincial and inter-regional disparity is reaching a level that threatens national unity and social stability. As China joins the World Trade Organization and becomes more integrated into the world economy, it urgently needs to improve the domestic business environment and to beef up indigenous industries for foreign competition.
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