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The Rise Of China As An Economic Power

Author

Listed:
  • Goodhart, Charles
  • Xu, Chenggang
Abstract
In the twenty years since the Cultural Revolution, China has maintained fast real growth. This occurred despite China having similar problems to other transitional economies, e.g., loss-making State Owned Enterprises (SOEs), eroding fiscal revenues and inflation (Section 3). Although China initially adopted the Soviet central planning model, after the 1950s break, Chinese planning changed towards a regionally-based system with local planning (Section 2). In contrast to the centrally-based, functionally-specialised (U-form or unitary structure) Soviet model, the Chinese economy is organized on a multi-layer-multi-regional (M-form) basis. This encouraged development of small size township and village enterprises (TVEs), the main engine of Chinese growth. Power and control remained with the Party and the State, but was diffused much more widely, regionally and locally. This allowed initiatives at lower (political) levels to establish institutions, both in agriculture (the 'household responsibility system') and industry (TVEs), without state protection. Even among regionally controlled SOEs, 'tournament rivalry' between regions (among other things) and between SOEs and TVEs provided competition.

Suggested Citation

  • Goodhart, Charles & Xu, Chenggang, 1996. "The Rise Of China As An Economic Power," Harvard Institute for International Development (HIID) Papers 294368, Harvard University, Kennedy School of Government.
    • Handle: RePEc:ags:hariid:294368
    DOI: 10.22004/ag.econ.294368
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    Citations

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    Cited by:

    1. Zheng, Jinghai & Liu, Xiaoxuan & Bigsten, Arne, 1998. "Ownership Structure and Determinants of Technical Efficiency: An Application of Data Envelopment Analysis to Chinese Enterprises (1986-1990)," Journal of Comparative Economics, Elsevier, vol. 26(3), pages 465-484, September.
    2. LI, Hongyi & HUANG, Liang, 2009. "Health, education, and economic growth in China: Empirical findings and implications," China Economic Review, Elsevier, vol. 20(3), pages 374-387, September.
    3. Wei, Zuobao & Varela, Oscar, 2003. "State equity ownership and firm market performance: evidence from China's newly privatized firms," Global Finance Journal, Elsevier, vol. 14(1), pages 65-82, May.
    4. Carolyn P. Egri & David A. Ralston, 2004. "Generation Cohorts and Personal Values: A Comparison of China and the United States," Organization Science, INFORMS, vol. 15(2), pages 210-220, April.
    5. Torsten Heinrich & Jangho Yang & Shuanping Dai, 2020. "Growth, development, and structural change at the firm-level: The example of the PR China," Papers 2012.14503, arXiv.org.
    6. Zheng, Jinghai & Bigsten, Arne & Hu, Angang, 2009. "Can China's Growth be Sustained? A Productivity Perspective," World Development, Elsevier, vol. 37(4), pages 874-888, April.
    7. Giovanni Dosi & Jiasu Lei & Xiaodan Yu, 2013. "Institutional Change and Productivity Growth in China's Manufacturing 1998-2007: the Microeconomics of Creative Restructuring," LEM Papers Series 2013/07, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    8. Bhattacharjee, Arnab & Hany, Jie, 2010. "Financial Distress in Chinese Industry: Microeconomic, Macroeconomic and Institutional Infuences," SIRE Discussion Papers 2010-53, Scottish Institute for Research in Economics (SIRE).
    9. Bhattacharjee, Arnab & Han, Jie, 2014. "Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences," China Economic Review, Elsevier, vol. 30(C), pages 244-262.
    10. Yin, Xiangkang, 1998. "The Macroeconomic Effects of Waiting Workers in the Chinese Economy," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 150-164, March.
    11. Wei, Zuobao & Varela, Oscar & Kabir Hassan, M., 2002. "Ownership and performance in Chinese manufacturing industry1," Journal of Multinational Financial Management, Elsevier, vol. 12(1), pages 61-78, February.

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