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China in the Global Economy

China in the Global Economy

Edited by P. J. Lloyd and Xiao-guang Zhang

China in the Global Economy focuses on the theme of twin transitions occurring in the Chinese economy: the transition from a centrally planned economic system to a market oriented one, and from an agrarian to a modern industrialised society. China’s exporters face unprecedented competition in the world market and the flow of foreign direct investment has fallen restraining the growth of the domestic economy. These new challenges have fuelled debate on the perspective of the Chinese economy and its role in the global economy.

Chapter 13: Supply response of the marketed surplus of grains in China

Zhang-Yue Zhou, Wei-Ming Tian and Guang-Hua Wan

Subjects: asian studies, asian business, asian economics, business and management, asia business, international business, economics and finance, asian economics


Zhang-Yue Zhou, Wei-Ming Tian and GuangHua Wan INTRODUCTION Information on the supply response of the marketed surplus of grains is of great value for policy formulation and it is particularly so for societies where grain production is subsistence in nature. In past decades, a number of studies have focused on the marketed surplus of various crops in societies where grain production is of a subsistence nature. See, for example, Krishna (1962), Falcon (1964), Mubyarto (1965), Behrman (1966), Mangahas, Recto and Ruttan (1966), Bardhan (1970), Lim (1975), Chinn (1976), Ahluwalia (1979), Barnum and Squire (1979), Strauss (1984), Renkow (1990), and Reddy, Chengappa and Achoth (1995). Studies of this kind for China are generally scarce. A few recent attempts are Du (1995), Zhang (1997), Zong and Davis (1998), and Zhou and Wan (1998). Using data aggregated at the regional level, Du (1995) estimated supply responses of the marketed surplus for rice, wheat, corn and soybean. This study, however, suffers from data deficiencies. ‘Data of marketed surplus for individual grain crop are also unavailable … and the elasticity for individual crops has to be deduced based on certain assumptions … These defects in the data may affect the accuracy of the results’ (Du 1995, pp. 207– 8). Zhang (1997) did set the stage for modelling the supply response of the marketed surplus of grains, but did not carry out any econometric analysis. Instead, he used correlation analysis to examine the factors affecting the level of marketed surplus. Zong and Davis (1998) also used aggregate...

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