The Economy of China

The Economy of China

Linda Yueh

The emergence of China since 1979 has been a hallmark in the global economy, not only in the past but also in this century. This comprehensive book provides an analytical view of the remarkable economic development of the most exciting economy in the world.

Preface

Linda Yueh

Subjects: asian studies, asian development, development studies, asian development, development economics, economics and finance, development economics

Extract

The transformation of the Chinese economy has been impressive. In the past three decades, China has experienced a remarkable rate of economic growth that has propelled it from being one of the poorest countries in the world to becoming its third largest economy. It is also a complex economy with a mix of characteristics derived from being both a transition economy and a developing country. That is, a country that is dismantling the previously planned economy and moving toward a market one, while at the same time contending with all of the well-known challenges of economic development. Due to its rapid emergence as the world’s third largest economy, China’s prospects are increasingly intertwined with those of the global economy. During the 2008 global financial crisis, the ability of China to sustain its growth in the midst of the worst downturn since the 1930s has become an issue of interest to a wide set of policy-makers, academics, as well as interested observers. This book sets out to introduce the reader to the path of China’s economic development since 1979. The intention is to provide a picture of this economy to a wide range of readers interested in gaining a better understanding of the complex Chinese growth path by emphasising the ways in which institutional change – laws, policies, institutional reforms – has played a key role in developing the market mechanisms central to China’s success. Although a book of this kind can have a tendency to focus on the trees and miss the...