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James Laurenceson and Joseph C.H. Chai

, vulnerability to even modest interest rates and demand shocks and estimated NPLs in the vicinity of 20–30 percent. This financial picture is backed by a recent study into the productivity growth of industrial firms of different ownership types. During the period 1993–96, Jefferson et al. (2000) found that the TFP growth performance of shareholding firms (listed and non-listed) ranked last when compared with state-owned firms, collectively-owned firms, ‘other’ domestic enterprises and foreign invested firms. One corporate governance problem postulated by Tam (1999, p. 88) is that

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Joseph C.H. Chai

As a country’s current development is path dependent, the rise of China and its strategic implications can only be understood in a historical context. Hence, the key to understanding contemporary China is the understanding of its past. So far there has been an absence of a comprehensive text dealing with Chinese economic history in the English language. An Economic History of Modern China fills this important gap, focusing on modern Chinese economic growth and comprehensively surveying the patterns of China’s growth experience over the past 200 years, from the Opium wars to the present day. Key events are traced back to their foundations in history to explain their impact on China’s modern economic growth.
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Joseph C.H. Chai

-centred approach with a more equal sharing of the benefits of development (Kuijs and Xu 2008). As discussed earlier, China’s growth in the past was capital- and resource-intensive, investment-led, and gave priority to industry, especially heavy industry. It was sustained by a high rate of savings at the expense of consumption, and neglected the service industries by underpricing key inputs, including capital, energy, natural resources and the environment. This path led to a declining share of wage income and consumption in GDP and an increasing foreign trade surplus which

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Joseph C.H. Chai

one child they tend to abandon female children, choose sex selective abortion or neglect their daughters. As a result of the higher female infant mortality the sex ratio (of males to females) rose from 1.07 in 1978 to 1.169 in 2000 (Wang and Mason 2008). It has been estimated that at M2715 - CHAI 9781847209375 PRINT.indd 194 17/08/2011 16:54 Towards a new growth strategy 195 the time of writing in 2010 there were 60 to 100 million women fewer alive than what the natural rate would provide in the absence of gender discrimination at birth. A rising sex ratio

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Joseph C.H. Chai

rates to discourage commercial banks from borrowing funds from the Central Bank was not effective because of the low elasticity of loans with respective to interest rate change during the period, because local governments could put pressure on their People’s Bank of China (PBC) branches M2715 - CHAI 9781847209375 PRINT.indd 179 17/08/2011 16:54 180 An economic history of modern China to extend credits to commercial banks to enable them to meet regional needs (Blejer et al. 1991). The ineffectiveness of the indirect monetary control measures in curbing inflation