How Reform Worked in China by Qian Yingyi;

Author:Qian, Yingyi;
Language: eng
Format: epub
Tags: economics; Chinese; market; growth; development; political science; political economy; international; Asia; history; dual track; system; socialist; transitional economies; federalism; local government; fiscal incentives; public; comparative; analysis; intergovernmental relations
Publisher: MIT Press
Published: 2017-10-30T00:00:00+00:00

III

Government and Reform: Federalism, Chinese Style

7

Federalism, Chinese Style: The Political Basis for Economic Success in China

1. Introduction

The remarkable success of China’s economic reforms—fostering economic growth averaging 9 percent per year over the past fifteen years—seems to defy conventional wisdom. Consider the following:

Economic reform appears to have been successfully pursued without any political reform.

The central government seems to retain considerable political discretion, including the ability to reverse suddenly the reform process or to impose onerous exactions on successful enterprises.

Finally, there have been few attempts to provide the central feature of private markets, a system of secure private property rights. Nor has an attempt been made to develop a commercial law (for example, property and contract law) or an independent court system for adjudication.

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