Public Policies in East Asian Development: Facing New Challenges

By F. Gerard Adams; William E. James | Go to book overview

15
Development in China, 1978-1998*
Tongsan Wang China has experienced a high rate of economic growth for 20 years and has made remarkable achievements since reform and opening up to the rest of the world started in 1978. According to the official statistics, from 1978 to 1997, the average annual growth rate of GDP was 9.8% (Figure 15.1). Economists take great interest in the "Chinese miracle." This chapter considers China's development policy over the past two decades.In the report of the 14th Communist Party Congress in 1992, Chinese leader Jiang Zemin noted China's "historical course from rural reform to urban reform, from reform of the economic system to that in other fields, and from enlivening the domestic economy to opening to the outside world." The development achievements of the past two decades can be attributed to successful policy reforms and the opening of the domestic economy to international influence. In the course of reforming the old system, the vitality of the economy improved. By opening to the outside world, China joined other countries in learning advanced technology, obtaining necessary investment capital, and making use of its comparative advantage. The macroeconomic management system set up and perfected in reforms has played an increasingly important role in economic development. The central government controls the speed and quality of economic development and maintains rapid, long-term growth by formulating industrial policy and by using financial and monetary instruments. Three aspects of Chinese development policy are:
Economic system reform;
Opening to the outside world;
Strategy and policy of macroeconomic development.
____________________
*
This chapter was written with the assistance of Tao Li, Yanqun Zhang, and Li Wang.

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