An Economic Survey of Communist China

By Yuan-Li Wu | Go to book overview

terms of planned goals. As the Communist authorities have admitted themselves, actual work on industrial capital construction during 1953 amounted to a little over 12 per cent of the five-year planned total, while the 1954 plan, if accomplished in full, would not account for more than another 15 per cent. Moreover, almost invariably a great deal of work had to be rushed through in the last half or quarter of each year. 42 Taking all fields of activity into consideration, total capital construction during 1953-1954 accounted for less than 35 per cent of the planned goal for the five years. Thus, much of the Five Year Plan remains to be carried out, and there is no assurance of success.


NOTES
1
This is not to belittle the worthiness of such studies, but merely to warn the general reader against oversimplification and the unwarranted employment of broad predictions.
2
See Pao-san Ou, National Income of China, 1933, 1936, and 1946 (in English), Institute of Social Sciences, Academia Sinica, Nanking, 1947.
3
See especially the interesting discussion by Chang Chi-hung, "Another Estimate of China's National Income", Central Bank Monthly, new series, Vol. III, No. 11, Shanghai, November, 1948. For 1933 the net national product was CN$25,030 million according to Liu's estimate, as adjusted by Kuznets from the gross national product. This compares with CN$20,319 million in Ou's estimate of "net income produced," or CN$25,453 million as adjusted by Chang.
4
The revision was made on the basis of information that had become available after the first publication of his two volumes on China's National Income and in the light of comments by various critics, including Simon Kuznets.
5
In this connection cf. the discussion on mass labor projects and their effect on national income and investment in chapter IX below.
6
A Practical Encyclopedia of the National Economy, p. 1102, Shanghai, 1953.
7
Ibid., pp. 2088-2091.
8
Comparison may be made at this point between the extent of economic recovery in mainland China as a whole and that in Manchuria. The following table, containing our preliminary estimates, shows quite unmistakably a faster rate of progress in Manchuria, especially in industrial production.

Preliminary General Production Index of Industry and Agriculture in Manchuria
Total Output of
Industry andIndustrial
AgricultureOutput
1949 100 100
1950 137 209
1951 161 244
1952 172 255

-275-

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An Economic Survey of Communist China
Table of contents

Table of contents

  • Title Page ii
  • Preface vii
  • Contents ix
  • Chapter One - Introduction 1
  • Notes 10
  • Chapter Two - Background and Heritage 12
  • Notes 60
  • Chapter Three - Economic Stabilization and Fiscal Policy 64
  • Notes 108
  • Chapter Four - Land Redistribution and Its Implications 113
  • Notes 151
  • Chapter Five - Agricultural Production and Self-Sufficiency 154
  • Notes 189
  • Chapter Six - Industrialization, Planning and Socialization 192
  • Notes 232
  • Chapter Seven - An Appraisal of General Industrial Recovery and Development 238
  • Notes 275
  • Chapter Eight - Survey of Selected Industries 280
  • Notes 310
  • Chapter Nine - Forced Labor and Mass Labor Projects 316
  • Notes 338
  • Chapter Ten - Transportation and Domestic Trade 341
  • Notes 390
  • Chapter Eleven - Monetary and Banking Control 395
  • Notes 421
  • Chapter Twelve - Labor Organization and Wages 424
  • Notes 453
  • Chapter Thirteen - Foreign Economic Relations 456
  • Notes 496
  • Chapter Fourteen - Conclusion 501
  • Notes 507
  • Appendix 509
  • Index 552
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