China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.
Investigating the relation between growth and employment in China, this report shows that over the past two decades the world's largest developing nation made significant strides towards the goal of full employment of its labor force by the ability of the agricultural sector to absorb the unemployed.
The papers in this volume were among those presented at a Conference on the Quantitative Measures of China's Economic Output, held in January, 1975, at the Brookings Institution in Washington, D.C. The conference was sponsored by the Subcommittee on Research on the Chinese Economy of the Joint Committee on Contemporary China of the Social Science Research Council and the American Council of Learned Societies. Alexander Eckstein, from the University of Michigan, had been asked by the subcommittee to organize a meeting to bring together academics and government professionals carrying out research on China's economy to discuss common problems encountered in their research. Given the limited quantity and poor quality of basic economic data for China since 1949, Eckstein decided to organize the conference on the theme of reconciling quantitative estimates of China's economic output. Participants included some twenty academics from the United States, the United Kingdom, and India and fifteen professionals from government or quasi-public research institutions. The success of the conference led to urgings by the subcommittee and many other scholars that Eckstein edit several of the papers for publication. The revisions by the individual authors of the four essays included in this volume and the supervision and coordination of their efforts by Eckstein were time-consuming tasks. The authors worked closely with him in these efforts, and his detailed critiques and suggestions were planned as a separate volume. His contribution to the final version of the essays in this volume is very significant, but Eckstein suffered a fatal heart attack in December, 1976, before the revised draft of the fourth essay was completed and before he had begun to write the introductory essay. He was widely recognized as the dean of American scholars of the economy of China, and his death was a tragic loss for all students of China. Following Eckstein's death, Robert F. Dernberger of the Universit
Monographic compilation of conference papers in homage to Alexander Eckstein on macro-economic indicators of China's economic development (trends 1949-1975) - examines available estimates and issues in data collecting and economic analysis concerning agricultural production, industrial production, gross domestic product, prices, capital formation, etc., and includes a list of Eckstein's publications. Bibliography pp. 435 to 440, references and statistical tables. Festschrift Eckstein A, economist. Conference held in Washington 1975 Jan.
The main purpose of this book is to apply the basic tools of economic analysis to the economy of the Peoples' Republic of China. It is written for students of economics who would like to understand China, for students of China who would like to understand economics, and for professional economists and lay readers who would like to understand the Chinese economy.The study of the Chinese economy is interesting to economists for several reasons. First, China has a different cultural background and a different set of social and political institutions from the Western countries, in which most of the tools of economic analysis have been developed. It is therefore interesting to see how these tools can be applied to China and how they ought to be further developed or modified in the Chinese context. Second, many drastic changes in economic policy and economic institutions have taken place since the founding of the People's Republic of China. Such important experiments in economics provide rare opportunities to study their results. Third, since the later 1970s much more information on the Chinese economy has become available. It is time for us to digest, to scrutinize, and possibly to help improve the economic data on China.
This book is unique in covering all important topics of the Chinese economy in depth but written in a language understandable to the layman and yet challenging to the expert. Beginning with entrepreneurship that propels the dynamic economic changes in China today, the book is organized into four broad parts to discuss China's economic development, to analyze significant economic issues, to recommend economic policies and to comment on the timely economic issues in the American economy for comparison.Unlike a textbook, the discussion is original and thought-provoking. It is written by a most distinguished economist who has studied the Chinese economy for thirty years, after making breathtaking contributions to the fields of econometrics, applied economics and dynamic economics and serving as a major adviser to the government of Taiwan during its period of rapid development in the 1960s and 1970s. In the last thirty years, the author has served as a major adviser to the government of China on economic reform and important economic policies and cooperated with the Ministry of Education to introduce and promote the development of modern economics in China, including training hundreds of economists in China and placing many graduate students to pursue a doctoral degrees in economics in leading universities in the US and Canada. These graduates now plays pivotal roles in China and in the US in academics, business or government institutions. The essays, a culmination of the author's expertise in China over five decades, are being widely read in China. When the author became professor emeritus at Princeton, the University named the Econometric Research Program as the Gregory C Chow Econometric Research Program in his honor.
The study provides a major reassessment of the scale and scope of China’s resurgence over the past half century, employing quantitative measurement techniques which are standard practice in OECD countries, but which have not hitherto been available for China.
Economic development in mainland China during the first two decades of Communist control provides a typical example for the difficult task to transform a vast underdeveloped agrarian economy into a modern industrial one. In the first half of this period, a series of massive transformations of social and economic institutions was accompanied by a drafted industrialization program; the result was an impressive speed-up in economic growth. The second decade witnessed an economic crisis (1960-62) and a political upheaval (1966-68). These disruptions marred the economic performance over the period as a whole. Consequently, the long-term growth rate appears to have been only moderate.The Economy of Communist China reviews selected aspects of the economy. After examining the development strategy, it analyzes the quantitative trends and the structural changes. The book goes on to analyze the key factors contributing to the earlier growth and the elements responsible for the later disruption and finally assesses the impact of the Cultural Revolution on the Chinese economy and the prospects of the current Third Five-Year Plan.The text includes a bibliography of selected materials on Chinese economic development.
This book is a reflection of the current research that explores the mechanism, dynamics and evidence of the impact of human capital on economic development and social well-being in modern China. Composed of keynote speeches and selected papers from The 2005 International Conference of the Chinese Economists Society (www.china-ces.org), it tracks the latest understanding and empirical evidence of the relationships amongst health, education and economic development in China. The book presents a broad spectrum of study topics covering human capital and economic growth; demand, attainment and disparity in both education and health; and investing in human capital and the economic and social returns in China. Distinguished contributors include Robert Fogel, Michael Grossman, Daniel Hamermesh, Gregory Chow and Dean Jamison.
Twenty-five years of reform have transformed China from a centrally planned and closed system to a predominantly market-driven and open economy. As a consequence, China is emerging as the new powerhouse for the world economy. China: new engine for world growth discusses the impact and significance of this transformation. It points out risks to the growth process and unfinished tasks of reform. It presents conclusions from recent research on growth, trade and investment, the financial sector, income and regional disparities, industrial location and private sector development.
