Explaining China's Development and Reforms
China's remarkable economic performance over the last 30 years resulted from reforms that met the specific conditions of China at any point in time. Starting with a heavily distorted and extremely poor economy, China gradually reformed by impr...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/763341468025224944/Explaining-Chinas-development-and-reforms http://hdl.handle.net/10986/27938 |
| id |
okr-10986-27938 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGRICULTURAL BANK AGRICULTURAL PRODUCTS AGRICULTURE ASSET MANAGEMENT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LOANS BANK OFFICE BANK POLICY BANKING INDUSTRY BANKING LAW BANKING SECTOR BANKING SECTOR REFORMS BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BONDS BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL SHARE CAPITAL STOCK CENTRAL BANK CENTRAL BANK BILLS CENTRAL PLANNING CENTRALLY PLANNED ECONOMY CLAIMANT CLOSED ECONOMY COMMAND ECONOMY COMMERCIAL BANK COMMERCIAL BANK BRANCHES COMMERCIAL BANKING COMMERCIAL BANKS COMPANY LAW CONSUMER GOODS COOPERATIVE BANKS CORRUPTION CREDIBILITY CREDIT COOPERATIVES CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT TRANSACTIONS DEBT DEBT BURDENS DECENTRALIZATION DEMOGRAPHIC FACTORS DEPOSIT DEPOSIT INTEREST DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIVERSIFIED OWNERSHIP DOMESTIC BANKS DOMESTIC LIQUIDITY EARNINGS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC RESEARCH ECONOMIC STATISTICS ECONOMIC SYSTEM EMERGING MARKET EMERGING MARKET ECONOMY ENTREPRENEURS EXCHANGE RATE EXPORT PERFORMANCE EXPORTERS EXPORTS FACE VALUE FARMER FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL REFORMS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL DECENTRALIZATION FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESOURCES FIXED ASSET FIXED CAPITAL FIXED EXCHANGE RATE FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FOOD SHORTAGES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BONDS GOVERNMENT REVENUES GREEN REVOLUTION GROSS FIXED CAPITAL FORMATION GROWTH RATE HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INEQUALITY INCOME SECURITY INCOME TAX INDIVIDUAL LOANS INDUSTRIALIZATION INEFFICIENCY INEQUALITIES INFLATION INITIAL PUBLIC OFFERINGS INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT CORPORATION INVESTMENT FINANCING INVESTMENT POLICIES INVESTMENT RATE ISSUANCE JOB CREATIONS LABOR FORCE PARTICIPATION LABOR MOBILITY LEGAL FRAMEWORK LEGAL SYSTEM LIQUIDITY LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MACROECONOMIC CONTROL MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET COMPETITION MARKET ECONOMY MARKET PRICE MARKET PRICES MARKET SHARE MONETARY FUND MONETARY POLICY MONOPOLY NATURAL RESOURCES NONPERFORMING LOANS NPL OPEN COUNTRIES ORGANIZATIONAL STRUCTURES OWNERSHIP STRUCTURES PENSION PENSION SYSTEM PENSIONS PEOPLES PER CAPITA INCOME PLANNED ECONOMIES PLANNED ECONOMY PORTFOLIO PORTFOLIO FLOWS POSITIVE EFFECTS PRIVATE ENTERPRISES PRIVATE INVESTMENT PRIVATE PROPERTY PRODUCTIVITY PRODUCTIVITY INCREASES PROPERTY LAW PROPERTY RIGHTS PROTECTIONISM PURCHASING POWER PURCHASING POWER PARITY REAL EXCHANGE RATES REGISTRATION SYSTEM RENT SEEKING RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RURAL COOPERATIVE BANKS RURAL CREDIT RURAL FINANCE SAVINGS SETTLEMENT SHAREHOLDERS SOFT BUDGET CONSTRAINT STATE BANKS STATE BONDS STATE GUARANTEE STOCK EXCHANGE STRUCTURAL CHANGE SWAP SWAP MARKET TAX TAX EXEMPTIONS TAX RATES TAX REVENUES TAX SYSTEM TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE REFORMS TRANSITION COUNTRIES UNEMPLOYMENT UNION VILLAGE WAGES WOMAN WORKING CAPITAL WTO |
| spellingShingle |
ACCOUNTING AGRICULTURAL BANK AGRICULTURAL PRODUCTS AGRICULTURE ASSET MANAGEMENT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LOANS BANK OFFICE BANK POLICY BANKING INDUSTRY BANKING LAW BANKING SECTOR BANKING SECTOR REFORMS BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BONDS BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL SHARE CAPITAL STOCK CENTRAL BANK CENTRAL BANK BILLS CENTRAL PLANNING CENTRALLY PLANNED ECONOMY CLAIMANT CLOSED ECONOMY COMMAND ECONOMY COMMERCIAL BANK COMMERCIAL BANK BRANCHES COMMERCIAL BANKING COMMERCIAL BANKS COMPANY LAW CONSUMER GOODS COOPERATIVE BANKS CORRUPTION CREDIBILITY CREDIT COOPERATIVES CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT TRANSACTIONS DEBT DEBT BURDENS DECENTRALIZATION DEMOGRAPHIC FACTORS DEPOSIT DEPOSIT INTEREST DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIVERSIFIED OWNERSHIP DOMESTIC BANKS DOMESTIC LIQUIDITY EARNINGS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC RESEARCH ECONOMIC STATISTICS ECONOMIC SYSTEM EMERGING MARKET EMERGING MARKET ECONOMY ENTREPRENEURS EXCHANGE RATE EXPORT PERFORMANCE EXPORTERS EXPORTS FACE VALUE FARMER FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL REFORMS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL DECENTRALIZATION FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESOURCES FIXED ASSET FIXED CAPITAL FIXED EXCHANGE RATE FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FOOD SHORTAGES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BONDS GOVERNMENT REVENUES GREEN REVOLUTION GROSS FIXED CAPITAL FORMATION GROWTH RATE HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INEQUALITY INCOME SECURITY INCOME TAX INDIVIDUAL LOANS INDUSTRIALIZATION INEFFICIENCY INEQUALITIES INFLATION INITIAL PUBLIC OFFERINGS INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT CORPORATION INVESTMENT FINANCING INVESTMENT POLICIES INVESTMENT RATE ISSUANCE JOB CREATIONS LABOR FORCE PARTICIPATION LABOR MOBILITY LEGAL FRAMEWORK LEGAL SYSTEM LIQUIDITY LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MACROECONOMIC CONTROL MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET COMPETITION MARKET ECONOMY MARKET PRICE MARKET PRICES MARKET SHARE MONETARY FUND MONETARY POLICY MONOPOLY NATURAL RESOURCES NONPERFORMING LOANS NPL OPEN COUNTRIES ORGANIZATIONAL STRUCTURES OWNERSHIP STRUCTURES PENSION PENSION SYSTEM PENSIONS PEOPLES PER CAPITA INCOME PLANNED ECONOMIES PLANNED ECONOMY PORTFOLIO PORTFOLIO FLOWS POSITIVE EFFECTS PRIVATE ENTERPRISES PRIVATE INVESTMENT PRIVATE PROPERTY PRODUCTIVITY PRODUCTIVITY INCREASES PROPERTY LAW PROPERTY RIGHTS PROTECTIONISM PURCHASING POWER PURCHASING POWER PARITY REAL EXCHANGE RATES REGISTRATION SYSTEM RENT SEEKING RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RURAL COOPERATIVE BANKS RURAL CREDIT RURAL FINANCE SAVINGS SETTLEMENT SHAREHOLDERS SOFT BUDGET CONSTRAINT STATE BANKS STATE BONDS STATE GUARANTEE STOCK EXCHANGE STRUCTURAL CHANGE SWAP SWAP MARKET TAX TAX EXEMPTIONS TAX RATES TAX REVENUES TAX SYSTEM TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE REFORMS TRANSITION COUNTRIES UNEMPLOYMENT UNION VILLAGE WAGES WOMAN WORKING CAPITAL WTO Hofman, Bert Wu, Jinglian Explaining China's Development and Reforms |
| geographic_facet |
East Asia and Pacific China |
| relation |
Commission on Growth and Development Working Paper;No. 50 |
| description |
China's remarkable economic
performance over the last 30 years resulted from reforms
that met the specific conditions of China at any point in
time. Starting with a heavily distorted and extremely poor
economy, China gradually reformed by improving incentives in
agriculture, phasing out the planned economy and allowing
non-state enterprise entry, opening up to the outside world,
reforming state enterprises and the financial sector, and
ultimately by starting to establish the modern tools of
macroeconomic management. The way China went about its
reforms was marked by gradualism, experimentation, and
decentralization, which allowed the most appropriate
institutions to emerge that delivered high growth that by
and large benefited all. Strong incentives for local
governments to deliver growth, competition among
jurisdictions, and strong control of corruption limited rent
seeking in the semi reformed system, whereas investment in
human capital and the organizations that were to design
reforms continued to provide impetus for the reform process.
Learning from other countries' experience was
important, but more important was China's adaptation of
that experience to its own particular circumstances and needs. |
| format |
Working Paper |
| author |
Hofman, Bert Wu, Jinglian |
| author_facet |
Hofman, Bert Wu, Jinglian |
| author_sort |
Hofman, Bert |
| title |
Explaining China's Development and Reforms |
| title_short |
Explaining China's Development and Reforms |
| title_full |
Explaining China's Development and Reforms |
| title_fullStr |
Explaining China's Development and Reforms |
| title_full_unstemmed |
Explaining China's Development and Reforms |
| title_sort |
explaining china's development and reforms |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/763341468025224944/Explaining-Chinas-development-and-reforms http://hdl.handle.net/10986/27938 |
| _version_ |
1764465535720882176 |
| spelling |
okr-10986-279382021-04-23T14:04:45Z Explaining China's Development and Reforms Hofman, Bert Wu, Jinglian ACCOUNTING AGRICULTURAL BANK AGRICULTURAL PRODUCTS AGRICULTURE ASSET MANAGEMENT BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LOANS BANK OFFICE BANK POLICY BANKING INDUSTRY BANKING LAW BANKING SECTOR BANKING SECTOR REFORMS BANKING SERVICES BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BONDS BUDGET DEFICITS CAPITAL ACCOUNT CAPITAL ACCUMULATION CAPITAL SHARE CAPITAL STOCK CENTRAL BANK CENTRAL BANK BILLS CENTRAL PLANNING CENTRALLY PLANNED ECONOMY CLAIMANT CLOSED ECONOMY COMMAND ECONOMY COMMERCIAL BANK COMMERCIAL BANK BRANCHES COMMERCIAL BANKING COMMERCIAL BANKS COMPANY LAW CONSUMER GOODS COOPERATIVE BANKS CORRUPTION CREDIBILITY CREDIT COOPERATIVES CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT TRANSACTIONS DEBT DEBT BURDENS DECENTRALIZATION DEMOGRAPHIC FACTORS DEPOSIT DEPOSIT INTEREST DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIVERSIFIED OWNERSHIP DOMESTIC BANKS DOMESTIC LIQUIDITY EARNINGS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC REFORM ECONOMIC REFORMS ECONOMIC RESEARCH ECONOMIC STATISTICS ECONOMIC SYSTEM EMERGING MARKET EMERGING MARKET ECONOMY ENTREPRENEURS EXCHANGE RATE EXPORT PERFORMANCE EXPORTERS EXPORTS FACE VALUE FARMER FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL REFORMS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL DECENTRALIZATION FISCAL POLICIES FISCAL POLICY FISCAL REFORMS FISCAL RESOURCES FIXED ASSET FIXED CAPITAL FIXED EXCHANGE RATE FIXED INVESTMENT FLEXIBLE EXCHANGE RATE FOOD SHORTAGES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTORS GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BONDS GOVERNMENT REVENUES GREEN REVOLUTION GROSS FIXED CAPITAL FORMATION GROWTH RATE HOLDING HOUSEHOLDS HUMAN CAPITAL INCOME INEQUALITY INCOME SECURITY INCOME TAX INDIVIDUAL LOANS INDUSTRIALIZATION INEFFICIENCY INEQUALITIES INFLATION INITIAL PUBLIC OFFERINGS INSTRUMENT INSURANCE INTELLECTUAL PROPERTY INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTING INVESTMENT BANK INVESTMENT CORPORATION INVESTMENT FINANCING INVESTMENT POLICIES INVESTMENT RATE ISSUANCE JOB CREATIONS LABOR FORCE PARTICIPATION LABOR MOBILITY LEGAL FRAMEWORK LEGAL SYSTEM LIQUIDITY LIVING STANDARDS LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC CONDITIONS MACROECONOMIC CONTROL MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET COMPETITION MARKET ECONOMY MARKET PRICE MARKET PRICES MARKET SHARE MONETARY FUND MONETARY POLICY MONOPOLY NATURAL RESOURCES NONPERFORMING LOANS NPL OPEN COUNTRIES ORGANIZATIONAL STRUCTURES OWNERSHIP STRUCTURES PENSION PENSION SYSTEM PENSIONS PEOPLES PER CAPITA INCOME PLANNED ECONOMIES PLANNED ECONOMY PORTFOLIO PORTFOLIO FLOWS POSITIVE EFFECTS PRIVATE ENTERPRISES PRIVATE INVESTMENT PRIVATE PROPERTY PRODUCTIVITY PRODUCTIVITY INCREASES PROPERTY LAW PROPERTY RIGHTS PROTECTIONISM PURCHASING POWER PURCHASING POWER PARITY REAL EXCHANGE RATES REGISTRATION SYSTEM RENT SEEKING RESERVE RESERVE REQUIREMENTS RESERVES RETURN RETURNS RURAL COOPERATIVE BANKS RURAL CREDIT RURAL FINANCE SAVINGS SETTLEMENT SHAREHOLDERS SOFT BUDGET CONSTRAINT STATE BANKS STATE BONDS STATE GUARANTEE STOCK EXCHANGE STRUCTURAL CHANGE SWAP SWAP MARKET TAX TAX EXEMPTIONS TAX RATES TAX REVENUES TAX SYSTEM TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE REFORMS TRANSITION COUNTRIES UNEMPLOYMENT UNION VILLAGE WAGES WOMAN WORKING CAPITAL WTO China's remarkable economic performance over the last 30 years resulted from reforms that met the specific conditions of China at any point in time. Starting with a heavily distorted and extremely poor economy, China gradually reformed by improving incentives in agriculture, phasing out the planned economy and allowing non-state enterprise entry, opening up to the outside world, reforming state enterprises and the financial sector, and ultimately by starting to establish the modern tools of macroeconomic management. The way China went about its reforms was marked by gradualism, experimentation, and decentralization, which allowed the most appropriate institutions to emerge that delivered high growth that by and large benefited all. Strong incentives for local governments to deliver growth, competition among jurisdictions, and strong control of corruption limited rent seeking in the semi reformed system, whereas investment in human capital and the organizations that were to design reforms continued to provide impetus for the reform process. Learning from other countries' experience was important, but more important was China's adaptation of that experience to its own particular circumstances and needs. 2017-08-17T21:53:53Z 2017-08-17T21:53:53Z 2009 Working Paper http://documents.worldbank.org/curated/en/763341468025224944/Explaining-Chinas-development-and-reforms http://hdl.handle.net/10986/27938 English en_US Commission on Growth and Development Working Paper;No. 50 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research East Asia and Pacific China |