Transforming China: Globalization, Transition and DevelopmentAt the end of the 1970s, China was a poor country with a huge population, ruled by the Chinese Communist Party. The domestic economy was organized through direct administrative instructions and was isolated from the international economy. After a quarter of a century, China has been transformed beyond imagination. In Transforming China Peter Nolan, one of the foremost experts on the Chinese economy, examines the enormous challenges faced by China's policymakers. Spanning a period of thirty years, from the late 1970s to the present day, the essays in this book address different aspects of those challenges. The 'development' challenge involved devising policies that would raise the mass of the Chinese people out of poverty and avoid the disasters that had, in the worst cases, caused millions of deaths through famine. The 'transition' challenge involved, firstly, resolving the relationship between changes in the economic and political systems, and secondly, finding the correct sequence and nature of reforms necessary to improve economic performance. The 'globalization' challenge involved identifying the best way in which to integrate China's economic system with the international economy at a time of revolutionary change in the global business system. Brought together in one collection for the first time, these seminal essays seek both to enhance understanding of China's immense success in meeting these challenges in the past and to provide an indication of the challenges that still lie ahead. China's system reforms have been described as 'groping for stones to cross the river'. The journey across the river is far from over, and the other bank is only dimly visible. |
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aerospace aircraft areas assets AVIC Beijing big business bureaucratic capital cent central CHALLENGE OF GLOBALIZATION China's large Chinese CNPC Communist Party companies competitive corporations Cultural Revolution democratic Deng Xiaoping developing countries domestic economic reform Exxon Mobil famine farm Financial food output foreign GLOBAL BUSINESS REVOLUTION global giants global level playing groups growth huge important income increased industrial policy institutions investment Japan joint venture Korea labour large firms large SOEs large-scale largest late leading level playing field Maoist market economy market failure massive merger million modern Moreover MSDW multinational Nolan oil and petrochemical ownership perestroika period petrochemical PetroChina PetroChina and Sinopec planning population power equipment production profits programme Repsol YPF rural Sanjiu sector share Shougang Sinopec social socialist South Korea Soviet Stalinism Stalinist state-owned steel structure suppliers systems integrators Table technical tion TRANSFORMING CHINA USSR World Bank ZGTJNJ