Explaining China's Development and Reforms

Hofman, Bert ; Wu, Jinglian

World Bank, Washington, DC

关键词: ACCOUNTING;    AGRICULTURAL BANK;    AGRICULTURAL PRODUCTS;    AGRICULTURE;    ASSET MANAGEMENT;   

RP-ID  :  57749

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

China's remarkable economicperformance over the last 30 years resulted from reformsthat met the specific conditions of China at any point intime. Starting with a heavily distorted and extremely pooreconomy, China gradually reformed by improving incentives inagriculture, phasing out the planned economy and allowingnon-state enterprise entry, opening up to the outside world,reforming state enterprises and the financial sector, andultimately by starting to establish the modern tools ofmacroeconomic management. The way China went about itsreforms was marked by gradualism, experimentation, anddecentralization, which allowed the most appropriateinstitutions to emerge that delivered high growth that byand large benefited all. Strong incentives for localgovernments to deliver growth, competition amongjurisdictions, and strong control of corruption limited rentseeking in the semi reformed system, whereas investment inhuman capital and the organizations that were to designreforms continued to provide impetus for the reform process.Learning from other countries' experience wasimportant, but more important was China's adaptation ofthat experience to its own particular circumstances and needs.