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This book presents a comprehensive overview and an economic analysis of China's economic reform experiences, particularly those since the late 1980s. It covers many institutional details of key aspects of the Chinese economy, including fiscal and monetary management, financial sector development, state enterprise reform, international trade, foreign investment, decentralization and regional development. It is argued that, while China has achieved a spectacular growth record over the recent past, and its reform efforts have laid the foundation of a market-based economic management system, the country continues to face major challenges in sustaining its growth performance.
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The Chinese Economy in the 1990s Jun Ma
Studies on the Chinese Economy General Editors: Peter Nolan, Sinyi Professor of Chinese Management, Judge Institute of Management Studies, University of Cambridge, and Fellow of Jesus College, Cambridge, England; and Dong Fureng, Professor, Chinese Academy of Social Sciences, Beijing, China This series analyses issues in China’s current economic development, and sheds light upon that process by examining China’s economic history. It contains a wide range of books on the Chinese economy, past and present, and includes not only studies written by leading Western authorities but also translations of the most important works on the Chinese economy produced within China. It intends to make a major contribution towards understanding this immensely important part of the world economy. Titles include: Thomas Chan, Noel Tracy and Zhu Wenhui CHINA’S EXPORT MIRACLE Xu Dixin and Wu Chengming (editors) CHINESE CAPITALISM, 1522–1840 Christopher Findlay and Andrew Watson (editors) FOOD SECURITY AND ECONOMIC REFORM Samuel P. S. Ho and Y. Y. Kueh SUSTAINABLE ECONOMIC DEVELOPMENT IN SOUTH CHINA Kali P. Kalirajan and Yanrui Wu (editors) PRODUCTIVITY AND GROWTH IN CHINESE AGRICULTURE Bozhong Li AGRICULTURAL DEVELOPMENT IN JIANGNAN, 1620–1850 Alfred H. Y. Lin THE RURAL ECONOMY OF GUANGDONG, 1870–1937 Dic Lo MARKET AND INSTITUTIONAL REGULATION IN CHINESE INDUSTRIALIZATION Jun Ma THE CHINESE ECONOMY IN THE 1990S Guo Rongxing HOW THE CHINESE ECONOMY WORKS Sally Sargeson REWORKING CHINA’S PROLETARIAT Ng Sek Hong and Malcolm Warner CHINA’S TRADE UNIONS AND MANAGEMENT Michael Twohey AUTHORITY AND WELFARE IN CHINA
Wang Xiao-qiang CHINA’S PRICE AND ENTERPRISE REFORM Xiaoping Xu CHINA’S FINANCIAL SYSTEM UNDER TRANSITION Yanni Yan INTERNATIONAL JOINT VENTURES IN CHINA Wei-Wei Zhang TRANSFORMING CHINA Xiao-guang Zhang CHINA’S TRADE PATTERNS AND INTERNATIONAL COMPARATIVE ADVANTAGE
Studies on the Chinese Economy Series Standing Order ISBN 0–333–71502–0 (outside North America only) You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England
The Chinese Economy in the 1990s Jun Ma Economist International Monetary Fund Washington, DC
First published in Great Britain 2000 by
MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 0–333–75134–5 First published in the United States of America 2000 by ST. MARTIN’S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 0–312–22556–3 Library of Congress Cataloging-in-Publication Data Ma, Jun, 1964– The Chinese economy in the 1990s / Jun Ma. p. cm. — (Studies on the Chinese economy) Includes bibliographical references and index. ISBN 0–312–22556–3 (cloth) 1. C