China : reform and development in 1992-93
Harrold, Peter | Lall, Rajiv
China's economy began a very strong expansion at the start of 1992, based on a revitalization of reform and a renewed emphasis on development. In the last eighteen months, growth has been running at a rate of 14 percent per annum. This paper reviews these recent economic developments, and provides a backdrop against which to assess the recent measures taken by the government to cool down the overheated economy. At the same time, these developments have added greater urgency to the need for deeper reforms, especially those reforms that will equip government with the tools and institutions of macroeconomic management and will create enterprises responsive to indirect economic levers. This paper, therefore, also reviews recent reforms in China, and addresses the main issues still to be faced to create an efficient market economy in China.
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