Working Paper

Explaining China's Development and Reforms

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collection.link.122
https://openknowledge.worldbank.org/handle/10986/4397
collection.name.122
Commission on Growth and Development
dc.contributor.author
Hofman, Bert
dc.contributor.author
Wu, Jinglian
dc.date.accessioned
2017-08-17T21:53:53Z
dc.date.available
2017-08-17T21:53:53Z
dc.date.issued
2009
dc.description.abstract
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.
en
dc.identifier
http://documents.worldbank.org/curated/en/763341468025224944/Explaining-Chinas-development-and-reforms
dc.identifier.uri
http://hdl.handle.net/10986/27938
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Commission on Growth and Development Working Paper;No. 50
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
ACCOUNTING
dc.subject
AGRICULTURAL BANK
dc.subject
AGRICULTURAL PRODUCTS
dc.subject
AGRICULTURE
dc.subject
ASSET MANAGEMENT
dc.subject
BALANCE OF PAYMENT
dc.subject
BALANCE OF PAYMENTS
dc.subject
BANK LOANS
dc.subject
BANK OFFICE
dc.subject
BANK POLICY
dc.subject
BANKING INDUSTRY
dc.subject
BANKING LAW
dc.subject
BANKING SECTOR
dc.subject
BANKING SECTOR REFORMS
dc.subject
BANKING SERVICES
dc.subject
BANKING SUPERVISION
dc.subject
BANKING SYSTEM
dc.subject
BANKRUPTCY
dc.subject
BANKRUPTCY LAW
dc.subject
BONDS
dc.subject
BUDGET DEFICITS
dc.subject
CAPITAL ACCOUNT
dc.subject
CAPITAL ACCUMULATION
dc.subject
CAPITAL SHARE
dc.subject
CAPITAL STOCK
dc.subject
CENTRAL BANK
dc.subject
CENTRAL BANK BILLS
dc.subject
CENTRAL PLANNING
dc.subject
CENTRALLY PLANNED ECONOMY
dc.subject
CLAIMANT
dc.subject
CLOSED ECONOMY
dc.subject
COMMAND ECONOMY
dc.subject
COMMERCIAL BANK
dc.subject
COMMERCIAL BANK BRANCHES
dc.subject
COMMERCIAL BANKING
dc.subject
COMMERCIAL BANKS
dc.subject
COMPANY LAW
dc.subject
CONSUMER GOODS
dc.subject
COOPERATIVE BANKS
dc.subject
CORRUPTION
dc.subject
CREDIBILITY
dc.subject
CREDIT COOPERATIVES
dc.subject
CREDITORS
dc.subject
CURRENT ACCOUNT
dc.subject
CURRENT ACCOUNT TRANSACTIONS
dc.subject
DEBT
dc.subject
DEBT BURDENS
dc.subject
DECENTRALIZATION
dc.subject
DEMOGRAPHIC FACTORS
dc.subject
DEPOSIT
dc.subject
DEPOSIT INTEREST
dc.subject
DEPOSITS
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPMENT BANK
dc.subject
DEVELOPMENT ECONOMICS
dc.subject
DEVELOPMENT STRATEGIES
dc.subject
DEVELOPMENT STRATEGY
dc.subject
DIVERSIFIED OWNERSHIP
dc.subject
DOMESTIC BANKS
dc.subject
DOMESTIC LIQUIDITY
dc.subject
EARNINGS
dc.subject
ECONOMIC COOPERATION
dc.subject
ECONOMIC DEVELOPMENT
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC OUTLOOK
dc.subject
ECONOMIC PERFORMANCE
dc.subject
ECONOMIC REFORM
dc.subject
ECONOMIC REFORMS
dc.subject
ECONOMIC RESEARCH
dc.subject
ECONOMIC STATISTICS
dc.subject
ECONOMIC SYSTEM
dc.subject
EMERGING MARKET
dc.subject
EMERGING MARKET ECONOMY
dc.subject
ENTREPRENEURS
dc.subject
EXCHANGE RATE
dc.subject
EXPORT PERFORMANCE
dc.subject
EXPORTERS
dc.subject
EXPORTS
dc.subject
FACE VALUE
dc.subject
FARMER
dc.subject
FINANCIAL ASSETS
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL INSTITUTIONS
dc.subject
FINANCIAL REFORMS
dc.subject
FINANCIAL SECTOR
dc.subject
FINANCIAL SYSTEM
dc.subject
FISCAL DECENTRALIZATION
dc.subject
FISCAL POLICIES
dc.subject
FISCAL POLICY
dc.subject
FISCAL REFORMS
dc.subject
FISCAL RESOURCES
dc.subject
FIXED ASSET
dc.subject
FIXED CAPITAL
dc.subject
FIXED EXCHANGE RATE
dc.subject
FIXED INVESTMENT
dc.subject
FLEXIBLE EXCHANGE RATE
dc.subject
FOOD SHORTAGES
dc.subject
FOREIGN BANKS
dc.subject
FOREIGN CURRENCY
dc.subject
FOREIGN DIRECT INVESTMENT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN INVESTMENT
dc.subject
FOREIGN INVESTORS
dc.subject
GDP
dc.subject
GDP PER CAPITA
dc.subject
GINI COEFFICIENT
dc.subject
GOVERNMENT BOND
dc.subject
GOVERNMENT BOND MARKET
dc.subject
GOVERNMENT BONDS
dc.subject
GOVERNMENT REVENUES
dc.subject
GREEN REVOLUTION
dc.subject
GROSS FIXED CAPITAL FORMATION
dc.subject
GROWTH RATE
dc.subject
HOLDING
dc.subject
HOUSEHOLDS
dc.subject
HUMAN CAPITAL
dc.subject
INCOME INEQUALITY
dc.subject
INCOME SECURITY
dc.subject
INCOME TAX
dc.subject
INDIVIDUAL LOANS
dc.subject
INDUSTRIALIZATION
dc.subject
INEFFICIENCY
dc.subject
INEQUALITIES
dc.subject
INFLATION
dc.subject
INITIAL PUBLIC OFFERINGS
dc.subject
INSTRUMENT
dc.subject
INSURANCE
dc.subject
INTELLECTUAL PROPERTY
dc.subject
INTEREST RATE
dc.subject
INTEREST RATES
dc.subject
INTERNATIONAL BANK
dc.subject
INTERNATIONAL DEVELOPMENT
dc.subject
INVESTING
dc.subject
INVESTMENT BANK
dc.subject
INVESTMENT CORPORATION
dc.subject
INVESTMENT FINANCING
dc.subject
INVESTMENT POLICIES
dc.subject
INVESTMENT RATE
dc.subject
ISSUANCE
dc.subject
JOB CREATIONS
dc.subject
LABOR FORCE PARTICIPATION
dc.subject
LABOR MOBILITY
dc.subject
LEGAL FRAMEWORK
dc.subject
LEGAL SYSTEM
dc.subject
LIQUIDITY
dc.subject
LIVING STANDARDS
dc.subject
LOCAL GOVERNMENT
dc.subject
LOCAL GOVERNMENTS
dc.subject
MACROECONOMIC CONDITIONS
dc.subject
MACROECONOMIC CONTROL
dc.subject
MACROECONOMIC MANAGEMENT
dc.subject
MACROECONOMIC POLICY
dc.subject
MACROECONOMIC STABILITY
dc.subject
MACROECONOMICS
dc.subject
MARKET COMPETITION
dc.subject
MARKET ECONOMY
dc.subject
MARKET PRICE
dc.subject
MARKET PRICES
dc.subject
MARKET SHARE
dc.subject
MONETARY FUND
dc.subject
MONETARY POLICY
dc.subject
MONOPOLY
dc.subject
NATURAL RESOURCES
dc.subject
NONPERFORMING LOANS
dc.subject
NPL
dc.subject
OPEN COUNTRIES
dc.subject
ORGANIZATIONAL STRUCTURES
dc.subject
OWNERSHIP STRUCTURES
dc.subject
PENSION
dc.subject
PENSION SYSTEM
dc.subject
PENSIONS
dc.subject
PEOPLES
dc.subject
PER CAPITA INCOME
dc.subject
PLANNED ECONOMIES
dc.subject
PLANNED ECONOMY
dc.subject
PORTFOLIO
dc.subject
PORTFOLIO FLOWS
dc.subject
POSITIVE EFFECTS
dc.subject
PRIVATE ENTERPRISES
dc.subject
PRIVATE INVESTMENT
dc.subject
PRIVATE PROPERTY
dc.subject
PRODUCTIVITY
dc.subject
PRODUCTIVITY INCREASES
dc.subject
PROPERTY LAW
dc.subject
PROPERTY RIGHTS
dc.subject
PROTECTIONISM
dc.subject
PURCHASING POWER
dc.subject
PURCHASING POWER PARITY
dc.subject
REAL EXCHANGE RATES
dc.subject
REGISTRATION SYSTEM
dc.subject
RENT SEEKING
dc.subject
RESERVE
dc.subject
RESERVE REQUIREMENTS
dc.subject
RESERVES
dc.subject
RETURN
dc.subject
RETURNS
dc.subject
RURAL COOPERATIVE BANKS
dc.subject
RURAL CREDIT
dc.subject
RURAL FINANCE
dc.subject
SAVINGS
dc.subject
SETTLEMENT
dc.subject
SHAREHOLDERS
dc.subject
SOFT BUDGET CONSTRAINT
dc.subject
STATE BANKS
dc.subject
STATE BONDS
dc.subject
STATE GUARANTEE
dc.subject
STOCK EXCHANGE
dc.subject
STRUCTURAL CHANGE
dc.subject
SWAP
dc.subject
SWAP MARKET
dc.subject
TAX
dc.subject
TAX EXEMPTIONS
dc.subject
TAX RATES
dc.subject
TAX REVENUES
dc.subject
TAX SYSTEM
dc.subject
TOTAL FACTOR PRODUCTIVITY
dc.subject
TRADE LIBERALIZATION
dc.subject
TRADE REFORMS
dc.subject
TRANSITION COUNTRIES
dc.subject
UNEMPLOYMENT
dc.subject
UNION
dc.subject
VILLAGE
dc.subject
WAGES
dc.subject
WOMAN
dc.subject
WORKING CAPITAL
dc.subject
WTO
dc.title
Explaining China's Development and Reforms
en
dc.type
Working Paper
en
okr.date.disclosure
2010-12-07
okr.doctype
Publications & Research :: Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/763341468025224944/Explaining-Chinas-development-and-reforms
okr.googlescholar.linkpresent
yes
okr.identifier.externaldocumentum
000333038_20101207234630
okr.identifier.internaldocumentum
13209905
okr.identifier.report
57749
okr.imported
true
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/763341468025224944/pdf/577490NWP0Box353767B01PUBLIC10gcwp050web.pdf
en
okr.region.administrative
East Asia and Pacific
okr.region.country
China
okr.topic
Macroeconomics and Economic Growth :: Economic Theory & Research
okr.topic
Macroeconomics and Economic Growth :: Economic Development
okr.topic
Macroeconomics and Economic Growth :: Economic Growth
okr.topic
Macroeconomics and Economic Growth :: Economic Policy, Institutions and Governance
okr.topic
Macroeconomics and Economic Growth :: Economic Systems
okr.unit
World Bank Office: Manila (EACPF)

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