Hofman, BertWu, Jinglian2017-08-172017-08-172009https://hdl.handle.net/10986/27938China'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-USCC BY 3.0 IGOACCOUNTINGAGRICULTURAL BANKAGRICULTURAL PRODUCTSAGRICULTUREASSET MANAGEMENTBALANCE OF PAYMENTBALANCE OF PAYMENTSBANK LOANSBANK OFFICEBANK POLICYBANKING INDUSTRYBANKING LAWBANKING SECTORBANKING SECTOR REFORMSBANKING SERVICESBANKING SUPERVISIONBANKING SYSTEMBANKRUPTCYBANKRUPTCY LAWBONDSBUDGET DEFICITSCAPITAL ACCOUNTCAPITAL ACCUMULATIONCAPITAL SHARECAPITAL STOCKCENTRAL BANKCENTRAL BANK BILLSCENTRAL PLANNINGCENTRALLY PLANNED ECONOMYCLAIMANTCLOSED ECONOMYCOMMAND ECONOMYCOMMERCIAL BANKCOMMERCIAL BANK BRANCHESCOMMERCIAL BANKINGCOMMERCIAL BANKSCOMPANY LAWCONSUMER GOODSCOOPERATIVE BANKSCORRUPTIONCREDIBILITYCREDIT COOPERATIVESCREDITORSCURRENT ACCOUNTCURRENT ACCOUNT TRANSACTIONSDEBTDEBT BURDENSDECENTRALIZATIONDEMOGRAPHIC FACTORSDEPOSITDEPOSIT INTERESTDEPOSITSDEVELOPING COUNTRIESDEVELOPMENT BANKDEVELOPMENT ECONOMICSDEVELOPMENT STRATEGIESDEVELOPMENT STRATEGYDIVERSIFIED OWNERSHIPDOMESTIC BANKSDOMESTIC LIQUIDITYEARNINGSECONOMIC COOPERATIONECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC OUTLOOKECONOMIC PERFORMANCEECONOMIC REFORMECONOMIC REFORMSECONOMIC RESEARCHECONOMIC STATISTICSECONOMIC SYSTEMEMERGING MARKETEMERGING MARKET ECONOMYENTREPRENEURSEXCHANGE RATEEXPORT PERFORMANCEEXPORTERSEXPORTSFACE VALUEFARMERFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL REFORMSFINANCIAL SECTORFINANCIAL SYSTEMFISCAL DECENTRALIZATIONFISCAL POLICIESFISCAL POLICYFISCAL REFORMSFISCAL RESOURCESFIXED ASSETFIXED CAPITALFIXED EXCHANGE RATEFIXED INVESTMENTFLEXIBLE EXCHANGE RATEFOOD SHORTAGESFOREIGN BANKSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN INVESTMENTFOREIGN INVESTORSGDPGDP PER CAPITAGINI COEFFICIENTGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BONDSGOVERNMENT REVENUESGREEN REVOLUTIONGROSS FIXED CAPITAL FORMATIONGROWTH RATEHOLDINGHOUSEHOLDSHUMAN CAPITALINCOME INEQUALITYINCOME SECURITYINCOME TAXINDIVIDUAL LOANSINDUSTRIALIZATIONINEFFICIENCYINEQUALITIESINFLATIONINITIAL PUBLIC OFFERINGSINSTRUMENTINSURANCEINTELLECTUAL PROPERTYINTEREST RATEINTEREST RATESINTERNATIONAL BANKINTERNATIONAL DEVELOPMENTINVESTINGINVESTMENT BANKINVESTMENT CORPORATIONINVESTMENT FINANCINGINVESTMENT POLICIESINVESTMENT RATEISSUANCEJOB CREATIONSLABOR FORCE PARTICIPATIONLABOR MOBILITYLEGAL FRAMEWORKLEGAL SYSTEMLIQUIDITYLIVING STANDARDSLOCAL GOVERNMENTLOCAL GOVERNMENTSMACROECONOMIC CONDITIONSMACROECONOMIC CONTROLMACROECONOMIC MANAGEMENTMACROECONOMIC POLICYMACROECONOMIC STABILITYMACROECONOMICSMARKET COMPETITIONMARKET ECONOMYMARKET PRICEMARKET PRICESMARKET SHAREMONETARY FUNDMONETARY POLICYMONOPOLYNATURAL RESOURCESNONPERFORMING LOANSNPLOPEN COUNTRIESORGANIZATIONAL STRUCTURESOWNERSHIP STRUCTURESPENSIONPENSION SYSTEMPENSIONSPEOPLESPER CAPITA INCOMEPLANNED ECONOMIESPLANNED ECONOMYPORTFOLIOPORTFOLIO FLOWSPOSITIVE EFFECTSPRIVATE ENTERPRISESPRIVATE INVESTMENTPRIVATE PROPERTYPRODUCTIVITYPRODUCTIVITY INCREASESPROPERTY LAWPROPERTY RIGHTSPROTECTIONISMPURCHASING POWERPURCHASING POWER PARITYREAL EXCHANGE RATESREGISTRATION SYSTEMRENT SEEKINGRESERVERESERVE REQUIREMENTSRESERVESRETURNRETURNSRURAL COOPERATIVE BANKSRURAL CREDITRURAL FINANCESAVINGSSETTLEMENTSHAREHOLDERSSOFT BUDGET CONSTRAINTSTATE BANKSSTATE BONDSSTATE GUARANTEESTOCK EXCHANGESTRUCTURAL CHANGESWAPSWAP MARKETTAXTAX EXEMPTIONSTAX RATESTAX REVENUESTAX SYSTEMTOTAL FACTOR PRODUCTIVITYTRADE LIBERALIZATIONTRADE REFORMSTRANSITION COUNTRIESUNEMPLOYMENTUNIONVILLAGEWAGESWOMANWORKING CAPITALWTOWorking PaperWorld Bank10.1596/27938