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China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive—permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.
This book outlines the process of China's trade reforms over the past two decades and assesses the impact of these reforms on the economy. The author provides a detailed quantitative analysis to trace China's evolving commodity pattern of trade and changing comparative advantage structure over the entire reform period.
Emphasizing reference works published since 1964, these volumes cover books, periodicals, and inclusions (i.e., chapters in edited volumes) on the 1911 Revolution, the Republic of China (1949--), post-1911 Taiwan, post-1911 Hong Kong and Macao, and post-1911 overseas Chinese.
A critique of America's flawed Asia policy that centres on US-Japan relations but harkens back to the same disastrous views that drew America into Vietnam. The technique is a narrative flow of short vignettes woven into longer chapters; the main strands are personal reflections and interviews.
China's dramatic reforms are usually said to have been caused by the policies of state leaders under Deng Xiaoping. This fascinating new study by one of the West's leading authorities on contemporary China shows, however, that reforms began and are maintained by local networks. They emerged first in the economy -- partly as unintended results of previous policies. Agricultural extension in Mao Zedong's time freed so much labor from the land in rich areas, such as the Shanghai delta, that peasant leaders set up rural industries to employ clients. Many of these leaders were avowed "state cadres", but they acted for local constituencies more than for Beijing. Their initiatives can be documented in the early 1970s, long before the 1978 proclamation of new enterprises, which the central bureaucracy could not monitor, taking materials and markets away from state industries. This caused socialist control of input prices and commodity flows to collapse by the mid-1980s. As a result, shortages and inflation bedeviled the economy, the state ran deficits, management decentralized local banks proliferated, and immigration to cities soared.
The present volume is the first systematic reconstruction of the demographic series of the population of Shanghai from the mid-nineteenth century to 1953. Designed as a reference and source book, it is based on a thorough exploration of all population data and surveys available in published documents and in archival sources. The book focuses mostly on the pre-1949 period and extends to the post-1949 period only in relation to specific topics. Shanghai is probably the only city in China where such a reconstruction is possible over such a long period due to the wealth of sources and its particular administrative history, especially the existence of two foreign settlements.