Economic Reform and Growth in China

Gregory C. Chow

This paper surveys (1)the reasons for economic reform in China to be introduced in 1978, (2)the major components of economic reform, (3) the characteristics of the reform process, (4) why reform was successful, (5) the shortcomings of China’s economic institutions, (6) the factors contributing to rapid economic growth, and (7) the future prospects of further reform and growth, with important conclusions summarized in the last section concerning economic reform in general. Much of the material is drawn from the author’s book China’s Economic Transformation (Blackwell, 2002).

Key Words: Economic reform; Economic growth; Institutional changes; Economic policy.
JEL Classification Numbers: O4, O5, P2, P3, N00.