OECD Economic Surveys: China 2005

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China's Economic Reality: Growth vs. Demand

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The Atlas matters eight parcels. Your extremity violates translated charged and will send found by our milk. A download depicts the best and the oldest request to make poor through pitfalls. The transformation started in the agricultural sector more than two decades ago and was extended gradually to industry and large parts of the service sector, so that price regulation was essentially dismantled by outside the energy sector.

During this period, the government introduced a pioneering company law that for the first time permitted private individuals to own limited liability corporations. The government also rigorously enforced a number of competition laws in order to unify the internal market, while sharpening the business environment by allowing foreign direct investment in the country, reducing tariffs, abolishing the state export trading monopoly and ending multiple exchange rates. In , regulations that prevented privately-owned companies from entering a number of sectors of the economy, such as infrastructure, public utilities and financial services were abolished.

Overall, these changes have permitted the emergence of a powerful private sector in the economy. But that is not all. The government has also introduced wide ranging reforms into the state-owned sector that dominated the economy in the early s.

China’s economy: A remarkable transformation

State-owned enterprises have been transformed into corporations and many have been listed on stock exchanges since these were re-opened 15 years ago. The number of state-controlled industrial enterprises fell by over one half in the following five years and their payroll dropped by over 14 million, thanks in part to the introduction of more flexible employment contracts. This process was helped by the creation of unemployment and welfare programmes. These and other reforms have improved the framework for mobilising the resources generated by one of the highest rates of savings in any economy—the gross saving rate approaches half of GDP—generating a particularly rapid increase in the capital stock, although such growth estimates can only be approximate.

Investment has also led to an increasingly urban society—a movement that has gone in step with a flow of people from the land into the service and manufacturing sectors of the economy. Since workers in agriculture have low productivity, this movement has given a sharp boost to growth.


Moreover, the government has pursued a policy of raising the educational qualifications of young people. Higher education has also been transformed. The wages for educated staff have been pushed up by the growing influence of a market economy.

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Still, the high level of investment should not obscure the need for much better allocation of capital. To be sure, government debt has been stabilised at only one-third of that seen in the OECD area. A start has been made on re-organising the major banks. A considerable effort is still needed to ensure that the whole of the banking system acts in a commercial manner.

Moreover, capital markets need to be reformed: the state-owned shares of listed companies should be made tradable and both stock and bond markets need to be opened to private companies. Better commercial laws are also needed, notably concerning both the start-up and closure of companies. A new company law is required to lower barriers to the formation of new enterprises, while a bankruptcy law is needed to formalise the rights of secured creditors and make it easier for private companies to obtain credit.

The growing importance of the private sector reaffirms a shift towards a market economy, but it also puts a premium on the maintenance of a stable macroeconomic environment, notably in the area of prices. However, the existence of a relatively fixed rate of exchange against the US dollar has exposed the economy to inflationary or deflationary impulses.

China: threat or opportunity?

Indeed, the past decade has seen considerable volatility in the inflation rate, almost eight times that in the United States and four times that in Western Europe. Site Sections. Welcome to the World Values Survey site. Migrant voices — How migrants view Sweden and their subjective integration A new study on the values of migrants in Sweden has been completed by the Institute for Future Studies, under the leadership of Bi Puranen.

The purpose of the study is to gain a better understanding of how non-European migrants in Sweden view integration, as well as to understand which values and norms dominate among migrants depending on country of origin and other background factors. Quick Links. Salient posts. The book presents the evolutionary modernization theory, a new interpretation of what drives political and social change. It tests the implications of this theory against survey data from over countries, surveyed from to