40 Years of Reform and Opening-up: China's Model and Experience

Description

This book consists of studies on China’s economic development since China carried out the reform and opening-up strategy, including China’s economic restructuring, economic operational mechanism, socialist market economy, inflation, the reform of the urban housing system, the economic impact of WTO entry, the future potential growth rate, global economic governance, structural fiscal and taxation reforms, the rapid growth of China’s financial industry, and more. These studies explores China’s successful experience of economic growth in the past and will shed some light on China’s economic development in the future, providing value to economists and Chinese scholars. Contents List of Contributors List of Figures List of Tables Chapter 1: Several Theoretical Issues on China’s Economic Restructuring Chapter 2: Economic Operational Mechanism: Market-Centrism Chapter 3: On Socialist Market Economy: Why the Shift from a Planned Economy Chapter 4: On Inflation Since China’s Reform and Opening-up Chapter 5: A Blueprint for Deepening Reform of the Urban Housing System Goals of Reforming the Housing System Basic Principles for Reform of the Housing System Ways of Reforming the Housing System Policy Recommendations on the Current Reform of the Housing System Chapter 6: Economic Impact of WTO Entry and China’s Policy Responses WTO Entry is a Rare Opportunity for Us to Revitalize the Chinese Nation and Go Global Impact of WTO Entry on China’s Primary Industry (Agriculture) and Policy Responses Impact of WTO Entry on China’s Secondary Industry (Industry in the Narrow Sense) and Policy Responses Impact of WTO Entry on China’s Tertiary Industry (Service Industry) and Policy Responses Chapter 7: Approaching Potential Growth Rate: A New Period of Rapid Economic Growth Economic Growth Accelerates for Five Consecutive Quarters, Indicating the Arrival of a New Round of Rapid Growth Framework for Analyzing Whether the Acceleration of Growth Is Reasonable: Actual Growth Rate and Potential Growth Rate What Factors Are Driving the Growth Acceleration? Will the High Growth Rate Be Sustainable? Main Indicators of Whether the Economic Growth Rate is Mormal and the Importance of Giving Full Play to the Role of the Market Mechanism Several Issues Requiring Further Study Chapter 8: New Focus in Opening-up Strategy: Playing an Active Role in Global Economic Governance Chapter 9: From Economic Instrument to Cornerstone of National Governance: Ultimate Objectives of the New Round of Structural Fiscal and Taxation Reforms Introduction The Basic Goal: To Establish a Modern Fiscal System Matching the Modernization of National Governance The Reform of the Tax System: Focusing on Structural Optimization The Fiscal Expenditure Reform: Maintaining the Existing Scale While Adjusting the Structure The Reform of Budgetary Management: To Bring All Revenue and Expenditures Under Budgetary Management The Reform of the Fiscal System: Adhering to the “Tax-Sharing System” in Its Original Sense Chapter 10: Rapid Growth of China’s Financial Industry: Causes and Risks Introduction Definition and Facts of High Growth in China’s Financial Industry The Statistical Calibers for China’s Financial Industry Accounting Methods for Value-Added of the Financial Industry Proposal and Definition of High Growth in China’s Financial Industry Characteristic Facts of High Growth in China’s Financial Industry Analyzing the Causes of High Growth in China’s Financial Industry Statistical Factors Monetary Factors Financial Innovations A Comprehensive Interpretation Potential Risks of High Growth in China’s Financial Industry Potential Risks in the Financial Sector Potential Impact of Financial Deleveraging Conclusions, Recommendations, and Reflections