EC2374_Lecture7_2010_IVLE_A[1] - EC2374 EC2374 Economy of...

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EC2374 conomy of Modern China Economy of Modern China Semester I, 2010/2011 Sarah Y. Tong Department of Economics
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Topic 3 (cont) Urban & Industry ± China’s industrialization ± urban industrial reform ± corporate governance ± ture prospects future prospects 2
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Topic 3 (cont) Urban & Industry China’s industrialization ± a late comer: did not occur after 1949 ± Big push industrialization ± Acceleration during the reform through ± Industrialization, reform, and restructuring ± Marketization, decentralization, economic opening estriction on labor movement remains ± Restriction on labor movement remains ± Change in ownership composition and industry mix 3 ± Trade and FDI significant
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Topic 3 (cont) Urban & Industry urban industrial reforms ± pre-reform system p y ± state-owned and urban the rest by rural and urban collectives, owned by local govts ± resources were allocated by administrative means rices set by ovt prices set by govt profits remitted to govt as revenue dual track pricing the govt’s control over resources was less central than USSR ± fragmentation across regions limited trade across administrative regions rtical integration 4 vertical integration
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Topic 3 (cont) Urban & Industry urban industrial reforms ± 1978 to mid-1990s ± existing hierarchical relationships remain ± introduce market incentives “profit retention” => “contract profit-lost responsibility dual track pricing troduced “tax for profit” introduced tax for profit more reliance on market and less price distortion ± encourage new forms of firms rural collectives private and household reign invested enterprises 5 foreign invested enterprises
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Topic 3 (cont) Urban & Industry urban industrial reforms 978 to mid 990s: incentive and autonomy ± 1978 to mid-1990s: incentive and autonomy ± rapid increase in output specially in non- tate sector especially in non state sector
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EC2374_Lecture7_2010_IVLE_A[1] - EC2374 EC2374 Economy of...

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