Industrial Reforms and Macroeconomic Instabilty in China

Hardcover | October 1, 1998

EditorYak-yeow Kueh, Joseph C. H. Chai, Gang Fan

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Is the battle against inflation in China now over? Can Zhu Rongji, the economic guru turned Chinese premier who has successfully reduced the skyrocketing inflation of the mid-1990s to a near zero level, while yet maintaining high economic growth through the new millennium, relax? These are thekey questions raised by China's current economic transition towards a market-based system, and they both revolve around the institutional economics that is the focus of this volume. Dealing specifically with the giant state-owned enterprises (SOEs), Industrial Reform and Macroeconomic Instability in China unravels the intriguing dynamics between industrial deregulation and inflation, in the context of China's continuous search for sustained, stable economic growth withoutrunaway inflation. This book is unique among western studies: it addresses the very core, but to date least reformed sector of the Chinese economy. SOEs have monopolized key industrial supplies, commanded the bulk of national investment, disctated much of the nation's credit and finance, and havebeen the single most important source of state budget revenue. Continually faced with enormous internal wage pressures, all attempts at marketization and price liberalization are inherently inflationary. Based upon an independently, specifically designed set of questionnaires administered to 300 large and medium-scale state industrial enterprises in six major industrial cities, this book provides an in-depth analysis of the first decade of the reforms of the 1980s. The findings are formulated aspointers for understanding the macroeconomic vicissitudes that occurred after the launching of the campaign to create a 'socialist market economy' in the early 1990s. This book will be of use to China analysts, students, and businessmen who are interested in learning about the progress made, theremaining obstacles that the state-owned enterprises face, and their inevitable impact on China's economic growth and stability.

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Is the battle against inflation in China now over? Can Zhu Rongji, the economic guru turned Chinese premier who has successfully reduced the skyrocketing inflation of the mid-1990s to a near zero level, while yet maintaining high economic growth through the new millennium, relax? These are thekey questions raised by China's current eco...

Yak-yeow Kueh is a Professor of Economics and Dean, Faculty of Social Sciences at Lingnan College, Hong Kong. Joseph C. H. Chai is a Senior Lecturer in Economics at the University of Queensland.
Format:HardcoverDimensions:335 pages, 9.21 × 6.14 × 0.91 inPublished:October 1, 1998Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198293402

ISBN - 13:9780198293408

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Table of Contents

Part I. Introduction1. Y. Y. Kueh: Economic Reform in Chinese Industry: Efficiency and Instabilty2. Joseph C. H. Chai, Gang Fan, and Y. Y. Kueh: Nature and Scope of the Survey DataPart II. Enterprise Behaviour and Efficiency3. Mee-kau Nyaw: Readjustment of the Managerial and Organizational Structure of Chinese Enterprises4. Shuguang Zhang and Y. Y. Kueh: Measuring the Changing Degree of Enterprise Autonomy and Constraints5. Hing-lin Chan and Shu-kam Lee: Employment Policy and Productive Efficiency as Alternative Mangerial Objectives6. Pak-hung Mo and Sung-ko Li: The Contract Responsibility System and X-efficiency in the Machine Industry7. Y. Y. Kueh: Investment Financing and the Profitability Criterion8. Pak-hung Mo and Shui-pui Tong: Marketization, Regional Economic Integration, and the Profit CriterionPart III. Macroeconomic Instability9. Gang Fan: Industrial Reform as a Major Cause of Inflation10. Zhongwei Yang and Zhineng Han: Wage Reforms and the Effectiveness of Aggregate Wage Target Control11. Shu-ki Tsang and Yuk-shing Cheng: Empirical Evidence of the `Twin Expansion' of Investment and Wage Outlay12. Joseph C. H. Chai and Clem Tisdell: Hardening `Budget Constraint' to Control Inflation under the Two-Track System13. Cheng Wang and Shu-ki Tsang: Macroeconomic Policies, Financial Conditions, and Enterprise BehaviourPart IV. Conclusion14. Y. Y. Kueh: Prospects for a Transition to a Market Economy without Runaway InflationY. Y. Y. Kueh: App 1. A Note on the Changing Quantitative Importance of State-owned Large and Medium-scale Industrial Enterprises in China, 1980-1994Y. Y. Kueh: App 2. Major Production and Financial Statistics for the 300 Sample Satte-owned Large and Medium-scale Industrial Enterprises in Comparison with the National Aggregates for the Large and Medium-scale Industrial Enterprises and Other Categories of Industrial Establishments, 1980-1994