Get Chinese Economic Reform. How Far, How Fast? PDF

By Bruce L. Reynolds

ISBN-10: 0125870450

ISBN-13: 9780125870450

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Even w h e n the m a r k e t control m e c h a n i s m has the u p p e r h a n d , t h e r e m n a n t s o f t h e o l d s y s t e m a n d t h e o l d i n s t i t u t i o n s will still s u r v i v e for a l o n g t i m e , b e c a u s e C h i n a is e c o n o m i c a l l y b a c k w a r d a n d v u l n e r a b l e . It will t a k e a n e v e n l o n g e r t i m e for t h e n e w s y s t e m t o b e fully o p e r a t i o n a l a n d for the dual price system to expire. " Econ. Study J. 2, Feb. 1959.

INTRODUCTION T h e p o s s i b l e effect o f a n i n c r e a s e in m o n e y s u p p l y o n i n f l a t i o n b e c a m e a n i m p o r t a n t issue for t h e C h i n e s e e c o n o m i c r e f o r m officials i n 1985 w h e n c u r rency in circulation h a d actually increased by a b o u t 50% from the e n d of 1983 t o t h e e n d of 1984, m a i n l y as a result of t h e policy t o allow individual b a n k s the discretion to extend credit without having established a m e c h a n i s m o f m o n e t a r y c o n t r o l b y t h e c e n t r a l b a n k .

T o o b t a i n a m e a s u r e o f n a t i o n a l i n c o m e a v a i l a b l e in real t e r m s , I h a v e deflated it b y a n i m p l i c i t d e f l a t o r w h i c h is t h e r a t i o o f n a t i o n a l i n c o m e i n c u r r e n t p r i c e s t o n a t i o n a l i n c o m e in c o n s t a n t p r i c e s ( t h e last t w o series b e i n g f o u n d o n p p . 2 9 a n d 3 0 , r e s p e c t i v e l y , o f Statistical Yearbook of China, 1984). A n n u a l d a t a f r o m 1952 t o 1 9 8 3 o n t h e g e n e r a l i n d e x o f retail p r i c e P , c u r r e n c y i n c i r c u l a t i o n M9 n a t i o n a l i n c o m e a v a i l a b l e in real t e r m s y a n d i n n o m i n a l t e r m s Y a r e g i v e n i n T a b l e 1.

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Chinese Economic Reform. How Far, How Fast? by Bruce L. Reynolds


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