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Dual-Track and Mandatory Quota in China's Price Reform*

Author

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  • Anthony Y C Koo

    ([1] Michigan State University[2] Florida State University)

  • Norman P Obst

    (Michigan State University)

Abstract

China's price reform has been progressing through the mandatory quota (MQ) and dual-track schemes; a unique characteristic of China's gradualist approach to economic transition. The purpose of this paper is to show how MQ, properly modified, has been a bridge from a planned to a market-oriented price system. We analyze six criteria: industry output, average price, excluded buyers, buyers' surplus, producers' surplus and deadweight loss (not necessarily all independent) in our welfare comparison of a competitive market, monopoly and MQ form of market structure. A more general analytic formulation of our model and a graphic representation of the process are shown in the Appendix.

Suggested Citation

  • Anthony Y C Koo & Norman P Obst, 1995. "Dual-Track and Mandatory Quota in China's Price Reform*," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 37(1), pages 1-17, April.
    • Handle: RePEc:pal:compes:v:37:y:1995:i:1:p:1-17
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