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The “Take-off” of Chinese Economy: An Evolutionary Model of Reform and Open-up

In: Institutional Change and China Capitalism Frontier of Cliometrics and its Application to China

Author

Listed:
  • Zhiming Fu
  • Antoine Le Riche
  • Antoine Parent
  • Lei Zhang

Abstract

In this chapter, we analyze how the “take-off” of the Chinese economy is due to a gradual shift from a planned to a market economy. This evolution is mainly explained by reforms implemented which we present chronologically. We use a simple evolutionary model, based on biology, to explain how reforms allow an economy to move from a planned to a market economy. We present the case where no reforms are implemented and show that there exist two stable stationary equilibria: (i) a full market economy and (ii) a full planned economy. After the introduction of reforms, we are able to prove that there is only one stable stationary solution that corresponds to a full market economy.

Suggested Citation

  • Zhiming Fu & Antoine Le Riche & Antoine Parent & Lei Zhang, 2022. "The “Take-off” of Chinese Economy: An Evolutionary Model of Reform and Open-up," World Scientific Book Chapters, in: Antoine Le Riche & Antoine Parent & Lei Zhang (ed.), Institutional Change and China Capitalism Frontier of Cliometrics and its Application to China, chapter 6, pages 111-135, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800611238_0006
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    Keywords

    China; Macroeconomics; Cliometrics; Institutional Economics; Complexity; Economics; International Trade; Applied Econometrics; Econometrics; Empirical Finance; Behavioral Finance; Economic History; Sociology; Gender Studies;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • F10 - International Economics - - Trade - - - General
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • F15 - International Economics - - Trade - - - Economic Integration

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