On the "Block Economy"
The State Council's 1980 decision to implement a fiscal system based on "dividing revenues and expenditures" among different levels in which each level "assumes financial responsibility for its own level" [lit., "setting up separate financial households (>i>fenzao chifan>/i>)] has become the foundation for all reform measures relating to planning, investment, materials, distribution, and enterprises. The system has concentrated local financial interest and ultimately transformed the economic management system from one primarily characterized by vertical (>i>tiao-tiao>/i>) divisions to one primarily characterized by territorial (>i>kuai-kuai>/i>) divisions, or from what might be called a "strip economy" to a "block economy."
Volume (Year): 26 (1993)
Issue (Month): 5 (October)
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