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What Can We Learn from China’s Economic Reform?

In: Contemporary Economic Issues

Author

Listed:
  • Justin Yifu Lin

    (Peking University
    Hong Kong University of Science and Technology
    Australian National University)

Abstract

China is the first among the socialist countries to engage in wide-range economic reforms and so far the most successful one. China’s reforms started at the end of 1978. Since then, China has joined the rank of East Asian NIEs and achieved an average annual growth rate of 9.6 per cent, while the price level has been relatively stable (see Figure 8.1). In the 17 years between 1978 and 1995, the size of China’s GNP increased about five times. As a consequence, the living standard of people improved significantly. It is no exaggeration to say that such a rapid rate of economic growth in such a large country for such a long period of time has never occurred elsewhere in human history. This achievement is especially extraordinary when the Chinese experience is compared with the economic collapse and stagnation in Eastern European countries and the Former Soviet Union (FSU) during their reform process. Figure 8.1 Economic growth and inflation in China, 1978–94

Suggested Citation

  • Justin Yifu Lin, 1998. "What Can We Learn from China’s Economic Reform?," International Economic Association Series, in: Justin Yifu Lin (ed.), Contemporary Economic Issues, chapter 8, pages 147-163, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26723-1_8
    DOI: 10.1007/978-1-349-26723-1_8
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