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Industrial Reforms and Macroeconomic Instability in China : Studies on Contemporary China - Yak-yeow Kueh

Industrial Reforms and Macroeconomic Instability in China

Studies on Contemporary China

By: Yak-yeow Kueh (Editor), Joseph C. H. Chai (Editor), Gang Fan (Editor)

Hardcover

Published: 1st October 1998
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Is the battle against inflation in China now over? Can Zhu Rongji, the economic guru turned Chinese premier who has successfully reduced the skyrocketing inflation of the mid-1990s to a near zero level, while yet maintaining high economic growth through the new millennium, relax? These are the key questions raised by China's current economic transition towards a market-based system, and they both revolve around the institutional economics that is the focus of this volume. Dealing specifically with the giant state-owned enterprises (SOEs), Industrial Reform and Macroeconomic Instability in China unravels the intriguing dynamics between industrial deregulation and inflation, in the context of China's continuous search for sustained, stable economic growth without runaway inflation. This book is unique among western studies: it addresses the very core, but to date least reformed sector of the Chinese economy. SOEs have monopolized key industrial supplies, commanded the bulk of national investment, disctated much of the nation's credit and finance, and have been the single most important source of state budget revenue. Continually faced with enormous internal wage pressures, all attempts at marketization and price liberalization are inherently inflationary. Based upon an independently, specifically designed set of questionnaires administered to 300 large and medium-scale state industrial enterprises in six major industrial cities, this book provides an in-depth analysis of the first decade of the reforms of the 1980s. The findings are formulated as pointers for understanding the macroeconomic vicissitudes that occurred after the launching of the campaign to create a 'socialist market economy' in the early 1990s. This book will be of use to China analysts, students, and businessmen who are interested in learning about the progress made, the remaining obstacles that the state-owned enterprises face, and their inevitable impact on China's economic growth and stability.

Part I. Introduction 1: Y. Y. Kueh: Economic Reform in Chinese Industry: Efficiency and Instabilty 2: Joseph C. H. Chai, Gang Fan, and Y. Y. Kueh: Nature and Scope of the Survey Data Part II. Enterprise Behaviour and Efficiency 3: Mee-kau Nyaw: Readjustment of the Managerial and Organizational Structure of Chinese Enterprises 4: Shuguang Zhang and Y. Y. Kueh: Measuring the Changing Degree of Enterprise Autonomy and Constraints 5: Hing-lin Chan and Shu-kam Lee: Employment Policy and Productive Efficiency as Alternative Mangerial Objectives 6: Pak-hung Mo and Sung-ko Li: The Contract Responsibility System and X-efficiency in the Machine Industry 7: Y. Y. Kueh: Investment Financing and the Profitability Criterion 8: Pak-hung Mo and Shui-pui Tong: Marketization, Regional Economic Integration, and the Profit Criterion Part III. Macroeconomic Instability 9: Gang Fan: Industrial Reform as a Major Cause of Inflation 10: Zhongwei Yang and Zhineng Han: Wage Reforms and the Effectiveness of Aggregate Wage Target Control 11: Shu-ki Tsang and Yuk-shing Cheng: Empirical Evidence of the `Twin Expansion' of Investment and Wage Outlay 12: Joseph C. H. Chai and Clem Tisdell: Hardening `Budget Constraint' to Control Inflation under the Two-Track System 13: Cheng Wang and Shu-ki Tsang: Macroeconomic Policies, Financial Conditions, and Enterprise Behaviour Part IV. Conclusion 14: Y. Y. Kueh: Prospects for a Transition to a Market Economy without Runaway Inflation Y. Y. Y. Kueh: App 1. A Note on the Changing Quantitative Importance of State-owned Large and Medium-scale Industrial Enterprises in China, 1980-1994 Y. Y. Kueh: App 2. Major Production and Financial Statistics for the 300 Sample Satte-owned Large and Medium-scale Industrial Enterprises in Comparison with the National Aggregates for the Large and Medium-scale Industrial Enterprises and Other Categories of Industrial Establishments, 1980-1994

ISBN: 9780198293408
ISBN-10: 0198293402
Series: Studies on Contemporary China
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 335
Published: 1st October 1998
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.2 x 16.2  x 2.3
Weight (kg): 0.68