How has China been able to maintain high-speed economic growth during the last thirty-plus years and successfully transform itself from a poor, backward, and developing country to become the world's second-largest economy? What are the challenges that China faces today and how will she deal with them in order to continue moving toward a truly prosperous and modern society? Standing at a crossroads today, what future direction should China choose: a free market economy or state capitalism?
In a series of penetrating dialogues, Wu Jinglian, China's most celebrated and influential economist, and Ma Guochuan, chief commentator of Caijing Magazine, attempt to address the following question: "Where is China going?" This volume offers critical insights into the historical evolution of China's ongoing economic and social transformation. Strongly reflecting Professor Wu's views on the future prospects of the economic reforms, the book provides readers with a deep and lucid understanding of the social and economic issues now confronting China, analyzes their underlying causes, and examines the serious challenges to implementing further reforms.
Professor Wu argues that the only way to escape the various social ills in China today is to restart the economic and political reforms, which began thirty years ago but have slowed down during the recent decade, and to move China in the direction of a market economy, the rule of law, and democracy.
“This is the current economic situation: the ‘Old Normal’ cannot last, but the ‘New Normal’ does not yet exist. To establish the type of New Normal that we expect, the key is to bravely push ahead with reforms while keeping the general economy stable, optimise the economic structure and improve efficiency. To put it simply, we need to complete the transformation of the economic growth model.
The Chinese economic reform beginning from 1978 had enormous success. This book interprets this process from the perspective of modern economics. It falls into four major parts. The first part touches upon the background of the reform and its evolution of strategy - administrative decentralization from 1958 to 1978, incremental reform from 1979 to 1993, and pushing forward as a whole from 1994 to the present. The second part discusses the reform strategies and implementation at different sectors - the agricultural sector, industrial sector, private sector, financial sector, and taxation. The third part discusses macroeconomic policies at the transition period, social relations and government's functions. In the last part, the author proposes the goals of the Chinese economic and political reform, - social equality and common wealth.
CEIBS Baosteel Chair Professor of Economics Wu Jinglian discusses the implications of the upcoming Third Plenary Session of the 18th CPC Central Committee. He says that many economic and social problems must be solved in order for China to implement a second round of economic reforms and establish a modern market-oriented economic system. Prof. Wu spoke via video at CEIBS 19th Anniversary Forum.
An opening keynote speech in which renowned economist Professor Wu Jinglian spoke about the deepening reforms expected in China's new round of urbanization signalled the frank discussions that took place during the China New Urbanization Forum 2013, hosted by the China Europe International Business School. Prof. Wu is Baosteel Chair Professor of Economics at CEIBS and Research Fellow of the Development Research Center, State Council of PRC. Read the press release here: http://www.ceibs.edu/media/archive/117642.shtml