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Full Description
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.
Contents
Dialogue 1: "Whither China?" in a new context
Dialogue 2: Why should the Soviet-type economic system be reformed?
Dialogue 3: The initial emergence of reform in 1956
Dialogue 4: Reforms of the economic management system during the Maoist era
Dialogue 5: The failure of state-owned reforms under market socialism
Dialogue 6: Rural household contracting leads to the incremental reform strategy
Dialogue 7: The sudden rise of the private sector
Dialogue 8: External opening: A driver for reform
Dialogue 9: The role of the "dual-track" system and its consequences
Dialogue 10: Overall promotion of reform: A new phase
Dialogue 11: The foundations of a market economy: Redefining property rights
Dialogue 12: Reestablishing the financial system
Dialogue 13: Returning to public finance
Dialogue 14: The long and bumpy road to a social-security system
Dialogue 15: Economic fluctuations and macroeconomic policies
Dialogue 16: Unfinished market-oriented reforms
Dialogue 17: Without political reform, economic reform will not succeed
Dialogue 18: Difficulties in shifting the growth model
Dialogue 19: Will China become a rent-seeking society?
Dialogue 20: Restarting the reform agenda
