Whither China?: Restarting the Reform Agenda

by Wu Jinglian, Ma Guochuan, Xiaofeng Hua, Nancy Hearst

Overview

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.

Product Details

ISBN-13:	9780190223151
Publisher:	Oxford University Press
Publication date:	05/02/2016
Pages:	352
Product dimensions:	6.40(w) x 9.30(h) x 1.30(d)

About the Author

For more than thirty years, Wu Jinglian has been widely regarded as China's most celebrated and influential economist. Wu graduated from the Department of Economics of Fudan University in 1954. He is currently Senior Research Fellow at the Development Research Center under the State Council of the People's Republic of China, and Bao Steel Chair Professor of Economics at the China Europe International Business School (CEIBS). His main research interests include comparative institutional analysis, and the theory and policy on the transformation of Chinese society. He won the "Outstanding Contribution to China's Economy Award" in 2005 and was awarded "Honorary President of the International Economic Association" (IEA) in 2011.

Ma Guochuan is the Chief Commentator of Caijing (Economist Journal) Magazine.

Xiaofeng Hua is a retiree from the World Bank. She has worked on economic development issues related to China and other Asian and African countries for the last thirty years.

Nancy Hearst is Research Librarian in the Fairbank Center for Chinese Studies Collection of the Fung Library at Harvard University. She is also a free-lance editor for social-science books on contemporary China, and has been visiting China regularly since 1980.

Table of 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

Editorial Reviews

"Timely. Engagingly presented. A well-executed translation for English speakers of an important book published in China only a few years ago."

— Choice

"This well-prepared and carefully edited book has been well received by intellectual liberal-minded readers in China. It is outstanding in terms of its bravery, intellectual honesty, and rigorousness in discussing the emerging public debates in China. I believe that an English translation of the book is extremely timely and will be informative to Western readers who want to understand the nature of the economic-political issues that China is confronting as well as the substance of the political conflicts and debates that are now spreading throughout the country. The book is also worthwhile in predicting "a possible future direction" for the Chinese economy, although this is still far from certain."

— Masahiko Aoki, Henri and Tomoye Takahashi Professor of Economics, Emeritus, Stanford University

"What happens in China in future will affect the whole world. This series of charming dialogues reflect critically on the political economy of reform and raise issues which are central to the outlook for China."

— Timothy Besley, London School of Economics and Political Science

"In this book, Wu Jinglian, one of China's most outstanding economists, is interviewed by Ma Guo Quan about China's economic reform debates. Wu, as a participant in many of these debates over the past six decades, provides the reader with unique access to the nature of these debates together with his personal insights. The book is a tour de force."

— Dwight H. Perkins, Harvard University

"A key contributor to the debate about reform in China for four decades, Wu Jinglian has distinguished himself by the clarity, coherence and consistency of his vision for economic and political progress, set out most compellingly and readably in this book."

— Adrian Wood, Professor Emeritus of International Development, University of Oxford

"Wu Jinglian is well-known as the most respected voice of economic and social reform in China today. He is also acknowledged as one of China's most effective economists, whose contributions to reforms at critical turning points are celebrated in China. This book presents Wu at his most approachable. Relaxed and conversational, Wu ranges widely over the course of twenty conversations conducted in a dialogue with Ma Guochuan, a leading economic journalist in China. Although the setting is informal, Wu's coverage is comprehensive and he uses the opportunity to deliver a clear and forthright message."

— Barry Naughton is the Sokwanlok Chair of Chinese International Affairs, School of Global Policy and Strategy, University of California, San Diego

From the Publisher