China - Joseph C. H Chai

At the heart of China's remarkable economic growth is a new economic system, which has emerged out of radical reforms in virtually all areas of economic activity. Understanding this system is the key to understanding the Chinese economy. This book, the culmination of many years of research in Hong Kong and China, is a comprehensive account of these systemic reforms, as well as of their transferability to other economies in transition.
The starting-point of Dr Chai's analysis is a careful examination of the structural elements of China's new economic system, focusing particularly on the decentralization of property rights in both the agricultural and industrial sectors. There follows a detailed analysis of changes in the functional elements of the system: its price and financial mechanisms. An assessment of the open-door policy also considers the twin impact of the liberalization of China's foreign trade and foreigninvestment regimes. Finally, China: Transition to a Market Economy highlights the increasingly important role of the non-state sector in facilitating economic growth and structural transformation. It will be essential reading for any student or researcher concerned with the Chinese economy, or withtransition economies in general

This volume provides an excellent descriptive overview of China's economic reforms ... It is rich in specifics, which is where the book's value lies ... By reading widely in Chinese sources, Chai has been able to provide a fresh, informative and insightful account of the reforms. The book will be of interest to specialists, but at the same time its relatively up-to-date coverage makes it a useful text for non-specialists and students who want to understand inconcrete terms the content of China's economic reforms.
Terry Sicular, University of Western Ontario, The China Journal, issue 42, July 1999