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China’s leaders understand the basis for Hong Kong’s stability and prosperity. In particular, they recognize that the adoption of Hong Kong’s institutional and policy mix would go a long way toward ...
In the span of 10 years since China opened her doors to the world, economic changes have taken place of a magnitude and speed that are simply awesome. Remembering what China was like a mere decade ...
The momentous changes occurring in China support Steven Cheung’s concern with the collision course of economic liberalization and the incentive of China’s nomenklatura, or ruling elite, for maintai...
The Path toward Freedom The rise of democracy in South Korea and Taiwan attests to the power of the market in generating political liberalization. Both countries have moved from closed, authoritari...
China’s transition from a planned economy to a market economy began atthe endof 1978.When China startedthe process,the government did not have awell-designed blueprint. The approach to reform can b...
China’s Grand Illusion China’s goal of building a ‘‘socialist market economy’’ is a grand illusion. The market and its supporting institutions, notably private property and the rule of law, cannot ...
For most of its existence, the People’s Republic of China has essentially been free of open inflation. Rigid controls kept official prices of many goods virtually unchanged for decades before econom...
The Virtue of Openness China is undergoing a fundamental transition from a closed society founded on a command economy, state ownership, and communist dictatorship, to a semi-open socialist society...
The currency crises afflicting Asia in 1997 and 1998 reopened the debate on the wisdom of capital controls and liberalization of the capital account for emerging market economies. In a world awash i...
In recent years, there has been considerable discussion of the impact of globalization on the Chinese economy. The consequence of China’s entry to the World Trade Organization for capital mobility ...
The Asian financial crisis has led to questioning, in both academic and policy circles, concerning the wisdom of permitting free crossborder capital movements. Paul Krugman (1998a, 1998b) and Joseph...
The World Trade Organization focuses primarily on exchanges among nations of goods and services — i.e., the outputs of firms and households. Capital is, of course, a factor of production, which mean...
What is the future of China’s financial sector? Will it continue to be stable? Will it be more efficient? In addressing those questions, we need to review China’s financial system of the reform era ...
China’s Illusion Since 1978, China has embarked on a dramatic reform effort to create a modern economy and to increase the standard of living for the Chinese people. Much progress has been made b...
In 1999, foreign direct investment in China was $40.4 billion, a sharp drop from the $45.6 billion of FDI in 1998. Government officials and economic analysts have voiced concerns about a further co...

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