Redesigning the Dragon Financial Reform in the Peoples Republic of China
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ever, privatization and the assignment of property rights are still very undeveloped, and the most difficult parts of transition ahead are dependent on a still-unachieved transfer of the social safety net from enterprise-based to government control.
Were China to continue to grow at the rates of the last two decades, it would surpass the United States as the worlds largest economy in less than twenty years. Though some tapering off in the growth rate is expected, China, with its sheer size and dynamism, is emerging as one of the worlds economic powers. The reform policy choices it makes during this period of transition thus have not only domestic but international significance, as Chinas domestic economic and social stability will be felt internationally. The rest of the world has ample reason for assisting China in seeing these reforms through peacefully. Opening of economic activity within China and with the rest of the world will assist the process of political liberalization within the country, and will provide enhanced regional and global security.
Table 3. The Fiscal Situation in the Reform Period
Source: Wong, Christine P.W., Christopher Heady, and Wing T. Woo. Fiscal Management and Economic Reform in the Peoples Republic of China. Oxford University Press. Hong Kong: 1995, p.24.Table 5. Government Budgetary Expenditures
Source: Wong, Christine P.W., Christopher Heady, and Wing T. Woo. Fiscal Management and Economic Reform in the Peoples Republic of China. Oxford University Press. Hong Kong: 1995, p.24.
Table 6. Composition of Tax Revenues
Source: Wong, Christine P.W., Christopher Heady, and Wing T. Woo. Fiscal Management and Economic Reform in the Peoples Republic of China. Oxford University Press. Hong Kong: 1995, p.24.
Table 7. Changing Role of the State
Source: Harrold, Peter. Chinas Reform Experience to Date. World Bank Discussion Papers #180. The World Bank:Washington, DC. 1992.
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