中国の市場経済化の新段階 : 企業改革と金融市場と中心に(市場経済と計画経済,総合研究)
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概要
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Transition from Socialist planning economy to market economy in China has entered a new stage since 1992 and is still continuing. External trade, now equivalent to over a quarter of GDP, has opened up the economy significantly, and in parallel there has been greater readiness to seek direct foreign investment in a range of manufacturing industries and the service sector. Product markets have been created, first in the rural areas and then extended to the urban sector, which allow producers to trade their surplus output at freely determined prices. Financial reforms have dismantled the old monobanking system and increased the variety of financial institutions. Such reform of China's economy has increased the role of monetary policy in macroeconomic management, and new monetary policy instruments have been developed. A banking system was established, but adequate control over aggregate demand has not been maintained recently. The most important and urgent problem is the restructuring of the big state-owned enterprises. The government concentrated on managerial reform of some selected state-owned enterprises, but encountered many problems. The so-called market economy in China has traditional characteristics. Since the 19th century, China has experienced the expansion of money and credit, widening of the market, the commercialization of agriculture, and capitalist industrialization. From this historical standpoint, the role of rural industries and entrepreneurs is very important in the restructuring of the economy, with these former money exchangers having a significant supporting role to play in this process. Although economic performance is not so strong, China will continue to maintain a relatively high rate of economic growth during the next decade. In the process of reform, the major calamity for a regime depending on rules by moral authority rather than by due process of law is demoralization and the corruption of high-ranking leaders. Of utmost importance now is the question of how to maintain political stability post Deng Xiaoping.
- 1997-03-25