The State, Industry, and Infrastructure
The Chinese state promoted growth after Mao's death by its regulation of aggregate demand, its manipulation of the internal terms of trade, and by liberalizing many aspects of agricultural production. In addition, as this chapter demonstrates, both central and local government actively promoted the growth and development of industry. The Chinese state adopted an industrial strategy that was far more interventionist than those pursued in Russia and most other transitional economies; until the mid‐1990s, indeed, the extent of privatization was negligible. Yet across the People's Republic, rural industry grew rapidly and even the smokestack industries of urban China became more efficient.
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