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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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Development strategy and industrialization

Development strategy and industrialization

39 Development strategy and industrialization
The Oxford Companion to the Economics of China

Justin Yifu Lin

Oxford University Press

This chapter first discusses economic development and industrialization in the context of the New Structural Economics. It then uses this framework to explain China’s extraordinary rise from a poor and insular nation into the second largest and one of the most dynamic economies in the world today. The remaining challenges for China’s industrialization — the disparity in income distribution, the imbalance between consumption and savings, and the external trade surplus — are discussed. The chapter closes by considering the lessons that may be drawn from China’s experiences for other developing countries.

Keywords:   Chinese economy, economic development, industrialization, economic policy, New Structural Economics

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