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Cracking the China ConundrumWhy Conventional Economic Wisdom is Often Wrong$
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Yukon Huang

Print publication date: 2017

Print ISBN-13: 9780190630034

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/oso/9780190630034.001.0001

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Origins of China’s Growth Model

Origins of China’s Growth Model

Chapter:
(p.28) Chapter 3 Origins of China’s Growth Model
Source:
Cracking the China Conundrum
Author(s):

Yukon Huang

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190630034.003.0003

Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.

Keywords:   Deng Xiaoping, Zhu Rongji, policy entrepreneurs, economic reforms, regionally concentrated development, vested interests, Asian Financial Crisis, Global Financial Crisis

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