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Why Has China Grown So Fast For So Long?$
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Khalid Malik

Print publication date: 2012

Print ISBN-13: 9780198078838

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780198078838.001.0001

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Understanding China and Its Transformation

Understanding China and Its Transformation

Chapter:
(p.114) 5 Understanding China and Its Transformation
Source:
Why Has China Grown So Fast For So Long?
Author(s):

Khalid Malik

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198078838.003.0006

This chapter examines the emergence and the interplay of the productive forces which led to the phenomenal 50-fold growth in per capita incomes in China since the late 1970s. Novel propositions are presented to understand this dramatic transformative process, which run counter to or fall outside the narrow realm of conventional economics. Broadly, national ownership and leadership was one such force. The elements of it were a strategic and strong vision of development, sustaining this vision through leadership, local ownership, and China’s long-term commitment to reform, which acted as drivers of constant progress and modernization. Building of capacities through human capital formation, institutional reforms, and evolution of social capital were successful in not only increasing growth, but also establishing a sturdy foundation leading to the economy’s transformation.

Keywords:   China, transformation, development vision, Chinese leadership, property rights, civil service, social capital, economics, reforms, national ownership

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