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Southern Engines of Global Growth$
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Amelia U. Santos-Paulino and Guanghua Wan

Print publication date: 2010

Print ISBN-13: 9780199580606

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199580606.001.0001

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China's Economic Growth: Trajectories and Evolving Institutions

China's Economic Growth: Trajectories and Evolving Institutions

Chapter:
(p.57) 4 China's Economic Growth: Trajectories and Evolving Institutions
Source:
Southern Engines of Global Growth
Author(s):

Jun Zhang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199580606.003.0004

This chapter investigates the institutional reason underlying the change in the trajectory of economic growth in post‐reform China and argues that the trajectory of growth was much more typical during 1978–89 than during the post‐1989 era. In the former period, growth was largely induced by institutional change in agriculture and the emergence of a non‐state industrial sector that generates equality. In the latter period, growth was triggered by the acceleration of capital investments under an authoritarian decentralized hierarchy within self‐contained regions. Such a growth trajectory accelerates the deepening of capital, deteriorating total factor productivity, and leads to rising regional imbalance. This chapter further argues that the change in the trajectory of growth is the outcome of changes in political and intergovernmental fiscal institutions following the 1989 political crisis.

Keywords:   economic growth, political institutions, China, capital investments, 1989 political crisis

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