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Market transition process: an overview - Book Report/Review Example

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China has built on the components of its economy on successive waves of economic reforms that have marginally transformed all the aspects of economic growth and activities in the country. China has remarkably come toward a market economy and has changed the faces of the…
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Market transition process: an overview
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Market transition process: an overview

Download file to see previous pages... As argued by Qian (p.151-8), even though the transitional process of the Chinese economy is still incomplete, but some marginal level of market transition can be felt not only in China alone, but also in the world market.
A critical analysis of the Chinese market transitional agenda shows that first the economic transition of China was based on a different approach that the policy makers adopted from the world. As stated by Nanghton (2007), the Chinese transition started by a system transformation, which was then preceded by an economic development. It was perceived, as reported by Qian (p. 156) that the process of economic development in China, after a period of underdevelopment, would drive market transition in the rightfully wanted direction and thus guarantee the success of the market transition. As far as this dimensional growth was concerned, the individual reform policies were not, thus, judged on how they contribute overall to the economic growth, but it was anticipated that the market transition would be completed by the time the economy would attain the middle-income status.
As a striking difference from other social states then like Russia, China adopted a functioning economy instead of a command economy because the Chinese reformers realized many unmet needs in the economy. Some of these realized needs were due to the poverty and the under-developed status of the country, while others were due to the wasteful command economy that generated national resources on expensive industrial projects while neglecting simple and satisfied demands of consumers (Nanghton, 2007). The first reform agenda was thus to allow for the unmet needs in the economy to be met through individuals organizations and industries, a process that opened up a free market economy in China in 1978. Started from the rural reforms, pressure was reduced from the rural farmers and more gains were realized in the agricultural sector. A major boost of the agricultural sector ...Download file to see next pagesRead More
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