Abstract
The evolution of China’s macro management system is observed with a process of mutual influence and mutual learning with the west. At the beginning of the reform, macro-control was introduced from the west, when China was still “a primary school pupil” with the main task to learn. Within a relatively long period of time, the Chinese government was worried for failing to master the macro-control policy. Actually, the fundamental reason rested in different “soil” of China and the west. However, since the international financial crisis in 2008, this situation has changed. The west started to consider learning macro-control from China. It is associated with the impact of the crisis on the western mainstream economics and macro policy idea as well as surely with the characteristics and strong points of China’s macro-control.
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Notes
- 1.
In 1995, the Fifth Plenary Session of the 14th National Congress of the CPC expounded systematically the relation between reform, development and stability for the first time, which was considered as the first relation should be properly dealt with among “relations to be correctly dealt with in the construction of socialist modernization”.
- 2.
“4-F”: real estate fever, development zone fever, capital raising fever and stock fever; “4-H”: high investment inflation, high industrial growth, high currency issue and credit availability, and high inflation of prices; “4-T”: tight communications and transport, tight energy, tight important raw materials and tight capital; “1-C”: chaotic economic order, especially chaotic financial order (Liu Guoguang and Liu Shucheng 1997).
- 3.
Report on the Work of the Government (2000).
- 4.
It refers to the year of 1997, noted by the author.
- 5.
Cited from “Issues on Current Economic Situation”, recorded in Memoir of Zhu Rongji’s Talk, vol. 3, 20 Oct 1998.
- 6.
The Report on the Work of the Government (2000): “deepen the financial reform, rectify the financial order, intensify the financial supervision and rule of law, prevent and defuse the financial risk, strive to increase the operation benefits and create excellent conditions for giving further play to the role of monetary policy.”
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Zhang, X., Chang, X. (2016). Reform of Macro Management System. In: The Logic of Economic Reform in China. China Insights. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-47404-4_5
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DOI: https://doi.org/10.1007/978-3-662-47404-4_5
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