Summary
Contents
Subject index
A new China was born in 1949. After thousands of years of feudalism, in six decades the economy has undergone a change from Mao (read socialist economy) to market (socialist market economy). Old China's New Economy: The Conquest of a Billion Paupers, presents a comprehensive analysis of the rise and growth of the Chinese economy since the beginning of the country's transition to a socialist market economy, highlighting the critical role of two major change agents – the government and the people. While the credit goes to the former for successful transition to a high growth economy, there is an equally important role played by the latter, the Chinese people, as displayed in their hard work, tenacity and struggle for a better standard of living.
The book analyses the key drivers of high growth, delves into the much debated and discussed issue of sustainability and the numerous challenges that high growth has thrown up for the people and the government. The book also argues that China is likely to see its high growth continuing for many years to come, as it has already secured a strategic position in the global economy.
Concluding Observations
Concluding Observations
China's high growth story has not come to an end. On the contrary, the momentum of growth has apparently received an additional boost in the objectives and visions for the Eleventh Plan. Having registered near 10 per cent growth during the period 1978–2005, the economy is now achieving an accelerated growth of about 10.5 per cent on an average quarterly basis. With more broad-basing of investments across the regions and economic sectors and rising per capita household consumption expenditure, the momentum of growth is likely to be sustained for long, well beyond the Eleventh Plan (2006–2010) period. There can be little doubt that China is destined to be Asia's largest economy very soon. It needs no projection to justify this. Instead, there ...
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