China’s 40 Years of Reform and Development: 1978–2018

China’s 40 Years of Reform and Development: 1978–2018

Edited by: Ross Garnaut, Ligang Song orcid, Cai Fang

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The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world’s most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China’s new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China’s fifth decade of reform and development.

A key feature of this book is its comprehensive coverage of the key issues involved in China’s economic reform and development. Included are discussions of China’s 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China’s global integration. This book further documents and analyses the development experiences including China’s large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.


ISBN (print):
ISBN (online):
Publication date:
Jul 2018
ANU Press
China Update Series
Business & Economics; Social Sciences: Politics & International Studies, Social Policy & Administration
East Asia: China

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China’s 40 Years of Reform and Development: 1978–2018 »

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  1. 40 years of China’s reform and development: How reform captured China’s demographic dividend (PDF, 0.5MB)Cai Fang, Ross Garnaut and Ligang Song doi

Part I: The Chinese economic transformation

  1. 40 years of Chinese economic reform and development and the challenge of 50 (PDF, 0.2MB)Ross Garnaut doi
  2. Reflections on 40 years of China’s reforms (PDF, 0.4MB)Bert Hofman doi
  3. GDP and the new concept of development: Understanding China’s changing concept of development in regards to GDP after the reform and opening-up (PDF, 0.1MB)Wei Liu doi
  4. The political economy causes of China’s economic success (PDF, 0.2MB)Yang Yao doi
  5. China’s economic transformation (PDF, 0.2MB) – Gregory C. Chow doi
  6. Reform and development strategy (PDF, 0.5MB)Justin Yifu Lin and Zhongkai Shen doi
  7. The complex task of evaluating China’s economic reforms (PDF, 0.2MB)Dwight H. Perkins doi
  8. Decentralisation, local innovation and competition among cities (PDF, 0.1MB)David Dollar doi

Part II: Macroeconomic development and structural adjustments

  1. China’s macroeconomics in the 40 years of reform (PDF, 0.2MB)Xiaolu Wang doi
  2. China’s economic rebalancing: Drivers, outlook and the role of reform (PDF, 0.3MB)Guonan Ma, Ivan Roberts and Gerard Kelly doi
  3. China’s price liberalisation and market reform: A historical perspective (PDF, 0.2MB)Zhang Jun doi
  4. How has the Chinese economy capitalised on the demographic dividend during the reform period? (PDF, 0.2MB)Cai Fang doi
  5. Marketisation in China from 1997 to 2014: Achievements and contribution to growth (PDF, 0.4MB)Fan Gang, Guangrong Ma and Xiaolu Wang doi
  6. An update on fiscal reform (PDF, 0.2MB)Christine Wong doi
  7. ‘Strong on quantity, weak on quality’: China’s financial reform between 1978 and 2018 (PDF, 0.3MB)Yiping Huang and Xun Wang doi
  8. The reform of China’s exchange rate regime (PDF, 0.3MB)Yongding Yu doi
  9. Private sector development (PDF, 0.2MB)Nicholas Lardy doi
  10. State-owned enterprise reform in China: Past, present and prospects (PDF, 0.5MB)Ligang Song doi
  11. State enterprise reform today (PDF, 0.2MB)Barry Naughton doi

Part III: The development experiences

  1. Rural-to-urban migration and migrants’ labour market performance, 2008–16 (PDF, 0.6MB)Bob Gregory and Xin Meng doi
  2. The structure of and changes to China’s land system (PDF, 0.3MB)Shouying Liu doi
  3. New urbanisation in China: A multidimensional perspective—Empirical analysis of 289 prefecture and higher-level cities (PDF, 1.2MB)Biliang Hu and Kunling Zhang doi
  4. China’s 40 years of agricultural development and reform (PDF, 0.2MB)Jikun Huang and Scott Rozelle doi

Part IV: Energy and climate change

  1. Energy price reform in China (PDF, 0.2MB)ZhongXiang Zhang doi
  2. The evolution and transformation of China’s climate change response strategy: From preventing ‘black swan’ events to reducing ‘grey rhino’ risks (PDF, 0.2MB)Jiahua Pan doi

Part V: Trade, investment and global integration

  1. China and the global trading system: Then and now (PDF, 0.3MB)Peter Drysdale and Samuel Hardwick doi
  2. China’s foreign trade: Reform, performance and contribution to economic growth (PDF, 0.7MB)Kunwang Li and Wei Jiang doi
  3. The liberalisation of FDI policies and the impacts of FDI on China’s economic development (PDF, 0.3MB)Chunlai Chen doi
  4. Outward direct investment: Restricted, relaxed and regulated stages of development (PDF, 0.4MB)Bijun Wang and Kailin Gao doi
  5. A US perspective on China’s external economic disputes in the past 40 years and in the coming 40 years (PDF, 0.2MB)Wing Thye Woo doi

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