Inflation And Growth In China: Proceedings Of A Conference Held In Beijing, China May 10-12, 1995
This report brings together the proceedings of a conference on inflation & growth in China. The discussions benefited from the participation of senior central bank officials, academics, & IMF staff. Against the background of experiences from other countries, China's reform program was examined in detail, & the papers in this volume allow readers to draw inferences about the existence & sustainability of a trade-off between inflation & growth. The papers fall into three general categories: international experiences; sustainable growth & structural reform; & monetary & exchange rate policies.
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adjustment agricultural production allocation areas Asian average balance banking system Beijing budget deficits central bank Chinese commodities comparative advantage consumption decentralization decline demand domestic Eastern Europe economic development economic growth effects efficiency exchange rate expansion expected inflation exports farm farmers fiscal flation foreign exchange funds grain growth and inflation growth rate heavy industry important incentives income increase Inflation and Growth inflation rate inflation tax inflationary interest rate International investment Japan labor liberalization loans macroeconomic ment million monetary policy money supply nomic nominal percent period potential output pressure problem profits Province of China rapid renminbi result rural enterprises share social overhead capital SOEs state-owned Statistical Bureau strategy structure subsidies sustainable Table Taiwan Province terprises tion total factor productivity township and village transition TVEs U.S. dollars urban variables village enterprises wage workers World Bank
Strana 246 - SOEs obtained 60 percent of their inputs and sold 60 percent of their outputs at market prices (Zou 1992). The second major change in the macro environment occurred in the foreign exchange rate policy. In the years 1979-80, the official exchange rate was roughly 1.5 yuan per US dollar. The rate could...
Strana 237 - The core of this strategy involved the mass mobilization of rural labor to work on labor-intensive investment projects, such as irrigation, flood control, and land reclamation, and to raise unit yields in agriculture through traditional methods and inputs, such as closer planting, more careful weeding, and the use of more organic fertilizer.
Strana 235 - To implement the policy of low wages, the government was required to provide urban dwellers with inexpensive food and other necessities, including housing, medical care, and clothing. A strict food rationing system was instituted in 1953 and is still in effect.
Strana 243 - The household responsibility system as a nationally acceptable farming institution was eventually given full official recognition in late 1981, exactly two years after the initial price increases. By that time, 45 percent of the collectives in China had already dismantled and instituted the household responsibility system. By the end of 1983, 98 percent of agricultural collectives in China had adopted this new system. When the household responsibility system first appeared, the land lease was only...
Strana 237 - The above distorted macro-policy environment, planned allocation system, and micromanagement institutions made the maximum mobilization of resources for the development of heavy industry possible in a capital-scarce economy. Since most private initiative in economic activities was prohibited, the pattern of the government's investment was the best indicator of the bias in the official development strategy. Table...
Strana 237 - In addition to providing cheap food for industrialization, agriculture was also the main foreign-exchange earner. In the 1950s, agricultural products alone made up over 40 percent of all exports. If processed agricultural products are also counted, agriculture contributed to more than 60 percent of China's foreign-exchange earnings up to the 1970s.
Strana 232 - At the founding of the People's Republic in 1949, the Chinese government inherited a war-torn agrarian economy in which 89.4 percent of the population resided in rural areas and industry consisted of only 12.6 percent of the national income.
Strana 247 - ... yuan per US dollar. The rate could not cover the costs of exports, as the average cost of earning one dollar was around 2.5 yuan. A dual rate system was adopted at the beginning of 1981. Commodity trade was settled at the internal rate of 2.8 yuan per dollar; the official rate of 1.53 yuan per dollar continued to apply to noncommodity transactions. After 1985, the yuan was gradually devalued. Moreover, the proportion of retained foreign exchange, which was introduced in 1979, was gradually raised,...
Strana 256 - Lippit, Victor D. 1974. Land Reform and Economic Development in China: A Study of Institutional Change and Development Finance. White Plains, NY: International Arts and Sciences Press.
Strana 234 - ... This development strategy was shaped through a series of fiveyear plans.3 Heavy industry is a capital-intensive sector. The construction of a heavy-industry project has three characteristics: (1) it requires a long gestation; (2) most equipment for a project, at least in the initial stage, needs to be imported from more advanced economies; and (3) each project requires a lump-sum investment. When the Chinese government initiated this strategy in the early 1950s, the Chinese economy had three...