China's Post-Reform Economy - Achieving Harmony, Sustaining Growth Achieving Harmony, Sustaining Growth

China has enjoyed heroic growth rates in the last twenty five years of reform and transition, pulling more people out of poverty more quickly than at any other time in human history. Nonetheless these successes have had costs: today China is faced with increasing environmental difficulties and there is a dangerous level of inequality of income and wealth leading to large numbers of often violent disputes and demonstrations in the countryside. This book discusses the very latest issues relating to China's remarkable economic growth. It provides comprehensive coverage of these issues, including economic, political-economic, environmental and philosophical questions, presenting material in as non-technical a way as possible. The issues discussed reflect key concerns within China itself at present. These focus not just on how to sustain fast rates of economic growth but also on how to solve the problems resulting from it, problems including widening levels of income equality, new forms of environmental degradation to include water shortages, health issues, governance dilemmas and new problems for the banking, strategic industrial and agricultural sectors. This book not only encompasses the current socio-economic situation in China, accepting its strengths while highlighting dilemmas, but also provides suggestions for policy. As such, it reflects a growing recognition in China that the attainment of both continued strong economic growth and a greater degree of social harmony are mutually interdependent: that one will not be achieved without the other.

1 Introduction PART I China’s post-reform economy: achieving harmony 2 The origins of China’s quest for a harmonious society: failure on the governance and environmental fronts 3 Environment, health and sustainability in twenty-first-century China 4 Challenge, governance reform and disharmony in rural society 5 Exit of involution in rural China 6 Regional vulnerability, inequality and asset growth PART II China’s post-reform economy: sustaining growth 7 China’s banking reform 8 Ownership reform, foreign competition and efficiency of Chinese commercial banks 9 Local states and the building of a regulatory state 10 The dynamics of industrial clusters in China 11 Industrial catch-up during transition and globalization 12 The importance of ultra high speed railways for China in the twenty-first century 13 Managing the transition from administrative monopoly to regulated monopoly in China’s strategic sectors

Richard Sanders is Director of the China and Transitional Economies Research Centre at the University of Northampton, UK, and past president (2006–07) of the Chinese Economics Association (UK). His main research interest is the political economy of modern China, with particular reference to environmental protection, property rights and organic farming. Yang Chen is Senior Lecturer in Economics at Northampton Business School, UK, and is the Assistant Director of the China and Transitional Economy Research Centre. Her principal research interests are institutional change and evolutionary economics in transitional countries. Her most important publications examine the change of property rights and ownership in transitional China.