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Economic Reform and Openness in China: China's Development Policies in the Last 30 Years

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  • Tisdell, Clement A.

Abstract

This article adopts the point of view that China’s development policies can only be appreciated if they are considered by applying perspectives from institutional economics. This requires attention to be given to the historical, political and cultural context in which its economic development has occurred. Therefore, this article gives attention to the political events leading up to China’s decision in 1978 to begin its economic reforms and the way in which Deng Xiaoping crafted its new development path. It also discusses the subsequent extension of Deng’s development policies by more recent leaders of the Chinese Communist Party. Indicators of China’s economic progress (including its increasing economic openness) since 1978 are given, and its emerging economic issues and concerns are highlighted. The concept of ‘market socialism with Chinese characteristics” is analysed and consideration is given to the economic challenges now facing China as a result of the global economic recession and the way it is responding to these challenges. In conclusion, the article touches on China’s economic and political future and its growing international status.

Suggested Citation

  • Tisdell, Clement A., 2009. "Economic Reform and Openness in China: China's Development Policies in the Last 30 Years," Economic Theory, Applications and Issues Working Papers 90624, University of Queensland, School of Economics.
    • Handle: RePEc:ags:uqseet:90624
    DOI: 10.22004/ag.econ.90624
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    1. Alauddin, Mohammad & Tisdell, Clement A., 2006. "Students' Evaluation of Teaching Effectiveness: What Surveys Tell and What They Do Not Tell," Economic Theory, Applications and Issues Working Papers 90546, University of Queensland, School of Economics.
    2. Svizzero, Serge & Tisdell, Clement A., 2001. "Concepts of Competition in Theory and Practice," Economic Theory, Applications and Issues Working Papers 90469, University of Queensland, School of Economics.
    3. Tisdell, Clement A., 2008. "Thirty Years of Economic Reform and Openness in China: Retrospect and Prospect," Economic Theory, Applications and Issues Working Papers 90620, University of Queensland, School of Economics.
    4. Clem Tisdell, 2009. "Cost–Benefit Analysis of Economic Globalization," Chapters, in: Robert J. Brent (ed.), Handbook of Research on Cost–Benefit Analysis, chapter 11, Edward Elgar Publishing.
    5. Tisdell, Clement A., 2001. "Sustainability: Can it be Achieved? Is Economics the Bottom Line?," Economic Theory, Applications and Issues Working Papers 90512, University of Queensland, School of Economics.
    6. Clem Tisdell, 2007. "Knowledge and the valuation of public goods and experiential commodities: information provision and acquisition," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(2/3), pages 170-182.
    7. Tisdell, Clement A., 2001. "The Political Economy of Globalisation: Processes involving the Role of Markets, Institutions and Governance," Economic Theory, Applications and Issues Working Papers 90507, University of Queensland, School of Economics.
    8. Bandara, Ranjith & Tisdell, Clement A., 2004. "Changing Abundance of Elephants and Willingness to Pay for their Conservation," Economic Theory, Applications and Issues Working Papers 90538, University of Queensland, School of Economics.
    9. Clement Allan Tisdell & Serge Svizzero, 2001. "Globalization, Social Welfare, Labor Markets and Fiscal Competition," Working Papers hal-02164344, HAL.
    10. Tisdell, Clement A., 2003. "Efficient Public Provision of Commodities: Transaction Costs, Bounded Rationality and Other Considerations," Economic Theory, Applications and Issues Working Papers 90529, University of Queensland, School of Economics.
    11. Tisdell, Clement A. & Alauddin, Mohammad, 2002. "Market-Oriented Reforms in Bangladesh and their Impact on Poverty?," Economic Theory, Applications and Issues Working Papers 90521, University of Queensland, School of Economics.
    12. Tisdell, Clement A., 2005. "An Overview and Assessment of The Economics of Leisure," Economic Theory, Applications and Issues Working Papers 90540, University of Queensland, School of Economics.
    13. Tisdell, Clement A., 2001. "Globalisation, the Environment and Sustainability: EKC, Neo-Malthusian Concerns and the WTO," Economic Theory, Applications and Issues Working Papers 90502, University of Queensland, School of Economics.
    14. Tisdell, Clem & Seidl, Irmi, 2004. "Niches and economic competition: implications for economic efficiency, growth and diversity," Structural Change and Economic Dynamics, Elsevier, vol. 15(2), pages 119-135, June.
    15. Tisdell, Clement A., 2008. "Trust and its Implications for Economic Activity, Welfare and Globalisation," Economic Theory, Applications and Issues Working Papers 90617, University of Queensland, School of Economics.
    16. Tisdell, Clement A. & Svizzero, Serge, 2003. "Globalization, Social Welfare and Labor Market Inequalities," Economic Theory, Applications and Issues Working Papers 90525, University of Queensland, School of Economics.
    17. Clem Tisdell, 2004. "Economic Competition and Evolution: Are There Lessons from Ecology?," Contemporary Economic Policy, Western Economic Association International, vol. 22(2), pages 179-193, April.
    18. Tisdell, Clement A., 2006. "Economic and Business Relations Between Australia and China: An Overview and an Assessment," Economic Theory, Applications and Issues Working Papers 90543, University of Queensland, School of Economics.
    19. Darrian Collins & Clem Tisdell, 2004. "Outbound Business Travel Depends on Business Returns: Australian Evidence," Australian Economic Papers, Wiley Blackwell, vol. 43(2), pages 192-207, June.
    20. Tisdell, Clement A., 2004. "Tourism Development as a Dimension of Globalisation: Experiences and Policies of China and Australia," Economic Theory, Applications and Issues Working Papers 90535, University of Queensland, School of Economics.
    21. Adam, Latif & Tisdell, Clement A., 2008. "Interfirm Networks in the Indonesian Garment Industry: Trust and Other Factors in their Formation and Duration and their Marketing Consequences," Economic Theory, Applications and Issues Working Papers 90616, University of Queensland, School of Economics.
    22. Gao, Zhicun & Tisdell, Clement A., 2004. "Television Production: Its Changing Global Location, the Product Cycle and China," Economic Theory, Applications and Issues Working Papers 90530, University of Queensland, School of Economics.
    23. Tisdell, Clement A., 2001. "Externalities, Thresholds and the Marketing of New Aquacultural Products: Theory and Examples," Economic Theory, Applications and Issues Working Papers 90468, University of Queensland, School of Economics.
    24. Serge Svizzero & Clem Tisdell, 2002. "Reconciling globalisation and technological change: Growing income inequalities and remedial policies," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 37(3), pages 162-171, May.
    25. Tisdell, Clement A., 2004. "An Overview of Globalisation and Economic Policy Responses," Economic Theory, Applications and Issues Working Papers 90537, University of Queensland, School of Economics.
    26. Tisdell, Clement A., 2002. "Economics and Tourism Development: Structural Features of Tourism and Economic Influences on its Vulnerability," Economic Theory, Applications and Issues Working Papers 90522, University of Queensland, School of Economics.
    27. Alauddin, Mohammad & Tisdell, Clement A., 2009. "Quantitative Impacts of Teaching Attributes on University TEVAL Scores and their Implications," Economic Theory, Applications and Issues Working Papers 90621, University of Queensland, School of Economics.
    28. Tisdell, Clement A., 2002. "The WTO, Labour and Environmental Standards: Globalisation with Reference to India," Economic Theory, Applications and Issues Working Papers 90518, University of Queensland, School of Economics.
    29. Tisdell, Clement A., 2007. "The Evolution and Classification of the Published Books of Clem Tisdell: A Brief Overview," Economic Theory, Applications and Issues Working Papers 90548, University of Queensland, School of Economics.
    30. Tisdell, Clement A., 2002. "Tourism as a Contributor to the Economic Diversification and Development of Small States: Its Strengths, Weaknesses and Potential for Brunei," Economic Theory, Applications and Issues Working Papers 90514, University of Queensland, School of Economics.
    31. Tisdell, Clement A., 2004. "Can Globalisation Result in Less Efficient and More Vulnerable Industries?," Economic Theory, Applications and Issues Working Papers 90536, University of Queensland, School of Economics.
    32. Tisdell, Clement A., 2004. "Economics of Business Learning: The Need for Broader Perspectives in Managerial Economics," Economic Theory, Applications and Issues Working Papers 90532, University of Queensland, School of Economics.
    33. Tisdell, Clement A., 2005. "Globalisation and the Economic Future of Small Isolated Nations Particularly in the Pacific," Economic Theory, Applications and Issues Working Papers 90541, University of Queensland, School of Economics.
    34. Tisdell, Clement A., 2008. "Economic Benefits and Drawbacks of Cities and their Growth," Economic Theory, Applications and Issues Working Papers 90615, University of Queensland, School of Economics.
    35. Tisdell, Clement A., 2006. "Economic Prospects for Small Island Economies, Particularly in the South Pacific, in a Globalising World," Economic Theory, Applications and Issues Working Papers 90547, University of Queensland, School of Economics.
    36. Tisdell, Clement A., 2008. "Structural Transformation in the Pig Sector in an Adjusting Vietnam Market: A Preliminary Investigation of Supply-side Changes," Economic Theory, Applications and Issues Working Papers 90619, University of Queensland, School of Economics.
    37. Tisdell, Clement A., 2005. "Economic Globalisation: The Process and its Potential, Social, Economic and Environmental Impacts," Economic Theory, Applications and Issues Working Papers 90539, University of Queensland, School of Economics.
    38. Tisdell, Clement A., 2005. "Business Partnerships in a Globalising World: Economic Considerations," Economic Theory, Applications and Issues Working Papers 90542, University of Queensland, School of Economics.
    39. Tisdell, Clement A., 2004. "Transaction Costs and Bounded Rationality - Implications for Public Administration and Economic Policy," Economic Theory, Applications and Issues Working Papers 90531, University of Queensland, School of Economics.
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    Cited by:

    1. Hilal ALPDOĞAN & Mustafa AKAL, 2020. "Financial Crises and Signal Indicators in BRIC-3 Countries," Sosyoekonomi Journal, Sosyoekonomi Society, issue 28(43).
    2. Fadun Solomon Olajide, 2014. "Cultural Awareness, a Form of Risk Management in International Business: Case Study of China," Business and Economic Research, Macrothink Institute, vol. 4(1), pages 266-288, June.
    3. Roberto Casarin & Komla Mawulom Agudze & Monica Billio & Eric Girardin, 2014. "Growth-cycle phases in China�s provinces: A panel Markov-switching approach," Working Papers 2014:19, Department of Economics, University of Venice "Ca' Foscari".
    4. Fei Wang & Yuan Zhang & Clem Tisdell & Hong Liu, 2021. "Progress in Reducing the Poverty of Ethnic Minority Groups in China," Social Economics, Policy and Development Working Papers 313747, University of Queensland, School of Economics.
    5. Davis Michael T., 2015. "“We Want What Everybody Else in an Advanced Society Seems to Have”: Why Chinese Democracy Is Inevitable," New Global Studies, De Gruyter, vol. 9(1), pages 57-71, April.
    6. Wei-hsin Yu & Chi-Tsun Chiu, 2016. "Growing Pains: Changes in Psychological Well-Being in Urban China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 129(3), pages 1349-1382, December.
    7. Clem Tisdell, 2013. "Agriculture, structural change and socially responsible development in China and Vietnam," Chapters, in: Moazzem Hossain & Tapan Sarker & Malcolm McIntosh (ed.), The Asian Century, Sustainable Growth and Climate Change, chapter 1, pages 11-25, Edward Elgar Publishing.
    8. Tisdell, Clement A., 2020. "Economic, social and political issues raised by the COVID-19 pandemic," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 17-28.
    9. Jhony Choon Yeong Ng & Christina Maria Helminger & Qianyun Wu, 2016. "A Generational Cohort Model for Consumers in China: The Rise and Fall of the Great GATSBY?," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 7(1), pages 53-66, January.
    10. Gülçin BEKEN, 2015. "Anadolu International Conference in Economics (Econanadolu 2015)," Turkish Economic Review, KSP Journals, vol. 2(2), pages 139-140, June.
    11. Kefei You & Nicholas Sarantis, 2013. "Structural breaks, rural transformation and total factor productivity growth in China," Journal of Productivity Analysis, Springer, vol. 39(3), pages 231-242, June.
    12. Deng, Kent & Shen, Jim Huangnan & Guo, Jingyuan, 2022. "Performance and mechanisms of the Maoist economy: a holistic approach, 1950-1980," Economic History Working Papers 116401, London School of Economics and Political Science, Department of Economic History.
    13. Tisdell, Clement A., 2020. "The Fiftieth year of Economic Analysis and Policy: How, why, and to what extent has it changed?," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 1-9.
    14. Liu, Hong & Gao, Yuhang & Tisdell, Clement A. & Wang, Fei, 2020. "Are housing property rights important for fertility outcomes in China? Empirical evidence and policy issues," Economic Analysis and Policy, Elsevier, vol. 65(C), pages 211-223.

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    More about this item

    Keywords

    International Development; Political Economy;

    JEL classification:

    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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