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Truths and Half Truths by Haitian Lu, Ferdinand Gul

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8

Enterprises, foreign trade, and the financial sector

Abstract:

This chapter reviews China’s economic reforms in the last three decades in the areas of state-owned enterprises, foreign trade and investment, and the financial sector (banking and stock markets). We show that beneath the healthy growth figures and winners in every sector of reform, there are massive hidden costs and ‘unfortunate’ victims. In other words, China’s transition from a centrally-planned to a market-based economy has had unintended consequences in the distribution of national wealth. We briefly discuss the primary reforms in each area and critically evaluate their achievements.

Key words

enterprise reform

foreign trade

foreign direct investment

financial sector reform ...

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