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Seoul Journal of Economics - Vol. 17 , No. 3
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Seoul Journal of Economics - Vol. 17, No. 3, pp. 335-381
Abbreviation: SJE
ISSN: 1225-0279 (Print)
Print publication date 31 Aug 2004
Received 04 Nov 2004 Revised 29 Nov 2004

Reform and Development in China: A New Institutional Economics Perspective
Justin Yifu Lin ; Yingyi Tsai
Director and Professor, China Center for Economic Research, Peking University, Beijing 100871, China, Tel: +86-10-6275-7375 (jlin @ccer.pku.edu.cn)
Assistant Professor, Department of Applied Economics, National University of Kaohsiung, Kaohsiung 801, Taiwan, Tel: +886-7-5919189 (yytsai@nuk.edu.tw)

JEL Classification: B25, O1, O5, P3, P4

Abstract

The success of China's approach to transition has produced many challenges to the conventional wisdom in economic theory. The transition in essence is a process of institutional changes from those of a planned economy to those of a market economy. In the paper we argue that the economic institutions of the planned economy are endogenously shaped by the adoption of a comparative advantage-defying (hereafter CAD strategy) heavy- industry-oriented development strategy in a capital scarce economy. It is, hence, suggested the completion of China's transition to a market economy, which requires the elimination of institutional distortions in the planned economy, depends on final resolution of viability issue of enterprises in CADs priority sectors.

Keywords: Comparative economic systems, New Institutional Economics, SOEs
Acknowledgments

We are most grateful to the participants at the 12th SJE-KERI-KIF International Symposium for helpful comments.

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