Advertisement

Final Conclusions

  • Yazhuo Zheng
  • Kent Deng
Chapter
Part of the Palgrave Studies in Economic History book series (PEHS)

Abstract

In this chapter, we attempt to define ‘state failure’ and make some concluding remarks. In our opinion, the term ‘state failure’ here means that despite the range of state efforts to generate more GDP via urbanisation, both China’s market sector and macroeconomic structure have been severely distorted. As a result, the economy is facing a major crisis stemming from its unprecedented and self-inflicted financial difficulties. China’s recent miracle growth has not been value-free or crisis-exemptible. Instead, the growth has been a result of a wide range of distortions regarding resource allocation, macroeconomic structure , production capacity and income distribution.

Keywords

Post-Mao communist leadership Maoist recession Deregulation Vested interest group Export market Distortion Proletarian Investment-intensive growth Overinvestment Overproduction Legitimacy Corruption 

Bibliography

  1. Akerlof, George, et al., eds. 2014. What Have We Learned? Macroeconomic Policy After the Crisis. Cambridge, MA: The MIT Press.Google Scholar
  2. Anon. Zhongguo Zhizaoye Qiye Pingjun Shuihou Lirunlv 3.3% (The Average After-Tax Profit Margin of China Manufacturing Enterprises Is 3.3 Percent), vide: http://finance.ifeng.com/a/20170621/15471225_0.shtml. Available on 21 June 2017.
  3. Anon. Zhongguo Zhizaoye Diaocha: Minqi Lirunlv Yuanyuan Gaoyu Guoqi He Waiqi (The Profit Margin of Private Companies Is Much Higher than SOEs and Foreign Companies), vide: http://finance.ifeng.com/a/20170621/15474060_0.shtml. Available on 21 June 2017.
  4. Anon. Nianzhong Baodao: Zhonggong Jixu Fanfu, Tanguan Qianpuhouji (Annual Report: CCP Continues to Fight Corruption, While Corruption Continues), vide: https://www.voachinese.com/a/yearender-china.../4174090.htm. Available on 22 December 2017.
  5. Han, Ruibo, and Linna Wang. 2013. Challenges and Opportunities Facing China’s Urban Development in the New Era. China Perspectives 2: 15–27.Google Scholar
  6. Hu, Angang. 2002. Judade Fubai Heidong (Huge Black-Hole of Corruption). Jingji Yaocan (Economic References) 45: 2–8.Google Scholar
  7. Qian, Yingyi. 2000. The Process of China’s Market Transition (1978–98): The Evolutionary, Historical, and Comparative Perspectives. Journal of Institutional and Theoretical Economics 156 (1): 151–171.Google Scholar
  8. Huang Shudong. Zhongguode Gongzi Zong’e Zai GDPzhongde Zhanbi (China’s Wage Bill as a Share of China’s Total GDP), vide: http://news.163.com/11/1213/09/7L56FFPF00014AEE.html. Available on 13 December 2011.
  9. Wang, Dingding. Zhongguo Meinian Tanfu Jin’e Xiaxian Sanwanyi (Annual Minimum of Three Trillion Yuan Worth of Corruption in China), vide: http://roll.sohu.com/20110714/n313415650.shtml. Available on 14 July 2011.
  10. World Bank. 2005. China: Land Policy Reform for Sustainable Economic and Social Development. Washington, DC: The World Bank.Google Scholar
  11. Wu, W. 2010. Urban Infrastructure Financing and Economic Performance in China. Urban Geography 31: 648–667.CrossRefGoogle Scholar
  12. Wu, Ge, and Li Gao. Tuoxuxiangshi Weihe Name Nan (Why Is a Manufacturing Renaissance So Hard), vide: http://finance.sina.com.cn/zl/bank/2017-03-22/zl-ifycnpiu9419179.shtml. Available on 22 March 2017.
  13. Xin, Haiguang. Corruption in China: How Public Officials Took $120 Billion and Fled Overseas, vide: https://www.huffingtonpost.com/2011/06/24/china-corruption. Available on 24 August 2011.
  14. Xu, Xiao, and Sihui Zheng. 2014. Lun Woguo Guoyou Qiye Fazhan Gaige (Development and Reform in China’s SOEs). Xiandai Shangmao Gongye (Modern Trade and Industry) 26 (09): 15–16.Google Scholar
  15. Yang, Xingkun. Zhongguo Shengbuji Guanyuan Fubaide Xianzhuang, Qushi Yu Zhili, 1986–2014 (The Current Situation, Trend and Management of Corruption of Ministry Officials in China). chinareform.org.cn, vide: http://www.chinareform.org.cn/gov/governance/Report/201409/t20140910_206398.htm. Available on 10 September 2014.
  16. Zhu, K., et al. 2006. The Rural Land Question in China: Analysis and Recommendations Based on a 17-Province Survey. New York University Journal of International Law & Politics 38: 761–839.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Yazhuo Zheng
    • 1
  • Kent Deng
    • 2
  1. 1.Beijing Enlightenment Institute for Economic and Social ResearchBeijingChina
  2. 2.London School of EconomicsLondonUK

Personalised recommendations