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The last decade of this century has witnessed the transition of the formerly centrally planned economies of Europe and Asia to market economies, a process affecting some 1.7 billion people in 28 countries. While much agreement exists on the sorts of reform measures required, disagreement exists over their sequencing. The economic and social performance of these transition economies has varied considerably and for a variety of reasons, however China’s performance, in particular, has been outstanding. The paper reviews the reform measures required for economic transition, and alternative sequencing approaches to these reforms. It conducts an overview of the performance of the transition economies, with focus placed upon the experience of the Chinese economy. An analysis of China’s approach to economic reform, its key components, major outcomes and outstanding issues are discussed. Key lessons to be derived for other transition economies from China’s experience are also presented.

There is little doubt that in terms of speed and scale, China's economic transformation is without parallel in the past. Never has the world seen a major economic power emerge in such a short time span and attain such a weight in the total world economy. Intriguingly, few social scientific analyses have explicitly interpreted the massive socio-economic changes taking place within China as associated with the emergence of a capitalist political economy.

To examine China's reforms and successes could have been replicated to other transition economies.

The applicability of the Chinese process as an alternative for transition economies involves an analysis of the necessary reforms regarding price liberalisation‐stabilisation; privatisation; institutions; monetary policy and the financial system; fiscal policy; international trade and foreign aid and social policy.

The transition process in China has maintained political‐ideological authoritarianism and state control of the whole economy. Therefore, it was not the “special initial conditions” of China that made the model inappropriate but, rather, the switch to a democratic political‐ideological‐economic structure in transition economies.

The paper contributes to the transition literature by demonstrating that the strategy was only rendered workable in China, as the governments of transition economies neither had the mandate nor wanted to reimpose tight state direction of the politics, ideology and economy.

This study aims to introduce an important temporal dimension to the research on institution and entrepreneurship in the transition period. This study develops the concept of pre-reform institutional embeddedness, and explores its impact on entrepreneurial reinvestment of private firms in China’s transition economy.

The authors used secondary data of a nationally representative sample of China’s private firms collected in the early days of the institutional transition period and applied ordinary least squares regressions and the Baron and Kenny approach to test the theoretical model.

Pre-reform institutional embeddedness has a negative impact on entrepreneurial reinvestment of private firms in the transition period. This relationship is mediated by guanxi-induced employment, such that pre-reform institutional embeddedness promotes guanxi-induced employment, which in turn discourages a private firm to reinvest. Additionally, the negative impact of guanxi-induced employment on entrepreneurial reinvestment is reduced when decentralization of decision-making is used.

First, entrepreneurs should be aware of pre-reform institutional embeddedness’ negative influence on firms’ risk-taking abilities and incentives. Private firms already constrained by this connection could alleviate the negative impacts through a widespread delegation of decision-making authority. Second, policymakers should be cautious about improper government-business relationships, which may discourage private firms from fully pursuing entrepreneurial growth opportunities.

This paper makes theoretical contributions to the literature on entrepreneurial reinvestment, embeddedness perspective of entrepreneurship and imprinting theory.

The relationship between government and market is the key to the economic development performance of market economy countries. Due to the limits such as the state/market dichotomy, the focus on static allocation efficiency and the ignorance of the diversity of the market economy and the relationship between government and market, economic liberalism and state interventionism can hardly position and explain the role and evolution of government and market in the real world accurately.

China’s economic transition has always adhered to the reform direction of the socialist market economy and the development goal of a modern socialist country as well as the symbiosis and positive and progressive evolution of government and market, blazing a “third way” in handling the relationship between government and market.

The “China’s experience” shows that the key for emerging market economies to achieve good economic development performance lies in whether they can build a new relationship of the mutual integration between and common prosperity of government and market regarding target selection, production organisation, technological innovation, institutional change and regulatory adjustment.

The second part of this paper analyses the inherent defects of economic liberalism and state interventionism as well as the reasons why they can hardly be adopted as the theoretical guidance for emerging market economies to handle the relationship between government and market. The third part analyses how China has transcended the inherent thinking of liberalism and interventionism and shaped the new relationship between government and market through goal-oriented, active and progressive, two-way interactive exploration and practice to ensure the success of China's economic transition.

The purpose of this paper is to review the evolution of policies and practices of innovation in China for the past 40 years.

This is a review paper. It adopts a different multi-dimensional, qualitative methodology to examine China’s trajectory of innovation from the economic reform since 1978, highlighting “China” experiences in the developing innovation-driven economy, also pointing the challenges that China faces in this transition process and future prospects. The analysis of China’s innovation performance was based mostly on secondary data from sources and institutions that use statistical data to build country rankings, such as the global innovation index and global competitiveness index.

It is found that the institutional foundations of the national innovation system in China are already being laid, and so far, China has made extraordinary progress regarding innovation performance from country to region and from business to individual. However, some critical challenges in its innovation-driven development still need urgent attention and effective efforts to reinforce them.

This paper aims to fill the gap in the literature by providing an overview of the evolution of the policies and practices of innovation development in China since the 1978 economic reforms and explores the Chinese experiences in transforming into an innovation-driven economy.

The literature on corporate governance has experienced an explosive growth in the past decade and presented some new trends. One purpose of this paper is to make an exploratory survey of this. Since China is a typically emerging and transition economy, another purpose of this paper is to review some domestic studies with an intention to discover the evolution logic of corporate governance practices in China under a complicated and exclusive context, the third purpose is to provide future research directions.

This paper surveys recent literature in the field of corporate governance, intending to find out the development trends and extract the main line of literature on and practices of Chinese corporate governance.

In this paper, we find that recent literature on corporate governance provides some new insights into subtle characteristics of governance, governance effects of relational network, political connections, corporate governance evaluation and financial institutions governance. During the past decade, the literature on Chinese corporate governance has referred to some new areas during the transition process from administrative governance to economic governance. In addition to the above, we attempt to put forward an analytical framework and the proposition that Chinese corporate governance is in the transition process from administrative governance to economic governance.

The authors propose some research topics where future studies on corporate governance may prove valuable, especially putting forward an analytical framework which can be used for discussing and analyzing corporate governance in China.

This paper reviews some new trends of literature on corporate governance and makes a contribution to corporate governance studies by providing fruitful directions, extracting the main line and analytical framework for China's mode during the transition process from administrative governance to economic governance.

World Trade Organization (WTO) accession marked a new beginning for China's economic, legal and institutional reforms and rapid integration with the rest of the world. The purpose of this paper is to review China's post‐WTO transition experience, synthesize and update studies on China's pattern of trade and structural transformation, and provide both positive and negative lessons for other developing countries.

The paper has broadly reviewed the latest policy changes after China's WTO accession, and literatures on China's trade and economic development issues in order to understand the Chinese success and its speciality, and draw some useful lessons for both China's decision‐makers and other developing countries.

There are two main findings: first, market liberalization alone is not sufficient, and economic system reform and the liberalization are closely related and complement and promote each other. Second, experimentations via special economic zones (SEZs) and opening to foreign direct investment (FDI), which facilitated and supported cluster development and learning‐by‐doing, are needed for industrial upgrading and export competitiveness.

The paper demonstrates the wisdom of China's simultaneous pursuit of domestic economic system reform, and opening to the international market. However, China has also paid a high social and environmental cost for its rapid growth. It is important for developing countries to have an exclusive, balanced and sustainable strategy in the future development.

This purpose of this paper is to explore China’s choice to focus early Belt and Road Initiative (BRI) Africa outreach on Eastern Africa. The BRI specifically seeks to achieve ten economic and policy objectives, as outlined in the two launch speeches of 2013. In terms of realising these, the economic development and digitisation levels, that progress of the demographic transition, and the important security context of the sub-region, logically make East Africa relatively important to BRI in continental context. Kenya specifically is important in being an African frontier therein, and, also, because it shares a few important borders with landlocked countries, including Ethiopia, Sudan and Uganda, alongside a strategic coast and ports. From this lens, as well the fact that in the Ming Dynasty Chinese fleets reached what is modern-day Kenya, China’s early BRI outreach to Africa having had a historical precedent in initially focusing on Eastern Africa, might be usefully understood.

To realise that aim a comprehensive survey of related literature and policy documents, in Chinese, English and Swahili, was undertaken and relevant data compiled and analysed.

To the best of the authors’ knowledge, first, this paper is the first to argue that the Belt and Road Initiative in Africa may build on abstract long-run logic in terms of economics, demographic change and security. This provides a contrary perspective to the pre-existing established “debt trap diplomacy” and no consistent logic narratives. Second, it is the first to offer a synthesised analysis of the BRI in Africa, East Africa specifically, looking across economic, demographic and security angles.

The paper is a synthesis of development and regional economics literature that forges some prospective rationales only. It is not an empirical research paper drawing very specific and definitive conclusions.

Amid widespread geo-economic tensions and uncertainty, around the Belt and Road Initiative in particular, this paper offers a new economic development-oriented logic for the choice of an important node of the China's Belt and Road Initiative, that of East Africa, Kenya especially. This may impact existing related narratives and policy responses.

Equivalently to the above this may then have an impact on the ground in East Africa and beyond.

The first such or even close to synthesis.

One of the leading themes emerging out of recent management and organization research on China is the work on the micro–macro link – specifically, the connection between micro, interpersonal connections, ties, and networks on the one hand, and macro, interorganizational relationships, firm strategies, and performance on the other hand. This chapter provides an overview of the literature on the micro–macro link during China's institutional transitions. Based on a systematic search of the literature, we review 22 papers in nine leading journals that have empirically investigated the micro–macro link, with a focus on the antecedents, contingencies, and outcomes of managerial ties and interlocking directorates. We also propose how the network structure of managerial ties will evolve from cohesion to structural holes in different phases of China's institutional transitions. We conclude with a brief overview of the influence of China studies on research in other contexts and with a call for future research deepening our understanding of the crucial micro–macro link during institutional transitions.