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1 – 10 of over 41000Although the Chinese economy has experienced a strong and rapid growth due to the success of its economic reform, the Chinese central government faces a stern fiscal decline. The…
Abstract
Although the Chinese economy has experienced a strong and rapid growth due to the success of its economic reform, the Chinese central government faces a stern fiscal decline. The fiscal problem has undermined the ability of the central government in completing many crucial governing tasks. By examining the institutional root of the fiscal problem, this paper argues that the fiscal decline is part of the ironic corollary of the decentralization strategy of China’s economic reform which produces a “weak center, strong local” outcome. To fully address the problem, China should undertake major institutional reforms to redefine as well as institutionalize the fiscal roles of different levels of government.
Examines critically the promises and dilemmas of capitalisttransition and economic transformation in the context of apost‐communist society such as Russia. Discusses the strategies…
Abstract
Examines critically the promises and dilemmas of capitalist transition and economic transformation in the context of a post‐communist society such as Russia. Discusses the strategies for economic reform, the direction of change and the pace and magnitude of reforms.
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Longyue Zhao and Yan Wang
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…
Abstract
Purpose
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.
Design/methodology/approach
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.
Findings
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.
Originality/value
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.
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Kevin Z. Chen, Claire Hsu and Shenggen Fan
This paper aims to draw lessons from China's development experiences, particularly in the areas of agricultural and rural development, to increase growth and reduce poverty in…
Abstract
Purpose
This paper aims to draw lessons from China's development experiences, particularly in the areas of agricultural and rural development, to increase growth and reduce poverty in Africa South of the Sahara. It also examines China's rising economic involvement in Africa and makes recommendations for how the win-win outcomes from this engagement can be strengthened.
Design/methodology/approach
In this paper, the authors compare the trends in economic and agricultural growth, as well as poverty and hunger reduction, in China and Africa South of the Sahara. The authors then examine strategies for development – in particular agricultural and rural development – and poverty reduction. Next, the authors review China's economic engagement in Africa in the areas of trade, investment, aid, and technical cooperation.
Findings
Having conducted a comparative review of China and Africa's distinct development paths and current policy contexts, the authors discuss China's development lessons for Africa South of the Sahara and policy recommendations for China-Africa engagement related to agricultural and rural development, openness and liberalization, evidence-based policymaking, pro-poor policies, institutions and capacity, rising inequality, and environmental degradation.
Originality/value
This paper rigorously integrates China's positive and negative development lessons for Africa in light of the most recent research on emerging domestic and international development strategies.
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Kathryn Bewley, Cameron Graham and Songlan Peng
The purpose of this paper is to examine China’s stop-start adoption of fair value accounting (FVA) into its national accounting standards. The paper analyzes how FVA standards…
Abstract
Purpose
The purpose of this paper is to examine China’s stop-start adoption of fair value accounting (FVA) into its national accounting standards. The paper analyzes how FVA standards promoted by transnational organizations were eventually adopted in China despite its conservative accounting traditions.
Design/methodology/approach
The study uses archival records and an analytic framework adapted from the studies of social movements to identify the institutional factors that differ between China’ first unsuccessful attempt to adopt FVA and its second successful attempt.
Findings
Shared interests of elite national and international groups, creation of social infrastructure, marshaling of key resources, and specific actions to frame FVA standards are found to be crucial factors supporting FVA reform in China.
Practical implications
The study helps advance our understanding of dissemination of international accounting regulations in non-Western societies. The findings can help accounting standard setters to avoid costly failures.
Originality/value
The study provides a structured analysis of the propagation of global accounting regulations. It exposes the factors in the failure and success of FVA adoption in China.
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Examines the sequencing of economic reforms in the post‐communisttransition, focusing on Russia. Proposes a moderately expansionarystabilization, succeeded by gradual…
Abstract
Examines the sequencing of economic reforms in the post‐communist transition, focusing on Russia. Proposes a moderately expansionary stabilization, succeeded by gradual liberalization and marketization, followed by a more ambitious economic restructuring and privatization.
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The purpose of this paper is to review the process of rural labor reallocation and unfolds its growth effect through sufficiently supplying human resources, preventing diminishing…
Abstract
Purpose
The purpose of this paper is to review the process of rural labor reallocation and unfolds its growth effect through sufficiently supplying human resources, preventing diminishing return to capital, and increasing labor productivity.
Design/methodology/approach
The author surveys literature and statistics related to the subject to comprehensively picture the 40-year course of the shift and reallocation of agricultural surplus labor.
Findings
In the past 40 years, reforms in relevant areas have eliminated institutional barriers deterring labor mobility and allowed agricultural laborers to exit from low-productivity farming employment, migrate beyond rural-urban boundary and across regions, sectors, and ownerships, and enter higher productivity employment in non-agricultural sectors. As a result, resources allocative efficiency has been substantially improved, contributing a significant part to labor productivity growth and thus economic growth of the Chinese economy as a whole.
Social implications
To sustain this source of economic growth as far as China completes its transition from upper-middle income status to high-income status, deepening reforms is urgently needed. The author provides policy suggestions for further reform.
Originality/value
This paper enhances people’s understanding of the Chinese economic reform and its nature of efficiency and inclusion.
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Why are state business relations in Egypt characterized by widely acknowledged high levels of cronyism? The purpose of this paper is to investigate the institutional factors…
Abstract
Purpose
Why are state business relations in Egypt characterized by widely acknowledged high levels of cronyism? The purpose of this paper is to investigate the institutional factors explaining this research question with a focus on pre-2011 Egypt.
Design/methodology/approach
Based on a general theoretical discussion, certain institutions were proposed as being responsible. A game theoretical model is then introduced. It explains why cronyism was the best strategy for various business players in contrast to aggregating and lobbying their efforts to obtain government available resources, whether these resources are energy subsidies, public banks’ credit or regulations. Then pre-2011 Egypt is discussed as a case study. This discussion is enriched by the available literature and empirical data.
Findings
Choosing cronyism was attributed to the presence of a weak and dependent private sector, where businesspeople are unable to aggregate their power; a relatively stronger government; poor governance performance; higher levels of regime legitimization practices, such as providing generous consumer subsidies; and economic growth caused by an increase in resources rather than by governance institutional improvement. A discussion of the available literature and empirical data on pre-2011 Egypt, going over the various proposed institutional factors, helped to support these arguments.
Research limitations/implications
Further empirical evidence is needed to support and modify the suggestions of this paper. More detailed indicators would have further helped this research. Moreover, more case studies, other than the case of pre-2011 Egypt, are also needed. It is hoped that this paper would encourage further research endeavors that would cover these limitations.
Practical implications
Governance institutional reform is needed to minimize cronyism, especially institutions such as voice and accountability, rule of law, regulatory quality and control of corruption.
Social implications
This paper can explain why high levels of cronyism are witnessed in many countries of the world, including the countries of the Middle East and North Africa (MENA). The region shares many institutional factors with Egypt. Governments in the MENA region have various sources of power with regard to their dependent private sectors added to the general poor performance in various governance indicators in the region.
Originality/value
The deep analysis conducted in this paper for the causes of Cronyism in Egypt has not been done elsewhere. This is also true for the whole MENA region. The introduced theoretical model is the first trial of this sort and should be important for future works on this topic in the MENA region and developing countries.
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China′s market‐oriented reforms have brought about fundamentalchanges not just to its economy, but also to urban governance. Thereforms have significantly changed urban…
Abstract
China′s market‐oriented reforms have brought about fundamental changes not just to its economy, but also to urban governance. The reforms have significantly changed urban development from its previous pattern which was largely determined by decision makers within the central government. Reform measures have transformed the role, functions and processes of urban government and have made them a force to be reckoned with in the whole reform endeavour. Examines and analyses issues of administrative reform at the urban government level in ten years of economic reform since 1979. Looks at three aspects of the problem – the trend towards financial decentralization; institutional changes in local administration; and changes in the relationship between urban government and the local economy. Argues that there is an unfinished agenda of administrative reform that needs to be faced by the authorities concerned if the mighty endeavour of economic reform is to succeed.
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