China's Unfinished Economic Revolution
By (author) Nicholas R. Lardy
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China's Unfinished Economic Revolution by Nicholas R. Lardy
Book DescriptionChina's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of China's largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even less attractive --permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy.
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Book DetailsISBN: 9780815751335
(229mm x 152mm x 21mm)
Imprint: Brookings Institution
Publisher: Brookings Institution
Publish Date: 1-Jul-1998
Country of Publication: United States
Books By Author Nicholas R. Lardy
China's Rise, Paperback (October 2009)
The global economic crisis has made clear China's role on the world stage. This book explains actions both China and the US can take that can not only maximize the opportunities for China's constructive integration into the international community, but also help form a domestic consensus that provides a stable foundation for such policies.
Future of China's Exchange Rate Policy, Paperback (July 2009)
Presents specific proposals for how China's exchange rate and capital account policies might be modified over the medium term. This book contrasts the features of a "stay the course" policy with those of a bolder "three stage" approach that seeks to reduce more rapidly the current undervaluation of the renminbi.
Agriculture in China's Modern Economic Development, Paperback (August 2008)» View all books by Nicholas R. Lardy
Explores the relationship between the Chinese peasantry and the state-led economic system established by the Party after 1949.
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Author Biography - Nicholas R. Lardy
Nicholas R. Lardy is a senior fellow at the Institute for International Economics and a former senior fellow in the Foreign Policy Studies program at the Brookings Institution, Washington, D.C., USA. His previous books include China in the World Economy (Institute for International Economics, 1994) and Foreign Trade and Economic Reform in China, 1978-1990 (Cambridge, 1992).
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