本文主要略论的是中国的结构改革与经济增长范文。文章主要试图找出改革和转型的中国，为什么这些变化会极大地作用这个国家，改变其推动经济增长的方式最终得出结论 - 即改革产生了中国经济起飞。
Introduction
China’s economic growth got a very impressive achievement over the past 25 years .How could this happen? China’s rapid growth depends on different economical components, but the most important component is reform. Begin from 1978, China has been through an industrial revolution. Nearly every field of this country’s technological and institutional infrastructure been transformed. China’s industry get started to grow at a rigorous annual rate of around 15% since 1980. At the first decade of the 21century industrial output was twenty times what it had been in 1978. This country almost build a brand new industries; structural change is continuously undergoing; and China has turn himself into industrial workshop of the world.
This research trying to find out the reforms and transformation in Chinese and why those change could dramatically influence this country and alter the way which drive the economics growth.
The reasons of China’s reform
The development model was really un-sustainable during Maoist ear, central government’s command based economy encounter great obstacles at the end of 1970s, such as the government have strong solo intention to pursuit the industrial development, and consequently private sector’s consumption was totally been neglected. However private sector was critical important for economy growth. From 1952 to 1978, gross capital formation grew at an average annual rate of 10.4%, and it was 13 times as large in 1978 as in 1952; but household consumption grew at only a 4.3% rate and was triple the 1952 level by 1978. After been through a population growth boom, per capita household consumption grew only 2.3% annually, and there are 250 million poverty people around the country, according to a cross discipline statistics . Moreover, the rural-urban gap was unbelievable huge: urban’s growth rate is 3% however, rural’s growth rate is 1.8%. Thus by 1978 per capita consumption in urban areas had slightly more than doubled, but rural per capita consumption was only 58% higher than in 1952.1 Therefore, there is no alternative choice but reform.
The principle of China’s reform
The overall and final orientation of a series of reform measures of recent 30 years is to reform the inefficient original state-owned planned economy system, form various ownerships and polybasic social main bodies, and establish the development mechanism of clear property rights, equal rights, and free competition.2
State-owned enterprise is the core part of reform and major source for future growth
State-owned company usually associated with fundamental principle of socialism economy, and thereby industry change was critical important for the transition in terms of from a plan-based economy to a complete market-based economy. Owing to the state-owned industry was the core part of the China’s command economy, and the area field was deeply sensitively for government’s rule, and thereby the control was the most rigorous and they usually never issue permission for private capital. But due to this protection, command economy has less competitive advantage in the comparison of Western rivals, reform the state-owned sector will give the new comer living space and allowing the new entrant bring intensely competition to the related field and change command market. A competitive product market is one of the most important external forces that discipline a firm and force it to become more efficient, 3and then drive the economy growth.
Reforms in the ownership
Speaking of ownership of China’s company, it is pretty sensitive for the government, because during the early phase of China’s industrial reform, China’s industry was actually made up of hundreds and thousands of same characteristics, publicly owned enterprises, very small firms, even the family based noodle joint, were not allowed by the government, so modern company were practically nonexistent, private owned company played absolutely no role. Things changed in the middle of 1980s, the government opened the market for the private company and privatization process get started, and the private sector become a dominant force that drove the great change of ownership composition in Chinese industry.
1978 1996
state-owned enterprises 77 33
Collective enterprises 23 36
Private and household 0 19
Foreign invested
(of which, foreign nationals invest
of which, Hong Kong and Taiwan) 0 12
Table 1. Ownership composition of industrial output (percent of current-price output)4
1998 2017
SOEs and corporations controlled by the state 49.6 38
Joint-stock corporations 6.4 42.1
Foreign-invested enterprises 24.7 30.8
Collective enterprises 19.6 5.3
Table 2. Ownership composition of industrial output (above-scale industry)4
A further phase of industrial reforms started since in the mid–1990s, and, letting the small and little company development become underlying and urgent. A new born company law become a milestone of this stage’s reform in 1994. The Company Law provided a uniform legal framework which combined two distinguished ownership into same framework.
Graph 1. Size, labor and capital productivity.6
The changing ownership composition of industry was also shaped by a policy adopted at the 15th Communist Party Congress (September 1997) called “grasping the large, and letting the small go.” 5In “grasping the large,” the Chinese authority was trying to put their attention on the more strategic industrial like motor industry, or on the more profitable industry, such as Information technology industry, and sought to turn the state owned company into competitive enterprise groups or even multinational corporation, some aspect, like clothing industry, will give up the entry barriers, absolute allow the private capital get in it.
After been through this policy, Chinese economy took off, and small scale company sprang up, both state owned company and private company are important for Chinese economy structural change, nevertheless, simply the ownership’s transaction cannot fully explain Chinese economy boom, in the light of development, specially the private sector’s growth, the company’s governance also account for the economy took off.
Corporate governance transformation
Only effective corporate governance could generate market-based economies. The principles of corporate governance center on transparency, accountability and fairness. In the Chinese planned economy, Chinese state owned company was a slow lady and part of an enormous bureaucracy. Under the planned economy, what was called the “enterprise” was really a constituent part of an enormous bureaucracy.7
Pure plan Transition A Transaction B Pure market
Organization form Element of hierarchical bureaucracy Incentivized bureaucratice element Reorganized into corporations Multiform,strategic corporations
Managerial objective Plan fulfillment;interestes of danwei Profit by contract, interests of danwei Profit, but with qualifications Profit;discounted present value of future profit stream
Price system planned prices Dual-track prices Market prices,with government intervation Market prices,with regulation
Budget constraints soft soft Hard,but with qualifications Hard
Table 3. Industrial enterprise transition: elements of analysis8
There are two states within this economic process, from stage from 1979 to 1993, and second state from 1993 to present.
First stage
At the first stages, the major change of this period was to provide state owned company with more autonomy, and also offer financial incentives to managers. In the early stage of 1980s, the State Council issued “On Regulations of Further Expanding Autonomy of State-owned Enterprises,” which allowed State owned company more autonomy in terms of making plan annual production and reserve profit. In January 1987, the government get started to encourage the so called “contract responsibility system” around the country. Upon this policy been enforced, managers were give rights to cut a share from profits that was greater than what they got from the government. Combined with the “dual-track price system”, which allowed Stated owned enterprise to sell their products above or below the planned quota at the market price, this measure gave Stated owned enterprise mangers more financial incentives, thus, consequently, Stated owned enterprise’s market performance become as good as its western rivals . Finally at the early of 1987, approximately 80% large and medium-sized state owned company adopted contract responsibility system, and by the end of 1989, almost all state owned company adopted this system.9
Second stage
The second stage is pretty new program in the comparison of phase one, Deng Xiaopin had his famous “southern tour”. In his speech in southern special economic zone Shenzhen, Deng pushed for further reform based on a market system.10 Social security been establish, so the policy designer feel it will be safe to possess the further reforms privatization final occurred. At the end of 1996, almost 50% state owned enterprises were private. China get in the preliminary degree of market economy.
Conclusion
China’s company-ship reform is absolutely the central issues in terms of entire reform and transition process. State-owned company were the core part of the old socialism economy. Due to the command economy and old traditional state-owned company shut down, today China’s company final have the sense of effective, flexible, and efficient, and could keep further moving to a higher level of market economy, more productive and open to international competition. Therefore, we can safely draw the conclusion – that the reform produce the Chinese economy took off.
Reference
1.Barry naughton, 2017, “The Chinese Economy”, The MIT Press.
2.Li You, “Constraints, Characteristics and Prospects of China's Transformation ”, [assessed 03/08/2017]
3.Barry naughton, 2017, “The Chinese Economy”, The MIT Press.
4.Barry naughton, 2017, “The Chinese Economy”, The MIT Press.
5.Zheng Song, 2017, “Grasp the Large, Let Go of the Small: The Transformation of the State Sector in China”, University of Chicago
6.Zheng Song, 2017, “Grasp the Large, Let Go of the Small: The Transformation of the State Sector in China”, University of Chicago
7.Stewart Myers, 2017, “Financial Reform and Corporate Governance in China”, MIT Sloan Business school.
8.Barry naughton, 2017, “The Chinese Economy”, The MIT Press.
9.Xiaozu Wang, 2017, “State-owned Enterprise Reform and Corporate Governance of China”, School of Management, Fudan University.
10.Xiaozu Wang, 2017, “State-owned Enterprise Reform and Corporate Governance of China”, School of Management, Fudan University.
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