【教学日志】China's Modern Economy

【教学日志】20160926

China's Modern Economy

Summary of today's session

This session we focused on the topic of explanation of various transition in the long history. According to the standard of transition, which means some economic institutional change happens comparing to the previous system. For example after 1840's opium war chinese economic system switched from door-close policy to a limited openness one, which could be defined as a transition process. Moreover, 1840, 1949 and 1978 are the main 3 important point refering to different transition. Understanding the motivation behind the transitions become very crucial for our further understanding the latest reform or transition. Take the example of 1949's transition, why the new government launched immediately a new strategy to promote the development of heavy industrial, which was called Heavy Industrial Priority Development Strategy(HIPDS) at that time. It's this HIPDS make the plan, state owner structure and other related economic instititions be necessary. Why, because the government had to moblize the enough economic resource into the manufatory sector for the purpose of executing HIPDS. It's the logic behind the institional transition. We need understand such similar situation relating to different transitions.

By Li Zhiqing, School of Economics, Fudan University