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Macroeconomic Management in China
Peter Harrold E. C. Hwa Lo Jiwei
Price: $ 22

Explores short-term measures to cool China's overheated economy and the longer-term priorities for structural reform.
This volume reports the proceedings of a conference held in the city of Dalian in northeast China. The conference was conceived as a means of fleshing out China's new guiding principle of a "socialist market economy," under which economic resources are to be allocated by market forces, rather than the government. Specifically, the conference was designed to assess the implications of this new principle for fiscal and monetary policy, industrial and trade policy, and management and ownership of enterprises.
By the time of the conference in June 1993, however, these issues had become somewhat urgent. The economy was overheating as a result of poor macroeconomic management, prompting participants to examine a range of short-term measures appropriate for cooling the economy and easing inflationary pressures.
The seven papers in this volume are written by leading Chinese economists, with commentaries by leading international China specialists. The papers explore seven key issues in depth: macroeconomic management, monetary policy, fiscal policy, taxation, distribution, industrial policy, and state asset management. The conference concluded with a clear set of policy recommendations for short-term actions to avoid an economic "hard landing," as well as for medium-term structural reforms. The recommendations were consulted by Chinese authorities in preparation of a package of short- term economic measures adopted in July 1993 to slow the economy.

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