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Institutional Reforms in a Developing Country: Transition in China
(Abstract)
China has been facing two sets of problems - as a low-income rural society and as a planning system. The institutional transformation from the socialist planning regime to a modern market has been constrained by its low level of economic and social development. Therefore, it is highly important to understand the "historical phase" of the development. Thus the "optimal path" of transition must be different from those countries that manage the reforms at higher level of development. It will take much longer time to reach the "objective model" as the institutions must be compatible with the economic and social maturity. Any "pre-matured" radical changes may lead to crises and backlashes. Meanwhile, the key issue for China is how to keep the "compatibility among the institutions" to avoid any "bottle-neck" problem, such as slow political reform with rapid economic changes.
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