Asia-Pacific Financial & Forecasting Research Centre
نویسندگان
چکیده
This paper provides a historical perspective for China’s economic reform. It first summarizes nine stylized facts of China’s gradual reform, and then explains what forces have driven China into gradualism and how China’s gradual reform has become a success. The paper shows that the transition from a centrally-planned system to a market economy is an evolutionary process with interactions among all self-interested agents under the guidance of the “invisible hand,” which has been extremely powefil in creating new institutions China’s Gradual Reform: A Historical Perspective Weiying Zhang and Gang Yi l
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