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Nicholas R. Lardy - Chinas Unfinished Economic Revolution

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Chinas Unfinished Economic Revolution offers a fundamentally different interpretation of Chinas economic reform. The common view that Chinas gradualistic approach has served it well overlooks the fact that state-owned banks for the last two decades have channeled a large share of sharply rising household savings into what are mostly unreformed, money-losing companies. The result is that several of Chinas largest financial institutions now are insolvent. To avoid a major domestic banking crisis the book argues that China must recapitalize and restructure its domestic banking system and end the long-standing practice of making lending decisions based on political rather than economic criteria. Nicholas Lardy explains that this course will inevitably be costly in political terms, in part because it will lead for a time to a slower rate of economic growth. But the alternative is even le ss attractive--permanently slower growth, continued macroeconomic instability, an inability to meet the expectations of the international community for the opening of its domestic financial markets, and insufficient resources to deal with severe environmental deterioration, growing water shortages, and a rapidly aging population. This timely book also analyzes the new reform initiatives China has launched in the wake of the Asian financial crisis, suggests additional steps that must be taken, and evaluates the implications for U.S. policy. Nicholas R. Lardy is a senior fellow in the Foreign Policy Studies program at the Brookings Institution. His previous books include China in the World Economy (Institute for International Economics, 1994) and Foreign Trade and Economic Reform in China, 1978-1990 (Cambridge, 1992).

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title Chinas Unfinished Economic Revolution author Lardy - photo 1

title:China's Unfinished Economic Revolution
author:Lardy, Nicholas R.
publisher:Brookings Institution Press
isbn10 | asin:0815751346
print isbn13:9780815751342
ebook isbn13:9780585034119
language:English
subjectChina--Economic conditions--1976- , China--Economic policy--1976- , Banks and banking--China, Finance--China.
publication date:1998
lcc:HC427.92.L373 1998eb
ddc:338.951
subject:China--Economic conditions--1976- , China--Economic policy--1976- , Banks and banking--China, Finance--China.
Page iii
China's
Unfinished
Economic
Revolution
NICHOLAS R. LARDY
BROOKINGS INSTITUTION PRESS
WASHINGTON, D.C.
Page iv
Copyright 1998 by
THE BROOKINGS INSTITUTION
1775 Massachusetts Ave. N.W.
Washington, D.C. 20036
All rights reserved
Library of Congress Cataloging-in-Publication data
Lardy, Nicholas R.
China's unfinished economic revolution / Nicholas R. Lardy.
p. cm.
Includes bibliographical references and index.
ISBN 0-8157-5134-6 (alk. paper)
ISBN 0-8157-5133-8 (pbk.: alk. paper)
1. ChinaEconomic conditions1976- 2. ChinaEconomic
policy1976- 3. Banks and bankingChina. 4. FinanceChina. I.
Title.
HC427.92.L373 1998
338.951ddcPicture 221Picture 3Picture 4Picture 5Picture 6Picture 798-19667
Picture 8Picture 9Picture 10Picture 11Picture 12Picture 13Picture 14CIP
9 8 7 6 5 4 3 2 1
The paper used in this publication meets the minimum requirements of the American National Standard for Information SciencesPermanence of Paper for Printed Library Materials, ANSI Z39.48-1984
Typeset in Palatino
Composition by Oakland Street Publishing
Arlington, Virginia
Printed by R.R. Donnelley & Sons Co.
Harrisonburg, Virginia
Page v

The Brookings Institution
The Brookings Institution is an independent organization devoted to nonpartisan research, education, and publication in economics, government, foreign policy, and the social sciences generally. Its principal purposes are to aid in the development of sound public policies and to promote public understanding of issues of national importance.
The Institution was founded on December 8, 1927, to merge the activities of the Institute for Government Research, founded in 1916, the Institute of Economics, founded in 1922, and the Robert Brookings Graduate School of Economics and Government, founded in 1924.
The Board of Trustees is responsible for the general administration of the Institution, while the immediate direction of the policies, program, and staff is vested in the President, assisted by an advisory committee of the officers and staff. The by-laws of the Institution state: "It is the function of the Trustees to make possible the conduct of scientific research, and publication, under the most favorable conditions, and to safeguard the independence of the research staff in pursuit of their studies and in the publication of the result of such studies. It is not a part of their function to determine, control, or influence the conduct of particular investigations or the conclusions reached."
The President bears final responsibility for the decision to publish a manuscript as a Brookings book. In reaching his judgment on the competence, accuracy, and objectivity of each study, the President is advised by the director of the appropriate research program and weighs the views of a panel of expert outside readers who report to him in confidence on the quality of the work. Publication of the work signifies that it is deemed a competent treatment worthy of public consideration but does not imply endorsement of conclusions or recommendations.
The Institution maintains its position of neutrality on issues of public policy in order to safeguard the intellectual freedom of the staff. Hence interpretations or conclusions in Brookings publications should be understood to be solely those of the authors and should not be attributed to the Institution, to its trustees, officers, or other staff members, or to the organizations that support its research.
Board of Trustees
James A. Johnson
Chairman
Leonard Abramson
Michael H. Armacost
Elizabeth E. Bailey
Zo Baird
Alan M. Dachs
Kenneth W. Dam
D. Ronald Daniel
Robert A. Day
Bart Friedman
Honorary Trustees
Vincent M. Barnett Jr.
Rex J. Bates
Barton M. Biggs
Louis W. Cabot
Frank T. Cary
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William T. Coleman Jr.
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Bruce B. Dayton
Douglas Dillon
Charles W. Duncan Jr.
Walter Y. Elisha
Robert F. Erburu
Stephen Friedman
Henry Louis Gates Jr.
Teresa Heinz
Samuel Hellman
Robert A. Helman
Ann Dibble Jordan
Breene M. Kerr
Thomas G. Labrecque
Jessica Tuchman Mathews
David O. Maxwell
Constance Berry Newman
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