The Political Economy of China

China’s economic rise over the last four decades has been as confounding as it has been impressive. Few economies have grown as fast and changed the lives of so many people in such a short time. How is it that a nominally Communist state has been able to achieve this “economic miracle”? And what are the consequences of this rapid transformation into a global economic powerhouse both inside China and abroad? The Political Economy of China is a lively and comprehensive introduction to China’s economic development in the contemporary era. Across its twelve thematic chapters, the book offers a multifaceted examination of the history, sectors and policies that are essential for understanding China’s growth experience. Chapter topics include the evolution of the state and private sectors; rural economic development; the labour market; social welfare in China, the environment; macroeconomic management and finance; foreign trade and direct investment; and China’s “going out” strategy of overseas investment, that includes the Belt and Road Initiative. Written by a respected authority on the subject with more than a decade of experience teaching it to students, the book will serve as a vital resource for anyone new to the study of Chinese political economy or seeking a deeper understanding of the political and economic logic behind the headlines about the miracle and mirage of China’s rise.

Map Figures, Tables and Boxes Acknowledgments Abbreviations Preface 1    History: From the Middle Kingdom to the Century of Humiliation 2    The Enigma of the Party State 3    The Transformation of Rural China 4    The Commanding Heights of the State Sector 5    Private Sector Growth 6    China’s New Proletariat 7    Weaving a Social Safety Net 8    Money in the Chinese Economy 9    Macroeconomic Policy 10   In Search of Clear Waters and Green Mountains 11   Laying Eggs with Borrowed Hens 12   China’s ‘Going Out’ Policy Conclusion   Glossary Bibliography