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China's Unfinished Economic Revolution
Paperback
EconomicsGeneral Political Science
ISBN13: 9780815751335
Publisher: Brookings Institution Press
Published: Jul 1 1998
Pages: 342
Weight: 0.98
Height: 0.83 Width: 5.98 Depth: 9.00
Language: English
China's Unfinished Economic Revolution offers a fundamentally different interpretation of China's economic reform. The common view that China's 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 China's 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.
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.
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