Zhu Rongji and China's Economic Take-Off

Following Deng Xiaoping's economic reform and opening (Gaige Kaifang) policy, China experienced unprecedented high growth for over three decades. Crucial in the process was the role of Zhu Rongji, who was hand-picked by Deng initially as Executive Vice-Premier and later full Premier to carry through the needed reform and manage the critical marketization process through the turbulent 1990s when China's economy suffered many ups and downs. Dubbed as China's "Economic Czar", Zhu tackled many thorny problems associated with the country's then half-reformed economy ably and effectively, thereby laying the ground for subsequent periods of greater dynamic growth. Zhu was instrumental in preparing China's economy for its final take-off.

The chapters in this volume were originally written as "policy briefings" for the Singapore government from 1997 to 2003 when Zhu was Premier. They cover a wide variety of topics including how he had applied his own way of "macroeconomic control" (Hongguan Tiaokong), how he went about reforming taxation, foreign exchange and state-owned enterprises, and finally his embrace of capitalism. Each chapter is preceded by a detailed introduction highlighting the main issues and interpreting them from today's perspective based on updated information and additional new research.

Contents:

• Part I:

  • Taking Stock of China's Past Economic Growth and Its Future Prospects
  • Zhu Rongji and China's Economic Transformation

• Part II:

  • Good Political Arithmetick for the 1997 Fifteenth Party Congress
  • Interpreting Zhu Rongji's Economic Strategies for the 1990s
  • Why China had not been Asia's Next Financial Domino
  • China's Economy 1999: Bottoming Out from Asian Financial Crisis Low
  • Analyzing the Sources of China's High Economic Growth
  • Growth and Change of China's Service Sector
  • Speeding Up State-Owned Enterprise Reform
  • Banking Reform and Financial Liberalization as Unfinished Business
  • A Looming Debt Crisis for the State Banks
  • Rapidly Changing Export Structure
  • Going Global: Rising Overseas Direct Investment
  • China's Economy 2003: Poised for Next Lap of High Growth
  • Population Transition from Rapidly Declining Fertility Rates
  • Incorporating Capitalism and Embracing the Capitalists

Readership: Academics, professionals, policy makers, undergraduate and graduate students interested in China's economic development and problems.
Key Features:

• First scholarly attempt to discuss Zhu Rongji's critical role in China's economic reform and development and his contribution to China's economic take-off
• Up-to-date research on China's deep-rooted economic problems throws light on the challenges currently faced by Xi Jinping