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Articles on Issue Theme

Sarmiza PENCEA

Institutul de Economie Mondială, Academia Română

China’s development experience is, undoubtedly, unique in many ways, but it is not in itself an original model. What we call by tacit agreement “the Chinese model” is rather a gradual process of change, established step by step, through a laborious and prudent searching mechanism for the most suitable steps on the path of development. Adopting international experience in building a market economy, but declining changes in the political system or government policy-making process, “the Chinese model” is a peculiar hybrid, halfway between planned and market economy. While for the West it seemed ineffective, the model has worked for three decades with exceptional performance, raising concerns and doubts about the validity of Western neoliberal model. Having generated not only growth performance, but also serious imbalances that make it unsustainable in the future, “the Chinese model” has entered into a complex and profound adjustment process, designed to restore its vitality and sustainability, so that the Chinese economy doesn’t remain captive, like other developing economies, in the “average income trap”, but makes a successful transition to developed economy status.

ŒCONOMICA no. 3/2012

Keywords: the Chinese model, development, growth, market economy, political system

JEL: O14, O21, O25, O41, O44, O53, P21, P27

Modelul chinez de dezvoltare, în pragul schimbării

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