Development of a More Market-Oriented Economy in China

Science  16 Jan 1987:
Vol. 235, Issue 4786, pp. 295-299
DOI: 10.1126/science.235.4786.295


Before 1978 in China, the economic institutions for agriculture and industry operated essentially under a centrally planned system. The reasons for a change toward a more market-oriented economy and the key elements of economic reform are discussed. Today the major issues being deliberated by the leading economic officials include reform of the price system, the administrative structure of state-owned enterprises, the banking system and macroeconomic control mechanisms, and foreign trade and investment.