中国经济专题-2003年春第十一讲 第十一讲:城市改革的进展和问题 (《中国经济专题》教学影音资料第13讲一上、下) O. Review 1. The problems to be sol A. Incentive B. Coordination C. Structure Imbalance 2. The approaches A. Before 1978 l) Structure中央调整农轻重比例 2)协调-改变条、块管理,但一放就活,一活就乱 3)激励:学雷锋,但不能每人都成雷峰 B. After 1978 1)结构_中央调整农轻重比例 2)协调-改变条、块管理,但一放就活,一活就乱 3)激励:强调物质利益 3. The enterprise reform Approach DIncreasing autonomy Profit sharing and partial autonomy in production and marketing decision; enterprises were required to meet the quota obligations (1979)
中国经济专题-2003 年春-第十一讲 1 第十一讲：城市改革的进展和问题 （《中国经济专题》教学影音资料第 13 讲－上、下） O. Review 1. The problems to be solved A. Incentive B. Coordination C. Structure Imbalance 2. The approaches A. Before 1978 1) Structure—中央调整农轻重比例 2) 协调-改变条、块管理，但一放就活，一活就乱 3) 激励：学雷锋，但不能每人都成雷峰 B. After 1978 1）结构—中央调整农轻重比例 2）协调-改变条、块管理，但一放就活，一活就乱 3）激励：强调物质利益 3. The enterprise reform Approach: I) Increasing autonomy A. Profit sharing and partial autonomy in production and marketing decision; enterprises were required to meet the quota obligations. (1979)
中国经济专题-2003年春第十一讲 Problem: quota evasion, managerial discretion fiscal revenue B Separating Profit and tax (1983) Problem: hard to define costs due to weak auditing (1987) DEfining prop Modern corporation system B Stock-holding(1991) Evaluation Incentive and efficiency increase but profitability and fiscal revenue decline 4. Resource Allocation System Reform A. Approach: Single Track to dual-track S Single rket track Enterprise autonomy and the emergence of market track B. Procedures Materials 1979-84, allowing outside quota production ng 1984-, reducing compulsory quota Foreign exchange management Expandregional autonomy Reduce compulsory plan andre lace it with
中国经济专题-2003 年春-第十一讲 2 Problem: quota evasion, managerial discretion, declining fiscal revenue. B. Separating Profit and tax. (1983) Problem: hard to define costs due to weak auditing. C. Contract (1987) II) Defining property rights A. Modern corporation system B. Stock-holding (1991) Evaluation: Incentive and efficiency increase but profitability and fiscal revenue decline. 4. Resource Allocation System Reform A. Approach: Single Track to dual-track System, to Single market track Enterprise autonomy and the emergence of market track B. Procedures: Materials: 1979-84, allowing outside quota production and marketing 1984-, reducing compulsory quota Foreign exchange management: Expand regional autonomy Reduce compulsory plan and replace it with
中国经济专题-2003年春第十一讲 indicative plan Change single-item trading company to multiple-item trading company Foreign exchange retention Foreign Exchange Swap Financial system a)建立银行体系 *People's bank was the sole bank before 1979 *Agriculture Bank of China, 1979 *Setting Bank of China branches, 1979 "Bank of Industry and Commerce and Peoples nsurance company, 1984 *Peoples Bank of Construction, 1985 b)存贷挂钩, c)发展非银行金融机构 d)建立资本市场: Shanghai and Shenzhen Shanghai and Shenzhen stock exchange, 1990 The financial system is still in the dual-track stage and until under the states firm control 评估:非国有部门的发展和产业结构的调整 Macro policy reform
中国经济专题-2003 年春-第十一讲 3 indicative plan Change single-item trading company to multiple-item trading company Foreign exchange retention Foreign Exchange Swap Financial system a) 建立银行体系 *People’s bank was the sole bank before 1979 *Agriculture Bank of China, 1979 *Setting Bank of China branches, 1979 *Bank of Industry and Commerce and People’s insurance company, 1984 *People’s Bank of Construction, 1985 b) 存贷挂钩， c) 发展非银行金融机构 d) 建立资本市场: Shanghai and Shenzhen Shanghai and Shenzhen stock exchange, 1990 The financial system is still in the dual-track stage and until under the state’s firm control. 评估: 非国有部门的发展和产业结构的调整 . 5. Macro policy reform
中国经济专题-2003年春第十一讲 Form Dual track to market track Material price: plan price barter, dual price, market price Exchange rate: official rate, swap market rate nterest rate: Adjustment 6. The logic of crossing the river by grop ing the stone 7. The achievements i Incentive and productivity 1980-88 State sector Output 8.5 TFP 2.4 Non-state sector Output 16.9 TFP 4.6 1953-78 Output 10.1 TFP 0.53(-1.0) 11) Investment Table 6.6, page 188 Within Budget's share. 1981--28.1%.1994--3.2% 11) Production and output structure Table 6.3, page 176 SOEs' share1978-76%,1994-34.1%, comparative advantage TVE: employment--94--120.2 million(state--1 12 1 m)
中国经济专题-2003 年春-第十一讲 4 Form Dual track to market track Material price: plan price, barter, dual price, market price Exchange rate: official rate, swap market rate Interest rate: Adjustment 6. The logic of crossing the river by groping the stone. 7. The achievements: i) Incentive and productivity 1980-88 State sector Output 8.5 TFP 2.4 Non-state sector Output 16.9 TFP 4.6 1953-78 Output 10.1 TFP 0.53 (-1.0) ii) Investment Table 6.6, page 188 Within Budget's share, 1981--28.1%, 1994--3.2%. ii) Production and output structure Table 6.3, page 176. SOEs' share 1978--77.6%, 1994-34.1%, comparative advantage TVE: employment--94--120.2 million (state--112.1 m)
中国经济专题-2003年春第十一讲 per capita cap ital-I Industrial output--78, 9.3: 94--42% export-87,11%,93-35% i11Outward--trade dependentratio Table6.5, p 187 1978199419972001 Export 4.7 23.2 20.3 23 Dependent 9.9 45436.1 21 iv) Growthrate GDP growth rate 1952-1977, 5.7% per annual Page 4, table 1.1 Rapid Economic Growth 1980-90.11990-99 China 10210.7 Low Income 4.3 2.4 Middle Income 2.8 3.5 High Income 3.2 2.4 2.5 Source: World development report2000/1, pp. 294-5 v) Income growth Rural population:1978-2001,7.3%;52-78,2.38% Urban population: 1978-2001, 6.4%0, 52-78
中国经济专题-2003 年春-第十一讲 5 per capita capital-1/4. Industrial output--78, 9.3; 94--42% export--87, 11%, 93--35% iii) Outward--trade dependent ratio Table 6.5, p. 187 1978 1994 1997 2001 Export 4.7 23.2 20.3 23 Dependent 9.9 45.4 36.1 21 iv) Growth rate: GDP growth rate 1952-1977, 5.7% per annual. Page 4, table 1.1 Rapid Economic Growth 1980-90.1 1990-99 China 10.2 10.7 Low Income 4.3 2.4 Middle Income 2.8 3.5 High Income 3.2 2.4 World 3.1 2.5 Source: World Development Report2000/1, pp. 294-5 v) Income growth Rural population: 1978-2001, 7.3%;52-78, 2.38%. Urban population: 1978-2001, 6.4%; 52-78