ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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A Decade of Economic Reform in China-A Retrospect

A Retrospect Amaresh Bagchi Economic rrform in China has now entered a crucial phase with many conflicts and problems facing the policymakers. Rapid growth has caused 'overheating' of the economy, manifested in imbalances and inflation. The attempt to introduce incentives is bringing back inequalities. Delegation of power to lower levels has tended to undermine the ability of the state to manage the economy at the macro-level. Permission to import freely has led to drain of foreign exchange apart from giving rise to fears of an onslaught of 'decadent bourgeois and feudal ideology' while the environment of permissiveness has bred corruption and bribery Has Chinese economic reform, then, run out of steam? Will and can China go ahead with the reforms in their present form or with modifications or will it revert to the earlier system of centralised control? And if reform is to continue what are its major areas of weakness and how can they be overcome?

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