A common view of China’s central planning is that it has failed; since China grew faster when its reforms replaced planning with markets, the sooner China gets rid of Five Year Plans the better. This view is rather simplistic. Evidence shows that the Five Year Plans have played an important role in China’s progress. It was the fastest way for China to mobilize capital and labor for industrialization. And when China transitioned from a planned to a market economy and the two worked in parallel, it maintained employment, livelihoods, infrastructure and the supply of basic goods, hence a stable foundation for the nascent market economy.
During Chinese New Year, hordes of travelers rush to tourist attractions. What casues this annual influx and how can overcrowding be avoided? I spent part of the recent Chinese Spring Festival (Chinese New Year Holiday) working with a co-author at Xiamen University. Xiamen is a picturesque coastal town and the university itself draws many tourists […]