Dating back to 1953, China’s system of Five-Year Plans has long been dismissed as anachronistic, but it remains crucial to guidance of the economy. Five-Year Plans occupy a central place in China’s complex system of governance. For just as China’s economy has reformed and adapted in the last 37 years, so too has the planning framework. There are clear signs that planning will remain an indispensable component of Chinese economic and political development for years to come.
Dating back to 1935, China’s system of five-year plans has long been dismissed as anachronistic, but it remains crucial to guidance of the economy
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.
After record smog and a leadership change, what’s in store for environmental policy in China and green investment? In China’s major cities, you can use an app to check the level of smog, or you can just step outside to see, smell and taste it. A Bloomberg news headline put the problem in sharp relief: Living […]
What is fuelling China’s push towards homegrown tech innovation? It’s the early 8th century and the court of the Tang Dynasty is buzzing. Yi Xing, henceforth to be remembered as famous innovator (and also astronomer, mathematician, mechanical engineer, and Buddhist monk) has just revealed his big invention: the world’s first mechanical clock. He sets the […]
Since 2009, property prices stubbornly climbed upwards, despite government attempts to cool the market. But not any longer. Average house prices fell by 0.3 percent in November–their third consecutive monthly decline on the China Real Estate Index System. The size and effect of the price drops are still unclear, but it doesn’t look like property […]