Since the late 1970s China has undergone a fundamental transformation from a centrally planned economy based on public ownership to a market-oriented, increasingly private economy. Three factual aspects of this process of change are noteworthy. It began in the immediate aftermath of what is...

The World Bank in its iWorld Development Report 1996/i outlined three challenges for countries in economic transition: (1) liberalization, stabilization, and growth; (2) property rights and enterprise reform; and (3) social policies that address the ill effects of transition on particular...