In principle, returns to factors of production within single economic systems should exhibit relatively uniform returns. Notwithstanding the fact that over the past 30 years China's economy has increasingly liberalized both internally and externally, it is widely understood that wages received...

China’s economic transformation is proceeding at different rates across different regions and sectors, and China’s most advanced regional sector, coastal industry, still lags well behind the world’s technology frontier. This paper explores the implications of these internal and...

The reform of China's enterprise system increasingly reflects the outcome of China's emerging property rights market. We distinguish between a centrally-directed reform strategy, with characteristics similar to those of a Pigouvian tax, and a market-driven reform process, which captures the...