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AbstractThis conceptual paper develops a new perspective linking the concept of "adaptive efficiency" with the allocative, discovery and creative functions of the market from an institutional perspective. The efficacy of the adaptive efficiency of market functions in improving economic performance is proposed to be measured by changes in transaction costs. This perspective enables an analysis of the independent and interrelated effects of these functions, provides a more complete understanding of entrepreneurial activities and the efficient allocation of resources, better deals with the central problems of economic system and organisation, namely, adaptation and the coordination of knowledge, and has useful implications for public policy.

The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world's most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China's new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China's fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China's economic reform and development. Included are discussions of China's 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China's global integration. This book further documents and analyses the development experiences including China's large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.

Whereas the last three decades of the twentieth century witnessed China rising on to the global economic stage, the first three decades of the twenty-first century are almost certain to bring with them the completion of that rise, not only in economic, but also in political and geopolitical terms. China is now the second-largest economy in the world as measured by national accounts and is well on the way to becoming the largest economy in real terms in the not too distant future. The Chinese economy has contributed positively to world economic growth for decades, even during the global financial crisis (GFC) in which strong domestic growth played a pivotal role in ensuring that world economic growth stayed in positive territory. China�s integration into the global economy has brought onefifth of the global population into the world trading system, which has increased global market potential and integration to unprecedented levels. The increased scale and depth of international specialisation propelled by an enlarged world market have offered new opportunities to boost world production, trade and consumption, with the potential for increasing the welfare of all the countries involved.

The first three decades of the 21st century are almost certain to bring with them the completion of China's rise on to the global economic, political and geopolitical stage.The Chinese economy has contributed positively to world economic growth for decades, with a pivotal role during the global financial crisis (GFC). China's integration into the global economy has brought one-fifth of the global population into the world trading system, which has increased global market potential and integration to unprecedented levels.

The first three decades of the 21st century are almost certain to bring with them the completion of China's rise on to the global economic, political and geopolitical stage.The Chinese economy has contributed positively to world economic growth for decades, with a pivotal role during the global financial crisis (GFC). China's integration into the global economy has brought one-fifth of the global population into the world trading system, which has increased global market potential and integration to unprecedented levels.

"The Chinese Economic Transformation, the 19th volume in the China Update book series, provides an opportunity for young economists to share their views on various issues relating to the Chinese economic transformation. More than half of the contributors to this book are female scholars. Some of the contributors are rising stars in the studies of the Chinese economy and economic transition, and some only recently received their PhDs and are on their way to establishing themselves in the field of China studies. But they have one thing in common: to passionately observe, study and research what is going on in the Chinese economic transformation during the reform period; and, by so doing, make contributions to the policy debates on, and general understanding of, the Chinese economy.
The chapters in this volume include an in-depth probe into challenges in capital and credit allocation due to financial friction and policy distortions; investigating the causes of growth slow-down in China and suitable policy responses; the evolution of the household registration system and its impact on off-farm employment and the integration of rural and urban labour markets; the growth, scale and characteristics of nonstandard employment; the development of rural e-commerce and its economic impact; innovation performance of listed enterprises in China; financial services liberalisation and its impact on firms' performance; financing support schemes for small and medium-sized enterprises (SMEs) and the effect on banks' credit allocation to SMEs; the potential costs of US–China trade conflict and ways to mitigate them; gender income gap in China's labour market; causes of blockage of Chinese overseas direct investment and strategies to reduce the probability of encountering obstacles; and the role of state capital in the iron ore boom in Australia.
The great variety of topics in this year's Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development."

Intro -- Figures -- Tables -- Contributors -- Acknowledgements -- Abbreviations -- Introduction -- 1. 40 years of China's reform and development: How reform captured China's demographic dividend -- Part I: The Chinese economic transformation -- 2. 40 years of Chinese economic reform and development and the challenge of 50 -- 3. Reflections on 40 years of China's reforms -- 4. GDP and the new concept of development: Understanding China's changing concept of development in regards to GDP after the reform and opening-up -- 5. The political economy causes of China's economic success -- 6. China's economic transformation -- 7. Reform and development strategy -- 8. The complex task of evaluating China's economic reforms -- 9. Decentralisation, local innovation and competition among cities -- Part II: Macroeconomic development and structural adjustments -- 10. China's macroeconomics in the 40 years of reform -- 11. China's economic rebalancing: Drivers, outlook and the role of reform -- 12. China's price liberalisation and market reform: A historical perspective -- 13. How has the Chinese economy capitalised on the demographic dividend during the reform period? -- 14. Marketisation in China from 1997 to 2014: Achievements and contribution to growth -- 15. An update on fiscal reform -- 16. 'Strong on quantity, weak on quality': China's financial reform between 1978 and 2018 -- 17. The reform of China's exchange rate regime -- 18. Private sector development -- 19. State-owned enterprise reform in China: Past, present and prospects -- 20. State enterprise reform today -- Part III: The development experiences -- 21. Rural-to-urban migration and migrants' labour market performance, 2008-16 -- 22. The structure of and changes to China's land system

The year 2018 marks 40 years of reform and development in China (1978–2018). This commemorative book assembles some of the world's most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China's new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China's fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China's economic reform and development. Included are discussions of China's 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China's global integration. This book further documents and analyses the development experiences including China's large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.

The year 2018 marks 40 years of reform and development in China (1978-2018). This commemorative book assembles some of the world's most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs, and to draw out the key lessons that have been learned by the model of growth and development in China over the preceding four decades. This book explores what has happened in the transformation of the Chinese economy in the past 40 years for China itself, as well as for the rest of the world, and discusses the implications of what will happen next in the context of China's new reform agenda. Focusing on the long-term development strategy amid various old and new challenges that face the economy, this book sets the scene for what the world can expect in China's fifth decade of reform and development. A key feature of this book is its comprehensive coverage of the key issues involved in China's economic reform and development. Included are discussions of China's 40 years of reform and development in a global perspective; the political economy of economic transformation; the progress of marketisation and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and fiscal system reform, and its foreign exchange system reform; the progress and challenges in economic rebalancing; and the continuing process of China's global integration. This book further documents and analyses the development experiences including China's large scale of migration and urbanisation, the demographic structural changes, the private sector development, income distribution, land reform and regional development, agricultural development, and energy and climate change policies.