Urban Reform in China Today’s China is significantly different compared to several decades ago. Chapter 13 highlights important transitions in the Chinese economy since 1978. It is evident from the reading that infrastructural, financial, corporate, and structural systems are more dynamic today than they were in 1970s. In that respect, this reading supports the notion that economic changes are fundamental. The shift from a planned to a market economy has brought unprecedented benefits to the Chinese society. With an outstanding economic growth over the years, both people and businesses have had a suitable environment for investment. There are lessons to draw from the reading.
To start with, it is easy to note that privatization and diversification of resources is an advantageous move for China. Reducing government control and adopting a corporate-driven market development laid the foundation for China’s social and economic reform. Secondly, it is evident that social and economic transitions take time to implement. From 1978 to date, China’s industrial transition has been an ongoing process. Most importantly, there is need for collaboration between the government, the industry under transition, and the entire corporate setting.
The success realized in China comes from the cooperation and collaboration of the aforementioned parties. Finally yet importantly, agency regulation and oversight authority is paramount. The big question, however, is whether the government accords regulatory agencies adequate autonomy and independence. Whatever the case in that regard, the reading is undoubtedly insightful, informative, and relevant to contemporary global economic development. The chapter shows just how much market economy contributes to China’s industrial reforms.