Analysis of Chinese Economic Reforms Implemented After 1978 with Big Bang and Gradual Approaches

Authors : Tayfun Tuncay TOSUN

Pages : 23-43

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Publication Date : 2022-02-15

Article Type : Research Paper

Abstract :This study evaluates the reforms implemented in the Chinese economy, which accelerated the development process after 1978, in a theoretical framework with Big Bang and Gradual approaches. Focusing on diplomacy and soft power strategy, China managed to grow in regional and international markets. China made successful attempts to integrate into the liberal global economic system. However, it was understood that the final factors that led to the result of the developing Chinese economy in this process were the low valued exchange rate, foreign trade surpluses, protectionist import policies, and excessively subsidized export sectors. Moreover, the weight of the Chinese public sector in the economy proceeds. These outcomes, which emerged from Chinese economic policy, roll out deviations from the liberal global economic system. Therefore, both approaches fall short of accounting for the reforms applied in the Chinese economy.
Keywords : Big Bang, Gradual Approach, Chinese Economic Reforms, The Economy Policy of China