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In the thirty years since China started on the path of reform in the late 1970s, it has emerged as one of the largest and most dynamic economies in the world. There has been keen interest in what have been achieved in China and more importantly what lies ahead for such a significant economic player in the world economy. This course examines China’s successful experiences and lessons learned from the standpoints of economic transformation, economic development, open macroeconomics and institutional economics.

First, the course discusses the transformation of the Chinese economy from a centrally-planned to a market one by highlighting the key differences between a planned and market economy, the sequencing of reform, and the importance of carrying out ownership reform and building market-compatible institutions.

Second, the course analyses the development experience of Chinese transformation by covering issues such as urbanisation, income distribution, labour market development, banking sector reform, regional development, fiscal system reform, international trade and investment, China’s rapid industrialisation and its increasing demand for energy and mineral resources, and the environment.

Third, the course examines the macroeconomic dimension of economic transformation by looking at the importance of maintaining macroeconomic stability in the process of reform and liberalisation (including both current and capital account liberalisation), the key sources of and factor contributions to economic growth in China, and the formation and implementation of China’s exchange rate policy, China’s daunting task of managing its foreign reserves, China’s conformity to the WTO and the prospect of internationalising its currency, the RMB.

Finally, the course discusses some of the driving forces that have had an impact on China’s growth path and offers some in-depth analyses as to how China could confront the challenges in ensuring its future growth is not only efficient, but also equitable and sustainable. The course will also discuss the impact of the global financial crisis (GFC) on the economic growth in China and how China can play an important role in stimulating its economy, dealing with the global economic imbalances, and confronting the challenges of both demographic shift and climate change.