理解中国的经济奇迹:互联合约的视角

Comprehending China's Economic Miracle,from the Perspective of Interlinked Relational Contracts

本文从互联合约的角度分析了中国经济转型背后的经济和社会基础。从计划经济到市场经济的转型过程是一个过程的两种表现形式:从市场的结构看,是一个从不完备的市场或者高度互联的"市场"向专业化市场过渡的过程;从制度的结构来看,是一个从互联的自我实施的关系型合约向依赖第三方实施的正式合约过渡的过程。中国的经济表现表明,市场结构与制度结构的匹配对于转型的绩效来说是至关重要的。我们分别从这个视角分析了在过去30年中国经济转型中起到重要作用的乡镇企业、金融体系和国有部门的改制。分析表明,在中国的经济转型中,不仅是以上部门存在着互联合约者中制度安排,而且从整体上看改革上也暗含互联合约的逻辑。本文最后引申出了一些中国进一步的改革的政策含义。

In this paper,we have,from the perspective of interlinked contracts,analyzed the economic and social foundation of China's economic transition. The process of transition from a planned economy to a market economy has two forms of expressions:viewed from the market structure,this process is a transition from incomplete markets or closely interlinked 'markets' to specialized markets; in terms of the system structure,it is a process from in-terlinked relationship-contracts of self fulfillment to formal contracts relying on a third party to carry them out. The performance of China's economy indicates that a well-matched couple—the market structure and the system structure—is the key to the performance of transition. From this point of view,we have separately analyzed the system reform in township and village enterprises,financial systems and national sectors—all of which have played an important role in China's economic transition in the past 30 years. The results of our analysis show that,in China's economic transition,not only are there exist system arrangements in relational contractors in the department mentioned above,but also China's reform,from the whole,means indirectly the logic of interlinked relational contracts. The paper ends with some policy implications for China's further reform.