Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decad...Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decades. High household saving rates, fixed exchange rate regime, and extensive capital controls helped this stage as well. While the structural changes in the labor market conditions by moving from primary sectors to more capital intensive heavy industry, construction, commerce, and other service sectors have been contributed to the economic growth, competition, and productivity, due to the direct state governance or intensive interventions, competition and productivity have been curtailed on certain large industries. Aiming to eliminate this unproductive economic activity, enterprise sector reforms of China targeted restructuring the state enterprise＇s capital, organization, and management system. Besides, the reforms on science and technology system seek to participate in global production and R＆D networks by improving high-tech sectors through creating strong complementarity and collaboration between skilled human capital and educational interferences.展开更多
文摘Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decades. High household saving rates, fixed exchange rate regime, and extensive capital controls helped this stage as well. While the structural changes in the labor market conditions by moving from primary sectors to more capital intensive heavy industry, construction, commerce, and other service sectors have been contributed to the economic growth, competition, and productivity, due to the direct state governance or intensive interventions, competition and productivity have been curtailed on certain large industries. Aiming to eliminate this unproductive economic activity, enterprise sector reforms of China targeted restructuring the state enterprise＇s capital, organization, and management system. Besides, the reforms on science and technology system seek to participate in global production and R＆D networks by improving high-tech sectors through creating strong complementarity and collaboration between skilled human capital and educational interferences.
