Chinese Fiscal Policy
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This paper examines Chinese fiscal policy and discusses how the most important situation facing Chinese fiscal policy is revenue changes from declining taxes and duties. The paper also discusses rationalizing the financial services sector and accounting for SOEs. The paper predicts that within China the most fundamental change will be the impact that accession has on the financial services industry.
From the Paper:"According to Lu Aiguo the Chinese economy during the first thirty years of Communist rule (1949-1978) was focused on Chinese autarky--self-reliance--and maintenance of a 'firewall' between China and the world. He notes that this strategy "appeared to be nothing but rational to the Chinese" at the time after decades of foreign intervention and manipulation.
"As to the impacts of this policy Aiguo takes a remarkably balanced viewpoint. He asserts that aspects of the program--such as the 'Great Leap and the Cultural Revolution--had disastrous results. Overall, however he notes that statistically China made significant progress during this period. Infant morality was reduced from 25% to 5.6%, for instance. Indeed, he concludes that the relatively successful campaign to rapidly industrialize the country had succeeded to the extent that it "created the need for further progress."
"In the mid-1970s the death of Mao, followed by turmoil surrounding his widow resulted, in 1978 in Deng assuming power. "Deng quickly guided the work of the government towards economic development and the launch of the reform programme." The new policy was known as 'The Open Door' and it opened the Chinese economy to capitalist influences in the way business was conducted and also began opening China to international capital, technology and, goods and services."
Cite this Term Paper:
Chinese Fiscal Policy (2003, October 14) Retrieved January 20, 2021, from https://www.academon.com/term-paper/chinese-fiscal-policy-38644/
"Chinese Fiscal Policy" 14 October 2003. Web. 20 January. 2021. <https://www.academon.com/term-paper/chinese-fiscal-policy-38644/>