Economic Cycles and Crises in New China
China’s progress in the past 68 years is depicted as a completion of primitive capital accumulation and then procession into industrial expansion and adjustment. In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is not exceptional to most industrialized countries. China has experienced ten crises since the founding of the People’s Republic.
In China’s 68-year history of industrialization, it can be observed that as a rule whenever the cost of crisis could be transferred to the rural sector, the capital-intensive urban industry sector could achieve a “soft landing,” and the existing institution could be maintained. When this did not happen, the crisis took a “hard landing” in the urban sector. Major fiscal reforms and even reforms on the economic system resulted.
From an international geopolitical perspective, this chapter endeavors to contextualize China’s “particular” historical experience in the general process of capitalist development.
KeywordsChina Cyclical economic crises Cost transfer Sannong
This chapter is an outcome of the subproject on “International Comparative Studies on National Security in the Process of Globalization,” led by Dr. SIT Tsui, Southwest University, which is under the Major Project on “A Study of the Structure and Mechanism of Rural Governance Basic to the Comprehensive National Security” led by Professor WEN Tiejun, Renmin University of China. The major project is funded by the National Social Science Foundation of China (No. 14ZDA064).
- Dong X, Wen T (2008) Macro economic fluctuations and crisis of rural governance. Manag World 9:67–75. http://cppcc.people.com.cn/GB/34961/50294/50298/3533378.html. Accessed 11 Jul 2005 (in Chinese)
- Huang H (2005) Building a new socialist countryside—the countryside is a neglected dynamic element of domestic consumption. Outlook Weekly. Online. http://www.agri.gov.cn/jjps/t20051123_500588.htm. Accessed 23 Nov 2005 (in Chinese)
- Jiang S, Liu S, Li Q (2007) Land system reform and national economic growth. Manag World 9:1–9 (in Chinese)Google Scholar
- Lang X (2010) US is copy China as the second Japan. China Logist Purchas 12:38–39 (in Chinese)Google Scholar
- Li C, Jiang D (2005) Historical experiences and lessons of the policy of “construction of third front”. Northeast Normal Univ (Philos Soc Sci Ed) 4:89 (in Chinese)Google Scholar
- Ma H, Lu B (1999) China’s macro economics policy report. China Financial Economics, Beijing (in Chinese)Google Scholar
- National Bureau of Statistics of China (NBSC) (2017) On-line. http://www.stats.gov.cn/english/statisticaldata/AnnualData/
- Shen Z (2001) The soviet economic aid to China during the early period of new China—based on the archives from China and Russia. Russ Stud (1) (in Chinese)Google Scholar
- Shen J (2004) On China’s foreign trade dependence. Merchants Weekly 41:21 (in Chinese)Google Scholar
- Shi L (1989) Overseas economic cooperation of contemporary China. Chinese Academy of Social Sciences Press, p 320 [quoted in Cui X (2008) China’ s 30 years of taking advantage of foreign investment. China Finance and Economics Press, p. 6] (in Chinese)Google Scholar
- Tsui S, Wong E, Chi LK, Tiejun W (2017) The tyranny of monopoly-finance capital: a Chinese perspective. Mon Rev:29–42Google Scholar
- Wang J (2008) Concern about the turning point of situation of growth and inflation. Macroecon Manag 8:11–13 (in Chinese)Google Scholar
- Wang S, Hu A, Ding Y (2002) Social instability hidden behind economics prosperity. J Strat Manag 3:26–33 (in Chinese)Google Scholar
- Wen T (2001) An analysis of cyclical economic crisis and its responsive polices. http://www.macrochina.com.cn/zhtg/20010608007807.shtml (in Chinese)
- Wen T (2012) Eight crises: lessons from China (1949–2009). Dongfang, Beijing (in Chinese)Google Scholar
- Wen T, Gao J, Zhang J (2015) Double export by China to the US and its new changes. Econ Theory Bus Manag 7 (in Chinese)Google Scholar