Economic Cycles and Crises in New China

  • Tiejun Wen
  • Kin Chi Lau
  • Erebus Wong
  • Tsui Sit
Part of the Societies and Political Orders in Transition book series (SOCPOT)


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.


China 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).


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Copyright information

© Springer International Publishing AG, part of Springer Nature 2019

Authors and Affiliations

  • Tiejun Wen
    • 1
    • 2
    • 3
  • Kin Chi Lau
    • 4
    • 5
    • 6
  • Erebus Wong
    • 7
  • Tsui Sit
    • 8
  1. 1.Institute of Advanced Studies for SustainabilityRenmin University of ChinaBeijingChina
  2. 2.Institute of Rural Reconstruction of ChinaSouthwest UniversityChongqingChina
  3. 3.Institute of Rural Reconstruction of the StraitsFujian Agriculture and Forestry UniversityFuzhouChina
  4. 4.World Forum for AlternativesDakarSenegal
  5. 5.Global University for SustainabilityHong KongChina
  6. 6.Department of Cultural StudiesLingnan UniversityHong KongChina
  7. 7.Kwan Fong Cultural Research and Development ProgramLingnan UniversityHong KongChina
  8. 8.Institute of Rural Reconstruction of ChinaSouthwest UniversityChongqingChina

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