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Article
Author(s)
CUI Shaozhong
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DOI:10.17265/1548-6591/2023.04.003
Affiliation(s)
China Foreign Affairs University, Beijing, P. R. China
ABSTRACT
China’s miracle of economic development reflects wisdom of the political economy of development with Chinese characteristics. The logic is the organic combination of development economics and political economy, and the systematic combination of such political factors as political parties, state, governments, planning, policies and such economic factors as specialization and market. The scientific research program inherent is the combination of state capacity building and large-scale market creation: State capacity incubates and promotes the formation of large-scale market, and they both have helped form a miracle of economic development. The conceptual framework can be summarized as five major dimensions: the state, the government, the planning, the policy, and the market. In terms of the state dimension, the leadership of the Communist Party of China (CPC) has cultivated strong state capacity; in terms of the government dimension, the functions of the central government and local governments are synergistic and complementary; in terms of the planning dimension, development planning has well coordinated with the market mechanism; in terms of the policy dimension, selective industrial policies have gradually changed into functional and inclusive industrial policies, bringing dramatic transformation of industrial structure and upgrade of industries; in terms of the market dimension, the market has been more and more in the dominant position in the allocation of resources, contributing to the economic takeoff.
KEYWORDS
state capacity, market creation, CPC, five-year plan, industrial policy, market mechanism
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