By Jiwei Lou, World Bank
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Extra resources for Macroeconomic reform in China: laying the foundation for a socialist market economy
Macroeconomic policy coordination remains weak. The current plan is to accelerate price reform, which will provide the best opportunity to comprehensively reform macroregulations. The State Council has decided that price reform is to be intensified in 1993 and completed in about three years, by which time a market-oriented mechanism to determine prices will be established. With prices liberalized, market reform of the real sector and enterprise management in particular, will move more rapidly. Without macroeconomic reform, conflicts between existing regulations and the enterprises and market, will be more severe, negatively affecting steady economic growth.
The problem is that during the transition, a new pattern of vested interests has developed and the "Chinese reality" is often used as an excuse to protect them, consolidating transitional systems and measures. These interests insist that establishing a standard system is idealist and out of touch with reality. However, we should learn from the principles, common practices and successful experiences that have been effective in many countries (such as tax-sharing systems, neutral tax systems, central bank independence, basic instruments of monetary policy and international models of foreign exchange regulations).
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