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The Parameter and Paradigm of Chinese Reforms
Abstract
The unparalleled growth in the last couple of decades had made China the powerhouse of the global economy. However, this economic miracle is coupled with many socio-economic challenges – such as inequalities and disparities, problems of land and water availability and increasing demand for social sector services. Moreover, growth has slowed somewhat in recent years in the wake of global economic downturn. The new Chinese leadership taking reins in March 2013 has embarked upon a route of wide-ranging economic, social and structural reforms. These reforms target improving of the state owned enterprises (SOEs), further easing of private economic activities, tackling corruption and mismanagement, rule of law, and focus on social security and provision of basic needs. Efforts are also being made to enhance domestic demand instead of single-headed stress on export-oriented growth. These reforms will not only help balance China's economic growth, but will also create new opportunities for the rest of the world in terms of increased demand. Moreover, these reforms are expected to take the country towards realization of the much talked about ‘Chinese Dream.’ However, transparency and relatively more social freedom will be inevitable.
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