By Zhongmin Wu

China's economic system maintains to develop at a superb expense, with very important effects for China's society and setting, in addition to for the broader international economic climate. Reforms are being undertaken in lots of parts inside of China, either to inspire persisted financial development and in addition to mitigate the adversarial results of progress on society and the surroundings. This ebook, in keeping with wide unique study by way of a variety of major specialists, examines many key matters hooked up to China's financial development and its effect. matters coated among many others comprise: progress and inequality; labour marketplace reforms; technological techniques and their impression; employment, unemployment and coaching; and the hunt for financial improvement that's ecologically sustainable.

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The long-run elasticity of real wage to average labour productivity undergoes a structural break after 1999, rising from 68 per cent to 145 per cent. 2). 2 The log of the real wage and its fitted value. China’s structural changes and transition process 23 The deflators of urban and rural consumption undergo an upward shift in 1994. These breaks reflect the inflation outburst that occurred at the end of the dual-track price system. As explained by Chang and Hou (1997), price liberalization was accompanied by relative price adjustments that, given the downward rigidity of prices, were accomplished through increases in the prices of the previously undervalued products, thereby generating ‘structural’ inflation, correctly detected by the Gregory–Hansen procedure.

2 The log of the real wage and its fitted value. China’s structural changes and transition process 23 The deflators of urban and rural consumption undergo an upward shift in 1994. These breaks reflect the inflation outburst that occurred at the end of the dual-track price system. As explained by Chang and Hou (1997), price liberalization was accompanied by relative price adjustments that, given the downward rigidity of prices, were accomplished through increases in the prices of the previously undervalued products, thereby generating ‘structural’ inflation, correctly detected by the Gregory–Hansen procedure.

2). 2 The log of the real wage and its fitted value. China’s structural changes and transition process 23 The deflators of urban and rural consumption undergo an upward shift in 1994. These breaks reflect the inflation outburst that occurred at the end of the dual-track price system. As explained by Chang and Hou (1997), price liberalization was accompanied by relative price adjustments that, given the downward rigidity of prices, were accomplished through increases in the prices of the previously undervalued products, thereby generating ‘structural’ inflation, correctly detected by the Gregory–Hansen procedure.

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