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China

World Bank

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Description:China has been reforming its price system in small incremental steps since 1979. By the early 1990s, this process had reached a fairly advanced stage. Nearly 70 percent of all consumer goods, in terms of sales value, have been deregulated and price controls have been lifted from all but 111 intermediary goods. Only 17 agricultural commodities remained subject to state price controls at the end of 1991, as against 110 in the early 1980s and no more than a third of agricultural output was purchased at fixed prices. The expanding role of the market has had a pervasive influence on decision-making: on the margin, resource allocation economy-wide is increasingly subject to market prices. The effect on this on the growth of productivity has been noticeable in both the primary and industrial sectors. Having achieved macroeconomic stability and restored growth momentum following the crisis of 1988/89, China began another round of price adjustments in late 1990. These adjustments, embracing transport tariffs, and the prices of industrial raw materials, agricultural commodities and grain, have been deliberately low-keyed so as to minimize the announcement effects that aroused destabilizing consumer expectations in mid-1988. Nontheless, they have successfully exploited the opportunities provided by a relatively benign macro environment, in substantially reducing relative price distortions in critical sectors and brought Chinese prices close to international ones. All this has been achieved with retail price inflation being held to single-digit levels in 1990-92. Remaining price distortions are concentrated in a few, but important areas such as energy, urban staple grains, raw materials, transport and housing services. This report examines the scope for reform in three of these - energy, grain, and transport - and proposes a policy agenda for the future, which combines price changes with other complementary reforms that would promote efficiency with the minimum risk of reigniting inflation.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with China. To get started finding China, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: 56

Format: PDF, EPUB & Kindle Edition

Publisher: World Bank Publications

Release: 1993

ISBN: 0FKyAAAAIAAJ

Description: China has been reforming its price system in small incremental steps since 1979. By the early 1990s, this process had reached a fairly advanced stage. Nearly 70 percent of all consumer goods, in terms of sales value, have been deregulated and price controls have been lifted from all but 111 intermediary goods. Only 17 agricultural commodities remained subject to state price controls at the end of 1991, as against 110 in the early 1980s and no more than a third of agricultural output was purchased at fixed prices. The expanding role of the market has had a pervasive influence on decision-making: on the margin, resource allocation economy-wide is increasingly subject to market prices. The effect on this on the growth of productivity has been noticeable in both the primary and industrial sectors. Having achieved macroeconomic stability and restored growth momentum following the crisis of 1988/89, China began another round of price adjustments in late 1990. These adjustments, embracing transport tariffs, and the prices of industrial raw materials, agricultural commodities and grain, have been deliberately low-keyed so as to minimize the announcement effects that aroused destabilizing consumer expectations in mid-1988. Nontheless, they have successfully exploited the opportunities provided by a relatively benign macro environment, in substantially reducing relative price distortions in critical sectors and brought Chinese prices close to international ones. All this has been achieved with retail price inflation being held to single-digit levels in 1990-92. Remaining price distortions are concentrated in a few, but important areas such as energy, urban staple grains, raw materials, transport and housing services. This report examines the scope for reform in three of these - energy, grain, and transport - and proposes a policy agenda for the future, which combines price changes with other complementary reforms that would promote efficiency with the minimum risk of reigniting inflation.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with China. To get started finding China, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

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