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China's Political Economy in the Nineties

From a bird’s eye perspective there appear to be a number of issues in the PRC’s economic development and debate that crop up time and again. At the macro-level these issues primarily concern the role of accumulation, the relationship between the main sectors of the economy, plan versus market and the ownership system. This paper argues that the reason why these questions continue to play a major role in Chinese political economy is that China has not yet succeeded in breaking away from the Soviet development strategy which was adopted and implemented since the early fifties. This strategy imposes a set of priorities for state and party action, a high accumulation rate, industry over agriculture, heavy industry over light industry, speed over proportionality and balance, and the primacy of central planning and state ownership. The post-Mao period saw the implementation of a ’readjustment’ policy focusing on a more balanced and proportionate development of the economy and less emphasis on heavy industry and accumulation. At the same time