Development Management Progress and Challenges in the People's Republic of China

Abstract

The People's Republic of China’s (PRC) transition to a market economy has put extraordinary demands on the Government to change the fiscal, policy, and regulatory environment into one that is appropriate for managing a modern market economy. Over the past decade the Government has made rapid progress in developing an economic management framework with modern institutions and practices. A series of reforms have improved public administration by reducing the Government’s role, increasing the private sector’s role, decentralizing power, and making use of market forces to improve productivity and efficiency.