China's Market System as I observed during the last decade

China's Market reforms began with leasing of farmland and allowing farmers to sell increasing amounts of their output at market-determined rather than state-set prices. Subsequent reforms included the establishment of townshiop and village enterprises and urban collectives as types of private enterprises and the setting up of special enterprise zones open to international trade and direct foreign investment. More recently, China's reforms have involved development of support and control institutions for the market system and the corporatization of state-owned enterprises via issuance of stocks on NYSE. Many electronic products and other goods are sold in American stores for reasonable prices to benefit consumers.

Shanghai is going to be the Center of International Finance and Maritime Center in the years to come. World Exposition will take place in May 2010. I have been lecturing economics in many cities in China to observe such great progress almost every year since 1981 especially the last three years including the months of February and November 2009 as a witness of the market system in operations.

Francis Shieh aka Xie Shihao on Tuesday, December 22, 2009 at 7.12 p.m.