Annual Report 2003–04

傑出 O R e P r 社會 F a o f S o S c i 中 國 經 濟 改 革 研究 Study on China's Economic Reform 研 究由李宏彬敎授負責，研究資助局與 福特基金會資助，結果顯示政府退出 經濟領域，社會的經濟便大有可為。研究 更首次發現，中國中央政府通過人事調 控來刺激經濟發展，這亦解釋了為何改革 開始後，地方官員一直支持商業活動。 這項研究是最早開展關於中國私有化的實 證研究，結論是私有化的過程與品及信 貸市場的發展有關連，但與中央的政策 無關，而統計更證明中國國有銀行歧視私 有企業。所有研究結果都指出，中國要保 持經濟活力，政府更要退出經濟活動。 這項研究為不斷發展的合约理論和轉型經 濟理論提供了難得的證據，不止有助了解 快速發展的中國經濟，更在政策制定方面 有很高的參考價值。研究結果已刊於或 將刊於《發展經濟學雜誌》 、 《比較經濟學 雜誌》、英文《中國季刊》和《公共經濟學 雜誌》等頂尖期刊上。 This project, headed by Prof. Li Hongbin and funded by the RGC and the Ford Foundation, focuses on the link between economic success and government disengagement. It is the first such project to point out why local leaders have been playing such a strong pro-business role since the beginning of the economic reforms, demonstrating empirically that the Chinese central government has, since that time, been promoting leaders on the basis not only of loyalty, but more critically, of effectiveness in developing the local economy. The research is also the first to subject China's massive privatization programme to an empirical examination, and to link the process of privatization with the development of product and credit markets. The study also provides statistical evidence that state banks discriminate against private firms in China. A ll research results are in favour of continued decentralization as the key to maintaining China's economic dynamism. The research provides rare evidence to the growing theoretical literature on contracting and economic transition. The importance of the research results is recognized both by policy-makers inside China and economists seeking to understand the rapidly evolving Chinese economy. The results have been published in top journals including the Journal of Development Economics, Journal of Comparative Economics, China Quarterly, a n d t h e Journal of Public Economics. 研究 Research 53