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China’s Political Reform: A Property Rights Interpretation

Authors: Gary H. Jefferson, Jun Zhang

Abstract: Over the past three decades, China’s political leadership has retained legitimacy in large part due to the country’s robust economic growth and rising living standards.  Economic prosperity was achieved by reassigning a range of property rights from the state to individuals and thereby incentivizing much of China’s population.  China’s economic transformation, which had been characterized as “reform without losers,” however, has increasingly involved negative spillovers from high growth, including rising income inequality, environmental degradation, and corruption, that have contributed to the emergence of disparate economic interests.  These economic changes are shifting the role of the political system from that of managing overall economic reform and growth to that of mediating among competing economic interests.  Increasingly, through a variety of channels, including local elections, greater independence of the judiciary, and the proliferation of NGOs, the political system is having to allow for challenges to its established authority.  This paper analyzes the progression of China’s political reform and the underlying economic conditions that drive it.

China’s Political Reform_A Property Rights Interpretation.PDF

 

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