Stoyan Tenev
Economist with interest and experience in economic development, institutional economics, institutional change, private investments and financial sector development, market-based approaches to development and inclusion, China, economics of transition and evaluation.
less
Related Authors
InterestsView All (7)
Uploads
Papers by Stoyan Tenev
be left to the market of ideas. At the other extreme is the view that use is everything (Patton).
The key factor behind ChinaÂ’s growth is clear enough: private investment. The economy has excelled in encouraging both foreign and domestic private investment, and now contributes about 4% to overall world GDP. Local private companies have been the most dynamic investors in China. In recent years, investment by domestic private enterprises has been growing at close to 60% per annum. Accounting for just 15% of ChinaÂ’s fixed asset investment in the early 1980s, nonstate investment levels reached 65% of the total by 2004. Private-sector growth has transformed the economy in the course of less than two decades, in which China transitioned from complete reliance on state-owned collectives to a mixed economy where the private sector played a leading role.
Yet, according to most conventional business environment indicators, this phenomenal growth has taken place in a difficult business climate. For most of the post-1979 reform period, ChinaÂ’s laws and regulations discriminated against private enterprise. Only in 2004 did China amend its constitution to include, for the first time, protection of private property.
ChinaÂ’'s economic accomplishments seem to contradict the standard free-market prescriptions for high growth. The paper seeks to explain this seeming paradox.
Books by Stoyan Tenev
industry in China.
This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.
be left to the market of ideas. At the other extreme is the view that use is everything (Patton).
The key factor behind ChinaÂ’s growth is clear enough: private investment. The economy has excelled in encouraging both foreign and domestic private investment, and now contributes about 4% to overall world GDP. Local private companies have been the most dynamic investors in China. In recent years, investment by domestic private enterprises has been growing at close to 60% per annum. Accounting for just 15% of ChinaÂ’s fixed asset investment in the early 1980s, nonstate investment levels reached 65% of the total by 2004. Private-sector growth has transformed the economy in the course of less than two decades, in which China transitioned from complete reliance on state-owned collectives to a mixed economy where the private sector played a leading role.
Yet, according to most conventional business environment indicators, this phenomenal growth has taken place in a difficult business climate. For most of the post-1979 reform period, ChinaÂ’s laws and regulations discriminated against private enterprise. Only in 2004 did China amend its constitution to include, for the first time, protection of private property.
ChinaÂ’'s economic accomplishments seem to contradict the standard free-market prescriptions for high growth. The paper seeks to explain this seeming paradox.
industry in China.
This study seeks to provide an explanation of these remarkable growth stories, based on an empirical analysis of the macro and microeconomic factors underpinning industrial development. In doing so, it sheds a broader light on the economic development paths that China and India have taken since 1990, and also on the process by which developing economies can enter and succeed in new markets.