Since the late 1970s China has undergone a fundamental transformation from a centrally planned economy based on public ownership to a market-oriented, increasingly private economy. Three factual aspects of this process of change are noteworthy. It began in the immediate aftermath of what is...

Over the last three decades, China's product, labor, and capital markets have become gradually more integrated within its borders, although integration has been significantly slower for capital markets. There remains a significant urban-rural divide, and Chinese cities tend to be under-sized by...