China's Macroeconomic Performance and Management During Transition
分析了中国1978年改革以来十五年的宏观经济表现，重点关注经济扩张速度和周期性波动的驱动因素，包括行政分权、固定资本投资、劳动力供给与质量、储蓄及外资流入。
Since reforms started in 1978, China has combined rapid growth with moderate price stability. This paper analyzes China's macroeconomic performance over the past fifteen years with special attention to factors responsible both for the pace of economic expansion and the periodic fluctuations. Regarding the former, the author identifies four sources of stimuli: administrative decentralization, high levels of fixed capital investment, the elastic supply and quality of the labor force, and the increasing volume of savings supplemented in recent years by a large inflow of foreign direct investment. Future growth with stability calls for controlling and implementing banking and fiscal reform.