{"title":"Special Deals with Chinese Characteristics","authors":"C. Bai, Chang-tai Hsieh, Zheng Song","doi":"10.1086/707189","DOIUrl":null,"url":null,"abstract":"Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive personal benefits, either political or monetary, from providing special deals. Competition between local governments limits the predatory effects of special deals.","PeriodicalId":51680,"journal":{"name":"Nber Macroeconomics Annual","volume":"34 1","pages":"341 - 379"},"PeriodicalIF":7.5000,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1086/707189","citationCount":"89","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Nber Macroeconomics Annual","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1086/707189","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 89
Abstract
Chinese local governments wield their enormous political power and administrative capacity to provide “special deals” for favored private firms. We argue that China’s extraordinary economic growth comes from these special deals. Local political leaders do so because they derive personal benefits, either political or monetary, from providing special deals. Competition between local governments limits the predatory effects of special deals.
期刊介绍：
The Nber Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields.
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