Deepak Lal: The dangers ahead

From Business Standard:

In my last column I delineated the sources of the Chinese miracle: high savings, the growth of labour-intensive small-scale non-state rural export industries in town and village and individual enterprises, a massive increase in infrastructure, a large unilateral liberalisation of foreign trade, and the market determination of nearly all domestic commodity prices.

This labour-intensive growth allowed the transfer of a vast amount of low-wage labour from both the rural sector and the declining state-owned enterprise (SOE) sector.

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