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A POLITICAL ECONOMY ANALYSIS OF THE CHINESE SYSTEM OF SOCIALIST MARKET ECONOMY

In order to do political economy analysis, one should not only consider purely economic and political factors. Certain other relevant non- economic institutional factors such as history, religion, culture, national ideology, political identity and even climate are of at least equal importance. They contribute to a society's definition of its interests, influence its behavior, and in turn, shape the unique economic pattern of the individual county with the help of those purely economic factors within the country. Those economic factors, such as labor force, natural resources, monetary capital, technological knowledge, etc., alone cannot decide what kind of goal they would pursue in developing their national economy, nor which economic path the country would take. Due to different experiences each country had in its past, they tend to have their own ideals, values, beliefs which would influence the political path they chose for themselves. Chinese economy is a socialist economy in essence, at least according to the Chinese Government and the Communist Party of China. Chinese economy is also, at least partially, a market economy which transformed from planned economy. The feature and characteristics of Chinese economy, i.e., socialist market economy, are deeply influenced by the political factors such as national political science (philosophy ideology), official religion (or the lack of) and historical experience. In order to understand the Chinese economy and its future paths, it is important to study those factors.

Chinese economy ; institutions ; political economy ; socialist market economy

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