India’s and China’s Recent Experience with Reform and Growth

This volume looks at the recent growth experiences of China and India, highlighting what has worked and what more needs to be done to ensure sustained rapid growth and poverty reduction.

China and India already rank among the world’s largest economies, and each is moving rapidly towards the centre stage of the global economy. In this process different priorities have been placed on economic reforms in the past two decades – China taking a more outward strategy and India, until recently, a more inward one. Can they continue to rank among the fastest expanding economies? This volume addresses the issue, highlighting what has worked and what more needs to be done to ensure sustained rapid economic growth and poverty reduction. Addressing the two countries’ recent experiences with growth and reform, this book provides important insight for other developing economies.

WANDA TSENG is Deputy Director in the Asia and Pacific Department of the International Monetary Fund (IMF). She has wide experience in Asia, having worked on the region for over twenty years, and has published papers on macroeconomic policy issues and financial liberalization in Asian countries, economic reforms in China, and trade policy in industrial countries.
DAVID COWEN is Senior Economist in the Regional Office for Asia and the Pacific of the IMF. He has also worked in the Asia and Pacific Department of the IMF, most recently on the India desk. He has extensive experience on macroeconomic and structural issues in low-income and transition economies, and was one of the main organizers of the conference on China and India in New Delhi in November 2003.

India and China: An Essay in Comparative Political Economy–M.Desai * India’s Growth Experience–K.Singh & S.Bery * China’s Economic Growth and Poverty Reduction (1978-2002)–H.Angang, H.Linlin & C.Zhixiao * Reform Strategies in the Indian Financial Sector–S.Bhattacharya & U.R.Patel * Financial System Reform and Economic Development–C.Yuan * Bank Financing in India–A.Banerjee, S.Cole & E.Duflo * Trade Liberalization and Its Role in Chinese Economic Growth–N.R.Lardy * India in the 1980s and 1990s: A Truimph of Reforms–A.Panagariya * Effects of Financial Globalization on Developing Countries: Some Empirical Evidence–E.Prasad, K.Rogoff, S-J.Wei & M.A.Kose * Understanding India’s Services Revolution–J.Gordon & P.Gupta * Capital Account Controls and Liberalization: Lessons for India and China–J.Anderson * Capital Account Liberalization: The Indian Experience–N.Jadhav