Institute of New Structural Economics at Peking University.
Jiajun Xu is an Assistant Professor and the Executive Deputy Dean of the Institute of New Structural Economics at Peking University, and the Invited Researcher at the Public Policy Research Center of the Counsellors’ Office of the State Council of China. Jiajun worked in the United Nations and the World Bank and currently acts as the General Secretary of the Global Research Consortium on Economic Structural Transformation. She is also the co-coordinator of the International Research Initiative on Development Financing Institutions Working Groups. Her research focuses on development financing and global economic governance. Jiajun holds a DPhil (PhD) from the University of Oxford.
International Advisory Committee of the China International Development Research Network (CIDRN)
Richard Carey is a former OECD Director of Development Cooperation. He is currently Chair of the International Advisory Committee of the China International Development Research Network (CIDRN) in Beijing, and a Senior Fellow at the African Centre for Economic Transformation (ACET) in Accra, Ghana. In his work with the OECD Development Assistance Committee (DAC), he was highly involved in development policy and practice issues for more than 30 years. He was a member of the IDS Advisory Committee on Rising Powers and a founding
co-chair of the China-DAC Study Group in 2009. Carey holds an MSc (Econ) (London School of Economics and Political Science).
Published: November 26, 2021
In this article, we explore the impacts, actual and potential, of China’s development experiences upon development thinking and policies elsewhere. New Structural Economics, a theoretical innovation by Professor Justin Yifu Lin drawing on a longer tradition of pragmatic ‘learning by doing’ development strategies, provides a framework in which three agendas stand out: structural transformation as a policy priority; the return of industrial policy; and the use of Special Economic Zones. We integrate related drivers of growth in China: rapid urbanisation pulling in massive rural migration in an economic transformation process; the financing of provincial and city governments by improvised local government financing vehicles based on rising urban land values; and competition and accountability processes in China’s subnational governance system. While China’s experiences cannot be directly replicated elsewhere, we argue that lessons on why and how to achieve structural transformation are relevant for other developing countries, especially in fast urbanising and integrating Africa.