Regional Economic Development in China

Title Page, Copyright Page

ii The฀ Saw฀ Centre฀ for฀ Financial฀ Studies฀ was฀ established฀ at฀ the฀ National฀ University฀of฀Singapore฀on฀1฀December฀2003.฀The฀Centre฀is฀named฀after฀ a฀distinguished฀NUS฀alumnus฀Professor฀Saw฀Swee-Hock,฀whose฀generous฀ endowed฀ gift฀ has฀ enabled฀ the฀ founding฀ of฀ this฀ Centre.฀ The฀ Saw฀ Centre฀ is฀situated฀within฀the฀vibrant฀community฀of฀the฀renowned฀NUS฀Business฀ School.฀ The฀ Saw฀ Centre’s฀ purpose฀ is฀ to฀ conduct฀ quality฀ research,฀ educational฀ activities฀and฀training฀programmes฀related฀to฀the฀financial฀services฀industry฀ in฀the฀Asia฀Pacific฀region.฀With฀the฀resources฀of฀the฀university฀and฀active฀ contribution฀ from฀ industry฀ professionals,฀ it฀ is฀ a฀ resource฀ centre฀ that฀ will฀ benefit฀both฀academics฀and฀practitioners.฀ The฀ Saw฀ Centre฀ also฀ hosts฀ visiting฀ academics฀ with฀ the฀ Department฀ of฀ Finance฀ at฀ the฀ NUS฀ Business฀ School฀ for฀ the฀ purpose฀ of฀ teaching฀ and฀ research. The฀East฀Asian฀Institute฀(EAI)฀was฀set฀up฀in฀April฀1997฀as฀an฀autonomous฀ research฀organization฀under฀a฀statute฀of฀the฀National฀University฀of฀Singapore.฀ It฀is฀the฀successor฀of฀the฀former฀Institute฀of฀East฀Asian฀Political฀Economy฀ (IEAPE),฀ which฀ was฀ itself฀ the฀ successor฀ of฀ the฀ Institute฀ of฀ East฀ Asian฀ Philosophies฀(IEAP),฀originally฀established฀by฀Dr฀Goh฀Keng฀Swee฀in฀1983฀for฀ the฀study฀of฀Confucianism.฀The฀main฀mission฀of฀EAI฀is฀to฀promote฀academic฀ and฀policy-oriented฀research฀on฀contemporary฀China,฀including฀Hong฀Kong,฀ Taiwan฀and฀Macau,฀and฀other฀East฀Asian฀economies.฀The฀long-term฀vision฀ of฀EAI฀is฀to฀develop฀into฀the฀region’s฀foremost฀research฀institution฀on฀East฀ Asian฀development,฀with฀a฀strong฀focus฀on฀China.฀฀For฀more฀information฀ on฀EAI,฀please฀visit฀. The฀Institute฀of฀Southeast฀Asian฀Studies฀(ISEAS)฀was฀established฀as฀an฀ autonomous฀organization฀in฀1968.฀It฀is฀a฀regional฀centre฀dedicated฀to฀the฀ study฀of฀socio-political,฀security฀and฀economic฀trends฀and฀developments฀in฀ Southeast฀Asia฀and฀its฀wider฀geostrategic฀and฀economic฀environment.฀The฀ Institute’s฀research฀programmes฀are฀the฀Regional฀Economic฀Studies฀(RES,฀including ฀ASEAN฀and฀APEC),฀Regional฀Strategic฀and฀Political฀Studies฀(RSPS),฀ and฀Regional฀Social฀and฀Cultural฀Studies฀(RSCS). ISEAS฀ Publishing,฀ an฀ established฀ academic฀ press,฀ has฀ issued฀ almost฀ 2,000฀ books฀ and฀ journals.฀ It฀ is฀ the฀ largest฀ scholarly฀ publisher฀ of฀ research฀ about฀Southeast฀Asia฀from฀within฀the฀region.฀ISEAS฀Publishing฀works฀with฀ many฀other฀academic฀and฀trade฀publishers฀and฀distributors฀to฀disseminate฀ important฀research฀and฀analyses฀from฀and฀about฀Southeast฀Asia฀to฀the฀rest฀ of฀the฀world. 00฀RegEDC.indd฀฀฀2 7/29/09฀฀฀9:35:19฀AM Institute of Southeast Asian Studies Singapore EDITED BY SAW SWEE-HOCK AND JOHN WONG iv First฀published฀in฀Singapore฀in฀2009฀by฀ISEAS฀Publishing Institute฀of฀Southeast฀Asian฀Studies 30฀Heng฀Mui฀Keng฀Terrace Pasir฀Panjang Singapore฀119614 E-mail:฀publish@iseas.edu.sg฀ ฀ ฀ Website:฀ jointly฀with Saw฀Centre฀for฀Financial฀Studies NUS฀Business฀School National฀University฀of฀Singapore BIZ฀2฀Building,฀#04-01 1฀Business฀Link Singapore฀117592 and East฀Asian฀Institute National฀University฀of฀Singapore 469A฀Bukit฀Timah฀Road,฀ Tower฀Block฀#06-01 Singapore฀259770 All฀rights฀reserved.฀No฀part฀of฀this฀publication฀may฀be฀reproduced,฀stored฀in฀a฀retrieval฀system,฀ or฀transmitted฀in฀any฀form฀or฀by฀any฀means,฀electronic,฀mechanical,฀photocopying,฀recording฀ or฀otherwise,฀without฀the฀prior฀permission฀of฀the฀Institute฀of฀Southeast฀Asian฀Studies.©฀2009฀Institute฀of฀Southeast฀Asian฀Studies,฀Singapore The฀responsibility฀for฀facts฀and฀opinions฀in฀this฀publication฀rests฀exclusively฀with฀the฀authors฀and฀their฀ interpretations฀do฀not฀necessarily฀reflect฀the฀views฀or฀the฀policy฀of฀the฀publisher฀or฀its฀supporters. ISEAS฀Library฀Cataloguing-in-Publication฀Data Regional฀economic฀development฀in฀China฀/฀edited฀by฀Saw฀Swee-Hock฀and฀John฀Wong. 1.฀ Economic฀development—China. 2.฀ China—Economic฀policy—1976– I.฀ Saw,฀Swee-Hock,฀1931– II.฀ Wong,฀John฀C.฀H.,฀1939– HC428฀R33฀ 2009฀ ISBN:฀978-981-230-941-9฀(hard฀cover) ISBN:฀978-981-230-942-6฀(PDF) This฀book฀is฀meant฀for฀educational฀and฀learning฀purposes.฀The฀author(s)฀of฀the฀book฀has/have฀taken฀all฀reasonable฀care฀to฀ensure฀that฀the฀ contents฀of฀the฀book฀do฀not฀violate฀any฀existing฀copyright฀or฀other฀intellectual฀property฀rights฀of฀any฀person฀in฀any฀manner฀whatsoever.฀In฀ the฀event฀the฀author(s)฀has/have฀been฀unable฀to฀track฀any฀source฀and฀if฀any฀copyright฀has฀been฀inadvertently฀infringed,฀please฀notify฀the฀ publisher฀in฀writing฀for฀corrective฀action. Typeset฀by฀International฀Typesetters฀Pte฀Ltd Printed฀in฀Singapore฀by฀Utopia฀Press฀Pte฀Ltd 00฀RegEDC.indd฀฀฀4 7/29/09฀฀฀9:35:20฀AM ...