Economic cycles and crises in new China

Tiejun WEN, Kin Chi LAU, Erebus WONG, Tsui SIT

Research output: Book Chapters | Papers in Conference ProceedingsBook Chapter


China’s progress in the past 68 years is depicted as a completion of primitive capital accumulation and then procession into industrial expansion and adjustment. In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is not exceptional to most industrialized countries. China has experienced ten crises since the founding of the People’s Republic.

In China’s 68-year history of industrialization, it can be observed that as a rule whenever the cost of crisis could be transferred to the rural sector, the capital-intensive urban industry sector could achieve a “soft landing,” and the existing institution could be maintained. When this did not happen, the crisis took a “hard landing” in the urban sector. Major fiscal reforms and even reforms on the economic system resulted.

From an international geopolitical perspective, this chapter endeavors to contextualize China’s “particular” historical experience in the general process of capitalist development.
Original languageEnglish
Title of host publicationBusiness cycles in BRICS
Place of PublicationCham
Number of pages22
ISBN (Electronic)9783319900179
ISBN (Print)9783319900162
Publication statusPublished - May 2019

Publication series

NameSocieties and Political Orders in Transition
ISSN (Print)2511-2201
ISSN (Electronic)2511-221X


  • China
  • Cyclical economic crises
  • Cost transfer
  • Sannong

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    WEN, T., LAU, K. C., WONG, E., & SIT, T. (2019). Economic cycles and crises in new China. In S. SMIRNOV, A. OZYILDRIM, & P. PICCHETTI (Eds.), Business cycles in BRICS (pp. 153-174). (Societies and Political Orders in Transition). Springer.