Chinese Fiscal Policy: A Critical Review of Zhang Hao‘s “Fiscal Policy in China“52

Fiscal Policy in China by Zhang Hao is a comprehensive overview of the fiscal policies implemented by the Chinese government since the establishment of the People's Republic of China in 1949. The book provides a detailed analysis of the different fiscal policies that have been used to achieve the government's economic and social goals, and it offers a critical assessment of their effectiveness.

One of the strengths of Zhang's book is its historical perspective. He traces the development of fiscal policy in China from the early days of the People's Republic to the present day, and he shows how fiscal policy has been used to address the different challenges that the Chinese economy has faced over time. This historical perspective is essential for understanding the current state of fiscal policy in China, and it provides valuable insights into the challenges that the government is likely to face in the future.

Another strength of Zhang's book is its focus on the political economy of fiscal policy. He shows how fiscal policy is not simply a technical matter, but is also a political process that is shaped by the interests of different groups in society. This political economy perspective is essential for understanding the reasons why certain fiscal policies are adopted and others are rejected, and it provides a more nuanced understanding of the role of fiscal policy in the Chinese economy.

However, there are also some weaknesses in Zhang's book. One weakness is that it is overly descriptive in places, and it sometimes lacks a clear analytical framework. This can make it difficult for readers to follow the argument and to see the overall significance of the different fiscal policies that are discussed. Another weakness is that the book is somewhat dated, and it does not cover the most recent developments in fiscal policy in China.

Overall, Fiscal Policy in China is a valuable contribution to the literature on fiscal policy in China. It provides a comprehensive overview of the different fiscal policies that have been used by the Chinese government, and it offers a critical assessment of their effectiveness. However, the book is somewhat dated, and it lacks a clear analytical framework. Despite these weaknesses, Fiscal Policy in China is a valuable resource for anyone who is interested in the Chinese economy and the role of fiscal policy in its development.

2024-10-21

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