Abstract
Since February 1985, China has permitted producer goods exchange at two different prices: a state-set price, for centrally rationed supplies, and a higher free-market price. The paper describes the origins of this system and its development from 1981 to 1985. The authors argue that its disadvantages outweigh its advantages, but that it is acceptable as a temporary, transitional device. J. Comp. Econ., September 1987, 11(3), pp. 309–318. Economic, Technical, and Social Development Research Center, Beijing, China; Economic Research Institute, Chinese Academy of Social Sciences, Beijing, China.
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