Abstract
By analyzing the systemic causes of official corruption and reform-induced inflation, this paper explores the future path of changes in the Chinese economic system. This analysis suggests that as a product of arbitrage opportunities in resource allocation, official corruption can only be eliminated as the hybrid system evolves into a predominantly market economy. Furthermore, albeit necessary, price reforms alone are not sufficient to create a competitive market economy. Both ownership reforms and structural changes caused by new market entries are needed. It is suggested that the hybrid is a system of transition and the marketization of the Chinese economy will continue as the non-state-owned sector increases its share in the economy.
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