Winding Chinese Economic Reforms

Naughton

First Phase: Decentralization

1978 - 1992

Second Phase: Centralization*

1992 - 2003

Hsueh

Liberalization

1978 - 1983

Reregulation

1984 - 1991

Liberalization

1992 - 1997

Reregulation

1998 - 2001

Liberalization

2002 - 2005

Reregulation

2006 - 2010

Rudolph: Securities Regulation

Open: Wild West

1981 - 1989

Close: Tiananmen

1989 - 1991

Open: Deng Tours South

1992 - 1994

Close: Zhu Regime

1995 - 2003