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China's Challenge: From Market Socialism to Market Liberalism
This article analyses the present state and future prospects of the process of economic liberalisation in China. The author examines the start of the process, characterised by a bottom-up approach through experiments at a local level and, tacitly, at national level. The process has given China considerable economic growth, with the emergence of a very lively private sector of the economy, albeit strongly penalised from the legal point of view. However, to consolidate and improve the results achieved, implicit consensus for privatisation is no longer enough. It is now necessary to deliberately create a legal order favourable to the market and capable of eliminating residual restrictions on private economic activity, liberalising the financial market, asserting the principal of legality and the rule of law, and protecting economic freedom at a constitutional level.