ABSTRACT
It is both a distinction and a challenge to contribute a chapter honoring Professor Gregory Chow, especially in this conference devoted to the Mainland Chinese economy. As a leading econometrician and a researcher with deep insight, Professor Chow himself has contributed greatly to this subject. In addition, there already exists a voluminous literature on the institutions and economic performance of China. As a novice to this area, I shall focus on some aspects that are closely related to my background and less studied by others.
