ABSTRACT
The reform of China’s economy and business environment and the opening up to the outside world over the last 25 years have occurred against a backdrop of increasing globalization and integration into the world economy. Indeed, we will argue that it is likely that the latter changes have been the driving force behind the former. Most observers of China’s reforms are united in the view that these have been successful in terms of promoting economic growth and improving the living standards of the masses, often with reservations vis-a-vis the increasing inequality of income and wealth. Few would question that the average Chinese is better off today than when the market reforms commenced in the late 1970s. ‘Winners’, on the whole, are likely to outnumber ‘losers’.
