Market-Oriented Policies for the Development of Hainan

Executive Summary

by Charles Wolf, Jr., Don Henry, Charles Robert Roll, Jr., K. C. Yeh


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This report summarizes RAND research and recommendations for the strategic development planning of Hainan Island in the People's Republic of China. The recommendations are intended to assist the Hainan government in developing the economy along market-oriented lines. The emphasis is on the broad outlines of macroeconomic policies — in setting the fundamentals of fiscal, monetary, privatization, pricing, foreign exchange, and trade policies in a sound and mutually supporting direction and in drawing on the experience of the newly industrializing economies (NIEs) for relevant lessons. The authors discuss their analytic framework, which views economic reform as a systems problem; consider lessons drawn from other NIEs; review various major policy reforms, including currency, foreign exchange, and trade, and labor and capital market reforms; discuss fiscal reform, including both revenue and expenditure organizations and processes; and examine implementation issues, including feasibility, timing, and balance.

This report is part of the RAND Corporation Report series. The report was a product of the RAND Corporation from 1948 to 1993 that represented the principal publication documenting and transmitting RAND's major research findings and final research.

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