PEIXIN YANG’S ECONOMIC THOUGHT AND ITS OUTCOMES IN THE 1980s, EARLY IN CHINA’S REFORM, AND CHINA’S R

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During the initial period of reform,China’s prudent handling of the money-price relationship while simultaneously bringing inflation and unemployment under control had a far-reaching influence on economic theory as well as practical significance.The country’s successful experience constituted a miracle beyond the dreams of authoritative intational financial authorities and experts.The famous American Nobel Prize winner,the economist Milton Friedman,once said that anyone who could explain China’s success could win the Nobel Prize.In today’s complex world,with its recurrent financial turmoil and intensified threat of war,China’s successful experience in the early phases of reform has important significance for developing socialism with Chinese characteristics and maintaining the country’s economic and financial security and the interests of the great mass of the people.We should sum up this experience to strengthen confidence in our institutions,our path,and our theory.
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