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1、InternationalLabourReview,Vol.150(2011),No.1–2Labourmarkettransition,incomeinequalityandeconomicgrowthinChinaMingLU*andHongGAO**Abstract. After“openingup”in1978,Chinafollowedadevelopmentstrategythathasledtointernalandexternaleconomicimbalances,especiallysinceitslabourmar-ketreformofthemid-1990sandt
2、heresultingsurgeinrural-to-urbanmigration.Lowlabourcostsemergedasitsmaincomparativeadvantage,butitsover-relianceonexportsforgrowthwasstarklyexposedbytheglobaleconomiccrisisof2008.This,coupledwithwideningincomedisparities,couldjeopardizethesustainabilityofChina’sgrowthunlessitadjustsitsreformanddevel
3、opmentstrategiestopromoteincomeequalityanddomesticconsumption.TheEmploymentContractLawinforcesince2008couldsignalinstitutionalchangeintherightdirection.Openeconomies,includingChina,arestillgrapplingwiththelessonsandafter-effectsofthesubprimecrisiswhichbeganinAugust2007.Thiscri-siswasprimarilytrigger
4、edbyindividuals’consumptionandsavingsbehaviourandtheresultingtradeimbalances,mainlybetweenChinaandtheUnitedStates.ComparedwithGDPgrowth,domesticconsumptioninChinahasindeedincreasedonlymodestlyoverthepast30years,partlyasaresultofwideningincomeinequality,producingaseculardeclineintheconsumption–GDPrat
5、io.China’slowdomesticconsumptiontogetherwithitshugeproduc-tioncapacityhaveledtoover-dependenceonincreasedexportsforgrowth,asituationfurtherentrenchedbythelowlabourcostsunderpinningthecom-parativeadvantageofChineseproducts.Sincethemid-1990s,Chinahasmaintaineditslowlabourcoststhroughlarge-scalerural-t
6、o-urbanmigrationandurbanlabourmarketreforminresponse*FudanUniversityandZhejiangUniversity,email:lm@fudan.edu.cn. **FudanUniver-sity,email:gaohongfd@gmail.com. ThisarticledrawsonanearlierADBIWorkingPaperbytheauthors(seeLuandGao,2009).ResearchsupportfromtheAsianDevelopmentBankInstitute(ADBI),the
7、MinistryofEducationofthePeople’sRepublicofChina(10YJA790126),theFudanLabofChinaDevelopmentandtheShanghaiLeadingAcademicDisciplineProject(B101)isgrate-fullyacknowledged,asarehelpfulcommentsfromtheparti
