Das chinesische Akkumulationsmodell und die Hilflosigkeit der traditionellen Entwicklungstheorien
The gradual character of the Chinese transition process was much more successful than the transition in Russia. The basis for high growth in China can be found in high investment. The latter was driven by state-owned enterprises (SOEs). But since several years SOEs have been realising high losses and have to be restructured. China seems to enter a new stage of development towards a capitalistic economy. These developments are not without economic and political risks. Traditional development theories have great difficulties to understand and to explain the Chinese development.