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Shahid Yusuf


China’s experience with economic growth since the start of reforms in 1979 can be divided into two periods. During the first, which extended through 1984, growth was driven by agriculture. Thereafter, much of the impetus has come from nonstate industry, primarily located in rural areas, and, to a lesser extent, from large, state-owned enterprises. As nonstate industry now accounts for over 52 percent of industrial output and has expanded at an annual average rate of 19 percent for the past six years, it is the principal determinant of economic performance. In the first quarter of 1993, the collective and private sector was responsible for 75 percent of China’s growth.

International Monetary Fund. External Relations Dept.

central issue is whether, on balance, the multinational corporation is an engine of growth or a generator of technological dependence and a suppressor of national enterprise growth and development. Global Reach is a powerful leavening to the loaf of literature on the positive contributions of multinational corporations to world development. Four major themes emerge in this critical appraisal of the trend in their activities: globalization, concentration, cross-subsidization, and destabilization. Each of these dimensions often has had profound effects on the

Eteri Kvintradze
The health of the Russian economy still depends heavily on natural resource revenues. The history of the economic collapse and recovery in 1970–2004 provides new evidence on the sources of Russian economic growth, while a survey of the economic literature suggests that the Russian economy could be viewed as a weighted combination of virtual and normal forces. If the Russian economy is considered to be dominated by normal market economy forces, higher energy export receipts provide an opportunity for structural reforms while compensating for social costs, making the economy less vulnerable to decline in world energy prices. However, the domination of virtual forces—value transfers from the energy sector to strategic enterprises—suggests that high world energy prices are masking an inefficient manufacturing sector, and that the Russian economy is highly vulnerable to energy price declines.