The first revolution in the Chinese countryside was the land reform implemented in the 'liberated areas' and extended throughout China after the proclamation of the People's Republic of China in 1949. This was important in the consolidation of the Communist Party's political power.

The second revolution was the decollectivization of agriculture and the shift to the household responsibility system as a basis for agricultural production. The phenomenal increase in Chinese agricultural output from 1978 to 1984 resulted partly from the new system of production and with a resulting explosion of farm incomes.

The second revolution in the Chinese countryside from the late 1970s set the scene for the third revolution: the freeing of markets for farm products and the linking of domestic markets and international markets. The third revolution is still in progress and this book explores its beginnings.

Initially, the book covers the issues of poverty in China and feeding the population. The second section describes the agricultural markets in China and the price reform of agricultural products. The next two parts discuss international and regional issues of China's agricultural economy. Finally there are contributions on what institutional changes have been associated with the third agricultural revolution.

The contributions are from a team of experts on the Chinese economy from inside and outside China led by Professor Garnaut.