The November 1987 Kathmandu Summit ‘ of the leaders of the SAARC countries seems to have accepted the principle that efforts of these countries to operationalize ‘regional cooperation can only be helped – by including the economic dimensions of regional cooperation at some future date in the official SAARC action plan.
Many serious writings in Chinese journals during the last two years have started characterizing the emerging poli¬tical economy in China as ‘Market Socialism’. This new formulation refers to a system where there is planned econo¬mic development but it is at the same time responsive to the market; the princi¬ple of distribution is ‘each according to his work’, but interpreted as adequately giving material incentives for higher labour productivity; and while public ownership remains predominant, diverse forms including cooperative, individual and joint forms of ownership would be promoted.