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By Fang Cai

This publication explains why China’s opening-up coverage can advance the speedy development of its economic system. in keeping with concrete evidence and fiscal good judgment, it deals a quick creation to the heritage of China’s winning improvement, which has unprecedentedly helped increase people’s lives and neighborhood welfare over the last 30 years. In gentle of the newly rising difficulties, the writer assesses the several levels of China’s fiscal improvement and new demanding situations, illustrating how the country’s sustainable development should be accomplished via additional reforms that allows you to whole the transition from a middle-income to high-income kingdom. He strikes directly to speak about the teachings discovered from China’s studies and summarizes their importance for different constructing international locations, whereas additionally clarifying renowned misconceptions akin to the “China threat” and “Theory of China’s Collapse.” Taking the good judgment of monetary improvement as a foundation and applying financial norm research equipment, the publication describes China’s financial miracle in simple yet shiny language and makes an attempt to complement the industrial improvement concept via China’s experience.

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As to these matured economies which were on the neoclassical growth stage, every single step of material growth was dependent on technology advancement and productivity increase, so it’s quite performance to maintain such growth rates in long term. 86 % after 1990 and it was trapped in “two lost decades”. The reasons are explained in other chapters. In 2003, from the perspective of nation scale and economic growth, Goldman Sachs Group identified BRICs – Brazil, Russia, India and China – that had influential effects on the world economy and gained especial attentions from investors.

Economic Research Journal 10:62–68 Fang Cai, Zhao Wen (2012) When demographic dividend disappears: growth suitability of China. In: Masahiko Aoki, Jinglian Wu (eds) The Chinese economy: a new transition. Palgrave Macmillan, Basingstoke Fang Cai, Du Yang, Wang Dewen (2009) Research on issues of Chinese education reform and development strategy. In: Fang Cai (Chief editor) Report on China’s population and labor (no. 10) – reforming the education system to promote human capital. Social Sciences Academic Press, Beijing, pp 1–26 Gordon Chang (2001) The coming collapse of China (English version).

The question is not whether we need GDP, but what kind of methods we use to promote economic development. To address this core issue, the history rapid growth has successful experience and useful lectures deserving second thoughts. Chinese and foreign economists have various interpretations about “China miracle” created in last 30 years after the reform and opening up. Economists correlate China’s economic reform and development outcomes with the discussion on the reform target pattern such as Washington Consensus and Beijing Experience; with the discussion on the reform mode such as progressive reform and radical reform; with the discussion on the relation of government and market such as authority institution and neutral government.

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