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Perceiving Truth and Ceasing Doubts:What Can We Learn from 40 Years of China’s Reform and Opening up?
2018-05-26 15:59:00

China & World Economy / 1–22, Vol. 26, No. 2, 2018

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Perceiving Truth and Ceasing Doubts:
What Can We Learn from 40 Years of
China’s Reform and Opening up?

Fang Cai

 

Abstract

China’s reform, opening up and resultant economic growth in the past 40 years haveled to the accumulation of an immense array of experiences, which economists areobligated to look into, analyze and theorize upon. In fact, the rich literature in thisarea has positively assessed and documented China’s successful experiences. However,theories that were established in Western countries have been applied as doctrine tojudge China’s experiences. By adopting an analytical framework unifying historicallogic and theoretical logic, the purpose of this paper is to reveal the unique Chineseexperience and its relevance to the general laws of economic development. Based on theexperiences of and in reference to research findings about China, this paper chroniclesthe process of reform, opening up and economic growth, and analyzes the nexus betweenthem. The study demystifies how the incentive mechanism, the factor accumulation andallocation system, market development, and macro policy environment reforms havespurred China’s economic growth, structural changes and the increase in productivity.The changes in development stage are examined and policy implications for furtherreform are discussed.

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