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Theoretical Model of China’s Reform: Model Construction, Interpretation, and China’s Practices

In: The Innovation of Economic Theory in China

Author

Listed:
  • Zong Liang

    (Bank of China)

Abstract

The Third Plenary Session of the 11th CPC Central Committee in 1978 kicked off China’s reform and opening up. After more than 40 years of exploration, China has basically established a socialist market economy. This is an unprecedented system change. Generally speaking, China is a country with vast territory, multi-nations, and weak economic foundation. However, in a complex environment where domestic and international challenges are intertwined, it has completed a rare system transformation in human history in a relatively short period of time and achieved the goal of economic take-off and industrialization. So there must be experience worth summarizing. From an international perspective, many countries have promoted similar transformation or market-oriented reforms, but most of them have only achieved a short-term prosperity, and many have encountered major setbacks or failures in their reforms. Therefore, China’s successful experience in reform and opening up is particularly important and precious.

Suggested Citation

  • Zong Liang, 2026. "Theoretical Model of China’s Reform: Model Construction, Interpretation, and China’s Practices," Springer Books, in: The Innovation of Economic Theory in China, chapter 0, pages 339-369, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-2713-7_8
    DOI: 10.1007/978-981-95-2713-7_8
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