Structural changes and economic growth in China over the past 40 years of reform and opening-up

Xiahui Liu

China Political Economy, 2020, vol. 3, issue 1, 19-38

Abstract: Purpose - During the process of reform and opening-up, the structural transformations of the Chinese economy have two significant leaps forward and demonstrate a process of “rural area–industrialization (urban industry and rural industry)–urbanization” development powered by the main engine of economic growth. Design/methodology/approach - These two leaps forward resulted in transitions of economic structure in China. In the author’s view, structural transformations are closely related to China's economic reforms and can be divided into clear phases. Findings - The structural transformations have two significant leaps forward and demonstrate a process of “rural area–industry (urban industry and rural industry)–urban area development” powered by the main engine of economic growth. Originality/value - This paper reviews and summarizes the development and structural transformations in China’s economy over the last 40 years. The author believes that China’s economic miracle is accompanied by dramatic changes in its economic structure, which is particularly characterized by the ongoing process of transition from a traditional agricultural economy into a country with high industrial output, from industrialization into urbanization and from a planned economy into a market economy.

Keywords: Reform and opening-up; Structural transformations; Economic growth (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:cpepps:cpe-05-2020-0010

DOI: 10.1108/CPE-05-2020-0010

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