China's Economic Development: Implications for the World

Cai Fang is one of China’s most distinguished economists. This book elucidates the worldwide significance of China’s economic development over the past 70 years from the perspectives of economic history and growth theory.

The Chinese economy has undergone an unprecedented period of growth and development since the reform and opening-up in the late 1970s; a process which the hallmarks of neoclassic economic theory have often proved inadequate to explain. Examining the Chinese economy in the light of Chinese history and the development of the world economy as a whole, the book charts the milestones and critical reforms of China’s economic development, providing insights into unique attributes as well as more generic patterns. The discussion covers multiple hot topics in the field, including the so-called Great Divergence, dual-sector economic development, real-world experience of the reform and opening-up, rural reform, urbanization, economic reform, poverty reduction, the latter day slowdown of China’s economic growth, and China¡¯s role in and response to globalization, global supply domination and other headwinds.

The book will be a must-read for students, scholars and general readers interested in the Chinese economy, economic development, political economy, and development economics.

Cai Fang is Academician of Chinese Academy of Social Sciences and Member of Monetary Committee of the People’s Bank of China. His main research areas include labor economics, population economics, economic growth, income distribution, China's economic reform, etc. His recent publications include China’s New Normal, Supply-side, and Structural Reform, Economics of the Pandemic: Weathering the Storm and Restoring Growth (editor), Demographic Perspective of China’s Economic Development, Perceiving Truth and Ceasing Doubts: What Can We Learn from 40 Years of China’s Reform and Opening-Up?, Routledge Handbook of the Belt and Road (editor-in-chief), among others.