Development stages and turning point
Economic development of any country, if not always stagnant, will surely experience different development stages. For economists and policymakers, judging such economic development stages is most easily confused with the unchanged economic development stages in which economy fluctuates. Fundamental changes have taken place in China’s economic development stages. Not only was the Lewis turning point stepped over, but also the demographic dividend began to disappear rapidly, which would eventually present as decreased potential output capacity on the supply side. Many early development economists have a common characteristic. They were keen to divide economic development into different stages. Opinions have been varied on the division of development stages from the day the theory was born, and it has caused fierce debates among scholars. Besides, with gradual fading out of development economics after the 1970s, neoclassical growth theory has occupied the mainstream status correspondingly.