China’s real experience: the crises with subsequent soft-landing after the reform of 1978

Introduction Amongst countries with an aboriginal population of over 100 million, China is the only developing nation which has accomplished primitive capital accumulation and proceeded into industrial expansion and adjustment. China’s experience defies logical self-consistency if deciphered through the discourse forged by advanced countries in the stage of financial capitalism. In its pursuit of industrialization, China has endured cyclical macroeconomic fluctuation, which is unexceptional to most of the industrialized countries. China has experienced eight crises since the founding of the New Republic. This chapter endeavors to contextualize particularly the crises with subsequent soft-landing after the reform of 1978.