China’s economic emergence: Possible lessons for large developing nations
One of the most significant contemporary world economic events has been the rapid emergence of the Chinese economy over the past 30 years. Not only has China attained a rapid pace of growth, the speed of institutional change and the extent of the impact of the market economic system in such a large nation as China has also been rare if not unprecedented in the world history. What is the significance of China’s economic emergence from a historical perspective? What are the central challenges facing the Chinese economy going foreword into the next 30 years? What are the possible lessons we can take from China’s experience for other nations aspiring to achieve significant economic development? These are the issues we attempt to explore in this chapter.