ABSTRACT
China has been one of the world’s fastest growing economies in the past 20 years and has also achieved remarkable progress in the institutional transformation towards a market system. However, at the same time, people have kept asking throughout those 20 years, just as they do at the present moment, (1) where China is heading or transiting to, both in the next step and in the long-term perspective, and (2) whether China is likely to collapse due to any of the current economic, social and political problems.
