ABSTRACT
Over the past three decades of reform and opening up to the outside world, remarkable economic growth has been achieved in China and has drawn considerable world attention. The question of how to explain the phenomenon that has been taking place in China and the road China has taken towards its modernization has been the focus of attention from worldwide economists and experts from various other fields. Some economists have even come to predict that whoever can explain China’s economic development is definitely entitled to the honor of the Nobel Laureate in economics.
