Transformation of the Growth Mode: What Must Be Changed?

LIU Shijin1 (刘世锦)

 
Editorial note:

That the Chinese economy has been burgeoning for nearly 30 years is an irrefutable fact. However, this robust growth has been achieved amidst accusations of “extensive” development and “low-efficiency”. Many scholars believe that low-priced labour is pivotal to China’s rapid growth. Even so, we find it hard to explain why China has been able to achieve sustained growth while so many countries with even lower labour costs remain trapped in poverty. The following article offers a new perspective upon this paradox.

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