China's Remarkable Economic Growth

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How has the Chinese economy achieved an extraordinary growth rate of ten percent per annum for over three decades? This well-integrated work combines economic theory, empirical estimation, and institutional analysis to explore this critical question. A central theme is the political economy behind China's emergence and maintenance as a "developmental state." The analysis delves into the causal processes influencing the evolution of China's institutions and policies, estimating cross-country and cross-province growth equations to identify both proximate and underlying determinants of growth. The book also investigates significant consequences of this growth, raising essential questions: Is the economy depleting its supply of unskilled labor? How and why has inequality increased? Has economic growth contributed to overall happiness? What are the social costs associated with prioritizing growth? Furthermore, it considers whether China can sustain its rapid growth in light of a maturing economy, potential macroeconomic imbalances, financial crises, or social instability. Grounded in original research, this work will appeal to growth economists, development specialists, transition economists, China experts, policymakers, and anyone interested in understanding the dynamics of the Chinese growth phenomenon.