27th Liberation Booklist | Big Country Economics: Three Important Perspectives on China's Economic Transformation | Transformation | Economy
After more than 40 years of reform and opening up, China's economic development has once again reached an important crossroads of transformation.
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The structural transformation of the Chinese economy covers four aspects. Firstly, the development model needs to shift from investment driven to innovation driven, in order to find new driving forces for economic development. Secondly, in response to changes in the external environment, it is necessary to effectively address the problem of insufficient consumption, reduce dependence on exports, tap into domestic demand, and prioritize employment creation. Thirdly, the disappearance of the demographic dividend and the increasingly prominent issues of fewer children and aging require increasing investment in addressing social issues while also overcoming the middle-income trap in the next ten to fifteen years. Fourthly, the construction of large metropolitan areas will be taken as the direction of population urbanization, promoting free labor mobility and transforming into a service-oriented government.
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Understanding the transformation of the Chinese economy requires understanding the characteristics of the Chinese economy. China is one of the few intercontinental economies in the world, comparable only to the United States and the European Union. Due to differences in scale and size, its economic development process naturally differs significantly from Japan and the smaller "Four Tigers" under the East Asian model. A great power means a super large scale and more complex governance. The new book "Big Country Economics: Towards Long term, Global, and Multidimensional Development of China" co authored by many young and middle-aged economists in China, including Lu Ming, specifically points out that in order to promote economic transformation, it is necessary to leverage the advantages of super large economies on the one hand, and on the other hand, to deeply understand the complexity of super large economies and govern 1+1