How to Understand China's Economy

As China's economy shifts from high-speed growth to a medium-to-high-speed growth stage, maintaining an economic growth rate of around 5% has become a more frequently anchored goal when China plans its economic work and formulates macro policies. At the same time, pessimism in discussions about China's economic prospects gradually emerged and began to pervade mainstream media. "Is China's economic miracle over?" has become an important issue of global concern.

In Liu Qiao's view, the realization of China's economic miracle over the past four decades has benefited from productivity growth in the process of industrialization and the "government and market" growth paradigm. In the future, the biggest challenge for China's economic and social development is to maintain the growth rate of total factor productivity. What is cause for optimism is that the driving force for China's continued productivity growth is real.

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Co-hosted with: Princeton Institute for International & Regional Studies, Center on Contemporary China (OWNER)