Abstract:

Why can China's economy maintain a thirty–years–long high growth rate and thus created the unprecedented miracle in the world economic history? How long can the high–speed growth momentum keep on? This paper attempts to answer these questions from a new perspective. A basic reason behind this long–run high–speed growth of China is its full exploitation of advantages of late–development. The reform and openness initiatives started in 1978 created quite favorable conditions for the exploitation of advantages of late–development. So the high–speed growth of China is a catching–up growth. Because of the declining of the potential of late–development advantages, the future growth rate will slow down significantly compared with before.

Keywords: China's Economic Growth Advantage of Late–development Driving force