China’s Post-reform Development Strategy and Traditional Economic System in the New Structural Economics Perspective: Formation and Impacts

Abstract

Since the reform and opening up in 1978, China has developed rapidly and become the world's second-largest economy. However, during the post-reform era, China was once considered as one of the poorest countries in the world. Though it appeared a fast growth rate of GDP driven by the construction of heavy industry, its excessive industrial structure and the resulting economic structure brought huge obstacles to its economic development and improvement in people’s living standard.