Studies on China's Economic Development since the Reform and Opening Up : A Literature Review

Abstract

Since the promulgation of China's reform and opening-up sub-policy, China has created a socialist economic development path with Chinese characteristics in terms of economic development. During this period, China has experienced rapid economic growth, and deep-seated conflicts have come to the fore simultaneously. Therefore, China must transform its economic development to gain more growth opportunities. And in this paper, the author uses the literature review method to review the articles (international and domestic academic journals) related to China's economic development from 1949 to 2023, describe the current economic development in China, and analyze the opportunities and challenges that China faces in terms of economic development. The Chinese government focuses on innovation-driven development of science and technology, intending to achieve high-quality development of the Chinese economy rather than just rapid economic growth. Therefore, the author believes that the future direction of China's economic development will favor using government macroeconomic policy regulation to promote the digital economy's development vigorously. In addition, the government authorities will also pay more attention to sustainable development.