The Logic and Principles behind the "China Miracle" and China's Economic Transformation and Upgrading

Abstract

This paper analyzes the logic and reasons behind China's economic growth miracle and economic transformation and upgrading from both theoretical and empirical perspectives, which is helpful for understanding the factors of China's economic development. It is found that China's economic development has the characteristics of extensive and market-oriented, accompanied by some problems, such as the lack of quality and innovation, possibly caused by fiscal decentralization and competitive tournaments. By using data to analyze the trend of China's economic transformation, we find that it is constantly improving.