The year

2018 marks 40 years of reform and development in China (1978-2018). This

commemorative book assembles some of the world’s most prominent scholars on the Chinese economy to reflect on what has been achieved as a result of the economic reform programs,

and to draw out the key lessons that have been learned by the model of growth

and development in China over the preceding four decades. This book explores

what has happened in the transformation of the Chinese economy in the past 40

years for China itself, as well as for the rest of the world, and discusses

the implications of what will happen next in the context of China’s new

reform agenda. Focusing on the long-term development strategy amid various

old and new challenges that face the economy, this book sets the scene for what the world can expect in China’s fifth decade of reform and development.

A key feature of this book is its comprehensive coverage of the key issues

involved in China’s economic reform and development. Included are discussions

of China’s 40 years of reform and development in a global perspective; the

political economy of economic transformation; the progress of marketisation

and changes in market-compatible institutions; the reform program for state-owned enterprises; the financial sector and

fiscal system reform, and its foreign exchange

system reform; the progress and challenges in economic rebalancing; and the

continuing process of China’s global integration. This book further documents

and analyses the development experiences including China’s large scale of

migration and urbanisation, the demographic structural changes, the private

sector development, income distribution, land reform and regional

development, agricultural development, and energy and climate change

policies.