The authors propose that China's reform strategy is to promote capital accumulation through a gradual adjustment of its relative price system, enabling the industrial capital to obtain higher profits and thus unleashing the great potential of economic growth. Moreover, the Chinese government prioritizes the growth of different industries at different times through measures such as the dual-track price system leading to the rise of township and village enterprises and the opening up of eastern coastal areas resulting in rapid urbanization and the boom of the real estate industry. This growth pattern has effectively mobilized China's huge labor resources and given full play to its comparative advantages. However, the pattern is not sustainable as government intervention and distorted factor prices have caused growth imbalance. Sustainable growth can only be achieved when the Chinese government shifts its focus from GDP growth to welfare improvement. Each volume examines different aspects of the reform, such as structural reform, entrepreneurship, local governments, specialized markets, innovation and globalization.
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