China's economic development has been miraculous since the transition from a planned economy to a market economy in 1979. This article provides answers to six related questions: Why was it possible for China to achieve such extraordinary performance during its transition? Why was China unable to attain similar success before its transition started? Why did most other transition economies fail to achieve a similar performance? What costs does China pay for its extraordinary success? Can China maintain dynamic growth in the coming decades? What should other developing countries do to achieve similar success?
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Justin Yifu Lin (2013) studied this question.
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