The Chinese Academy of Social Sciences

　　Abstract:China has experienced rapid economic growth since its reform and opening up 40 years ago. The prime mover and key driver of these amazing achievements originated in China’s transformation from a planned economy to a socialist market economy, and from a closed economy to an open economy. The optimal allocation of the various factors of production and the interaction of economic growth and structural upgrading also played a significant part. China’s economic growth over the 40 years has applied, and proven effective, the general principles of development economics, and more importantly, based on the realities of China, it has contributed to theoretical innovation and institutional innovation, leading China along the road of socialism with Chinese characteristics. Entering the new era, China is committed to building a modern economic system and promoting high-quality development under the guidance of the new development concepts of innovation, coordination, green development, opening up and sharing.

　　Keywords: reform and opening up, socialist market economy, a new vision of development, development economics