China’s reform worked and produced some of the most impressive growth in the largest developing and transition economy … in the world in the past twenty-two years. That China has managed to grow so rapidly despite the absence of many … initial conditions and to function as stepping stones in the transition toward the goal. Underlying China’s reform is a serial …

China's economic performance of the past two decades presents a puzzle for the economics of transition and development …: Enormous private business incentives were unleashed that have fueled rapid economic growth despite the fact that China has had … interest rates. We show that the major features of China's economy concerning its fiscal decline, financial deepening, and the …