"Translated from the original Chinese by Stephanie Wang with further updated and revisions by Francesca Yu Sang and Bruce Ross-Larson"--P. [v].

Includes bibliographical references and index.

Opportunities and challenges in China's economic development -- Why the scientific and industrial revolutions bypasses China -- The great humiliation and the socialist revolution -- The comparative advantage-defying, catching-up strategy and the traditional economic system -- Enterprise viability and factor endowments -- The comparative advantage-following development strategy -- Rural reform and the three rural issues -- Urban reform and the remaining issues -- Reforming the state-owned enterprises -- The financial reforms -- Deflationary expansion and building a new socialist countryside -- Improving the market system and promoting fairness and efficiency for harmonious development -- Reflections on neoclassical theories.