Caixin
Feb 26, 2022 10:00 AM
WEEKEND LONG READ

Weekend Long Read: The Weaknesses of New Structural Economics Theory’s Explanation of China’s Growth

Two workers load crude steel in East China’s Jiangsu province. Photo: VCG
Two workers load crude steel in East China’s Jiangsu province. Photo: VCG

Which economic theory can better explain the Chinese economy?

I prefer the theory of new structural economics (NSE), which can explain China’s growth miracle since 1978 by looking at the late-mover advantage from the structure of factor endowments (editor’s note: new structural economics is a theory of economic development, transition and operation that’s proposed by Chinese economist Justin Yifu Lin).

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