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

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).