Interactive Relationship between China's Economic Development and Structural Change: An Empirical Perspective based on China's Economic Development in the Past 60 years

Economic development and transformation has been the main theme of China's development during the last 60 years.From 1949 to 1978,China's economic system was shifted from an underdeveloped market economy to planned economy,which saw the latter's declining performance pattern from some positive effects to its eventual inefficiency,chaos,and failure.From 1979 to 2008,China's economy was gradually shifted from planned economy to socialist market economy,during which it witnessed soaring economic development and positive changes.But,such economic development was sustained by the investment-oriented economic growth model promoted by local governments.Under such a model,China's economic growth rate has been high,but problems such as internal inefficiency and disharmony are salient.It is,therefore,argued that in order to ensure sustainable economic development we must further deepen our economic structural reform and make efforts to complete the transition from government-led market economy to market-led market economy.