A bibliographic review of China's economic development from 1949 to 2023
A bibliographic review of China's economic development from 1949 to 2023

Summary/Abstract: Research background: Ever since Deng Xiaoping introduced the reform and opening-up subpolicy in 1978, China has been able to carve out a distinct socialist economic development path with Chinese characteristics. This trajectory has been instrumental in propelling China towards unprecedented levels of economic growth, albeit accompanied by a host of complex and deeply ingrained challenges. As such, China must now take the onus of transforming its economic development paradigm to unlock new growth opportunities and overcome the persisting issues that have emerged in the wake of this rapid growth. Purpose of the article: The authors furnish a thorough and meticulous description of China's past and present voyage towards economic growth and evaluate the diverse impediments that China encounters in its quest for economic development. The authors' intention is to serve as an example for other developing nations to follow suit and learn from China's experience. Methods: This scholarly paper employs the literature review method to scrutinize the articles published in international and Chinese domestic academic journals that discuss China's economic development spanning from 1949 to 2023. Findings & Value added: The economy is undergoing a transition from expanding production capacity to improving production efficiency. China's economic growth is now driven by innovation and enhanced production efficiency, supported by the government's innovationdriven development strategy. While the government's future priorities include promoting the digital economy and sustainable development, the current focus is on stabilizing growth, employment, and prices amid the Covid-19 pandemic. To achieve this, the government must implement proactive fiscal policies and cautious monetary policies to ensure financial stability and encourage the dynamism of the micro economy through macroeconomic management.

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