How has China maintained high-speed economic growth during the last thirty-plus years and successfully transformed itself from a poor, backward, and developing country into the world’s second-largest economy? Is the economic growth sustainable given the lack of political and social reform? What challenges does China face today, and how will she deal with them to continue moving toward becoming a truly prosperous and modern society? Now standing at a crossroads, what is China’s future direction: free-market economy or state capitalism? Wu Jinglian, China’s most celebrated and influential econom ... More

How has China maintained high-speed economic growth during the last thirty-plus years and successfully transformed itself from a poor, backward, and developing country into the world’s second-largest economy? Is the economic growth sustainable given the lack of political and social reform? What challenges does China face today, and how will she deal with them to continue moving toward becoming a truly prosperous and modern society? Now standing at a crossroads, what is China’s future direction: free-market economy or state capitalism? Wu Jinglian, China’s most celebrated and influential economist, and Ma Guochuan, chief commentator of Caijing Magazine, attempt to answer the critical question: Whither China? In a series of penetrating dialogues that explore Professor Wu’s strong views on the future economic reforms, they give readers critical insights into the historical evolution of China’s ongoing economic and social transformation. The book analyzes the underlying causes of the social and economic issues now confronting China, and examines the serious challenges ahead in implementing further reforms. Professor Wu argues that the impressive indices during the past decade are the result of vigorous reforms that took place years earlier and that the reforms have slowed down dramatically in the recent decade—with negative consequences that are already becoming apparent. Professor Wu further points out that the only way to escape the various social ills facing China today is to restart the economic and political reforms and to move China in the direction of a market economy, the rule of law, and democracy.