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As a latecomer economy, it is natural for China to absorb the experience of its predecessors and avoid repeating the same mistakes as them.
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While achieving this, China has also realized that its problems are more complex than those of other countries, its foundations are weaker, and its values are different from those of other countries, and has put forward various new development theories based on its own reality.
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The Chinese Communist Party emphasizes that Marxism must be combined with China's national conditions, cultural traditions, and history, and that China's perception and implementation of modern economic development are not the same as those of the West.
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For example, Western economists usually believe that China's rapid economic growth relies on its labor price advantage, but this has its limitations, making it difficult to develop high-tech industries.
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However, reality proves that this is only seeing the trees and not the forest.
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The Chinese Communist Party believes that "reform" is the fundamental reason for its economic success, but Western countries regard "reform" as a political term rather than a traditional economic theory.
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In fact, "reform" is related to the adjustment of economic structure, or "transformation" of fundamental changes.
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Scholars who stick to econometrics are unfamiliar with this theoretical explanation and are therefore unable to understand how China has changed from labor-driven development to technology-driven development in just over a decade.【Safe Investments】Start your financial journey with a simple investment plan.
