List of figures; List of tables; List of boxes; Preface; 1. Opportunities and challenges in China's economic development; 2. Why the Scientific and Industrial Revolutions bypassed China; 3. The great humiliation and the Socialist Revolution; 4. The comparative advantage-defying, catching-up strategy and the traditional economic system; 5. Enterprise viability and factor endowments; 6. The comparative advantage-following development strategy; 7. Rural reform and the three rural issues; 8. Urban reform and the remaining issues; 9. Reforming the state-owned enterprises; 10. The financial reforms; 11. Deflationary expansion and building a new socialist countryside; 12. Improving the market system and promoting fairness and efficiency for harmonious development; 13. Reflections on neoclassical theories; Appendix 1. Global imbalances, reserve currency and global economic governance; Index.