| Abstract: | China's economic growth is (undoubtedly, undeniably, unquestionably) regarded as a miracle due to the changes it has brought to the lives of the Chinese as well as to the global economic structure. This paper analyzes China's economic growth from the perspective of institutional reforms. The main argument is that, through the redefinition of property rights, the operation costs of China's planned economy under full public ownership have been reduced dramatically. Human resources have greatly improved in terms of productivity and creativity, thus providing China with competitive advantages in the global market. |
