China Social Science Review

No.1, 2021

The China Miracle in the Light of the Regional Eeconomic Paradigm 

(Abstract)

Chen Xiaodong

At the heart of the mainstream western economic “micro/macro” paradigm is the assumption that rational economic man enjoys complete freedom in economic behavior, lives in a free market economy world characterized by perfect competition, and pursues the maximization of his personal interests. This would make it impossible to solve the “riddle of Chinese economic growth.” The socialist system with Chinese characteristics under Communist Party leadership and the local governments at all levels that have played a key role in reform and opening up have the nature of a regional approach. This calls for the construction of a new regional economic analysis paradigm and the promotion of the construction of a new order of economic globalization and international politics.