Written by distinguished Chinese academics, this book provides a unique and rare insight into the development of the modern Chinese economy. The authors identify three major factors in the growth of the Chinese economy: economic decentralization and political centralization; the urban-rural divide; and relational society. These are explored in depth via analyses of factors including urban and rural economic development and their political and social foundations, industrial agglomeration, transitions of public services and governmental responsibilities towards them and developmental imbalances and mechanisms. It is illustrated that whilst contemporary China has obviously made great economic strides, a wide variety of problems are accumulating over time. The book concludes that following three decades of high economic growth, China now faces great challenges for sustainable growth, and the institutions of China's economy have reached a critical point. Strategies for dealing with these challenges and requirements for the successful future development of China are thus prescribed. This fascinating book will provide a stimulating read for scholars, students and researchers in the fields of Asian studies, economics and development. Contents: 1. Introduction: The Reform and Opening-up of a Large, Developing Country 2. Political and Social Foundations of Economic Development 3. Urban and Rural Economic Development During the Process of Urbanization and Industrialization 4. Industrial Agglomeration in the Process of Globalization and Regional Economic Development 5. Transitions of Public Services and Government Responsibilities During the Marketization Process 6. Developmental Imbalances and Mechanisms for Improving the Market System 7. Appropriate Institutions and Sustainable Growth: China's Development and its Worldwide Significance References Index