The Chinese Economic Miracle

China's economic growth, since reforms were launched in 1978, is considered an even bigger miracle than the east Asian one. This paper analyses the nature, causes and consequences of the Chinese success story. It contrasts the Chinese reform strategy with those followed in other transition economies, such as the former Soviet Union and east European nations. The paper also addresses the question of sustainability of the miracle in the years to come, and possible lessons for other countries trying to reform their own economies.