Will China's recent economic growth continue at the same rate? For how long? What obstacles lie in the way of sustained growth? Who gains and why? Gregory Chow covers these and many other issues. Provides a penetrating and comprehensive analysis of the historical, institutional and theoretical factors that have contributed to China's economic success Reveals new findings concerning the roles of market institutions, Chinese human capital, private ownership, forms of government, political conditions, and bureaucratic economic institutions The new edition covers a diverse set of important issues: environmental restraints; income distribution; rural poverty; the education system; healthcare; exchange rate policies; monetary policies; and financial regulation.