Chinese Modernization: SpearheadingNew Globalization and Inspiring anEmerging Field of Study

Li Daokui1,2,3, Guo Meixin2, Lang Kun2,3, and Lu Lin2*

1 School of Social Sciences, Tsinghua University, Beijing, China

2 Academic Center for Chinese Economic Practice and Thinking (ACCEPT), Tsinghua University

3 School of Economics and Management (SEM), Tsinghua University

Abstract: This paper identifies three aspects in which Chinese modernization may have aprofound influence on the global economic landscape after examining China’s changing rolein the global economy over the past millennium. First, since 2006, the Chinese economyhas been the largest driver of global economic growth, and this rapid growth is expectedto continue until 2060. Second, the Chinese economy has the potential to spearhead anew form of globalization due to China’s market size, increasing innovation, and stronggovernment coordination. Third, Chinese modernization is characterized by a governmentmarketsynergy in which the government fosters and regulates the market economy ratherthan taking its place. In this respect, Chinese modernization may bring about an emergingfield in economics: government and economics, and hence make important contribution tothe development of economic study.

Keywords: Chinese modernization, new-type globalization, government and economics

JEL Classification Code: B10, B20, N10, N40

DOI: 10.19602/j.chinaeconomist.2023.03.02