Abstract
China is approaching a series of turning points on its path of dramatic national transformation. After more than three decades of successful reforms, the nation has reached critical junctures in its economic, social, political, environmental, technological, intellectual, national security, and foreign policy development. Diminishing economic returns have set in, as the main elements of the broad reform program first launched by Deng Xiaoping in 1978 can no longer spur China’s continued modernization over the next decades. The Chinese economy has transitioned from developing-country status to newly-industrialized economy (NIE) status. The challenge for the next two decades is to become a fully developed economy. To accomplish this, substantial changes are required.
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