China’s Economic Development in the New Era: Challenges and Paths

Aug 1, 2023

China’s economy has seen rapid development ever since its reform and opening-up strategy was launched in 1978. Strong economic expansion over the past four decades has taken China from low-income to upper-middle-income status. Looking back at the transformation that China has made, however, we must recognise that the old growth story is coming to an end. The phase of development driven by investment in physical capital will be increasingly supplanted by investment in assets such as knowledge and social capital as well as investment in preservation of natural capital. Recognising the challenges that China is facing, with this paper we aim to offer an approach to growth and development that could spell out a new development strategy for the country as the 21st century progresses. China will focus on the technologies with high-quality growth prospects: modern service sectors, including health, education, transport, communications and IT, artificial intelligence, finance, logistics, sustainable urban infrastructure and new food and land-use systems. With today’s technologies, China can help the Belt and Road Initiative (BRI) countries embark on a much more sustainable, more efficient and greener form of development, avoiding historical problems of pollution and congestion, with China itself moving up the value chain at the same time.

Publication details
Theme(s)
Net zero & sustainable development
Type(s)
Research paper
Author(s)
Hepburn, Cameron
Year(s)
2023
China Finance and Economic Review

Latest news

UK Government Voluntary Carbon and Nature Markets policy consolidates action on nature and climate, but risks compromising urgent mitigation of climate change and preventing and repairing nature loss, say ONZ researchers
UK Government Voluntary Carbon and Nature Markets policy consolidates action on nature and climate, but risks compromising urgent mitigation of climate change and preventing and repairing nature loss, say ONZ researchers

Oxford, 23 June 2025 Researchers from the Leverhulme Centre for Nature Recovery, Oxford Net Zero and Oxford Sustainable Finance Group have submitted feedback to the UK Government’s ‘Voluntary Carbon and Nature Markets: Raising Integrity’ ... Read more

Job opening: Serviced Emissions Research & Engagement Manager
Job opening: Serviced Emissions Research & Engagement Manager

The Oxford Net Zero Engagement Team is recruiting for a Serviced Emissions Research & Engagement Manager. This pivotal role will lead a high-impact initiative focused on advancing the understanding and integration of “serviced emissions” ... Read more

New Oxford Report: Carbon Capture and Storage Without Taxpayer Billions Is Possible
New Oxford Report: Carbon Capture and Storage Without Taxpayer Billions Is Possible

Oxford Net Zero and Carbon Balance researchers reveal the risks of the current UK CCS policy mix and explore how a carbon storage mandate on fossil fuel producers could help the UK meet its climate targets while protecting public finances A ... Read more

See more news and events