Preface to the second edition; Preface to the first edition; 1. Opportunities and challenges in China's economic development; 2. Why the scientific and industrial revolutions bypassed China; 3. The great humiliation and the socialist revolution; 4. The comparative advantage-defying, catching-up strategy and China's traditional economic system; 5. Enterprise viability and factor endowments; 6. The comparative advantage-following development strategy; 7. Rural reform and the three rural issues; 8.

Urban reform and the remaining issues; 9. Reforming the state-owned enterprises; 10. The financial reforms; 11. Deflationary expansion and building a new socialist countryside; 12. Improving the market system and promoting fairness and efficiency for harmonious development; 13. Supply-side structural reform and economic transformation and upgrading under the new normal; 14. China's economic development and cultural rejuvenation; 15. Reflections on neoclassical theories; Appendix 1.

Economic growth and institutional changes; Appendix 2. The puzzles of long-term unchanged per capita income and a large population in pre-modern China; Appendix 3. Global imbalances, reserve currency, and global economic governance; Appendix 4. The debates with Xiaokai Yang and Weiying Zhang on the role of the state and the sequence of reform; Appendix 5. The belt and road initiative and the free trade zone: China's new measures for opening.