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This open access book is a new study by the Institute for Contemporary China Studies at Tsinghua University, condensing the new achievements of the Institute's national policy research. Taking "common prosperity" as the theme, the book elaborates the historical background, ideological sources and theoretical connotation of common prosperity. It reviews the theoretical and practical innovations of common prosperity in three historical periods: the socialist revolution and construction period, the new period of reform and opening up and socialist modernization, and the new era of socialism with Chinese characteristics. It discusses the development goals and practical approaches for China to build a society of common prosperity by 2035, analyzes the development basis and challenges China faces in promoting common prosperity, and puts forward the overall goals and quantitative indicator system for achieving common prosperity in the new era, as well as major tasks, policy logic and pathway for promoting common prosperity. The book also looks into the great significance and world significance of China's realization of common prosperity. Policy interpretation in the book is thorough, and the data is accurate, with authoritative, professional and forward-looking perspectives. This is an open access book.

Chapter 1: China's "Miracle of Poverty Reduction": From an Extremely Poor Country to a Moderately Prosperous Society in All Respects -- Chapter 2: Common Prosperity Theory Innovation -- Chapter 3: China's Innovative Practice of Common Wealth -- Chapter 4: Foundations and Challenges for Achieving Common Prosperity -- Chapter 5: Prospects for Building a Common Prosperity Society in the New Era -- Chapter 6: The Major Task of Promoting Common Prosperity in the New Era -- Chapter 7: Policy ideas for promoting common prosperity -- Chapter 8: The Chinese and World Significance of Achieving Common Prosperity.

This open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries. China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China's development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this "middle income trap". Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists.

1. What is the "Middle Income Trap"? -- 2. How Did China Overcome the "Poverty Trap"? -- 3. Will China Fall into the "Middle Income Trap"? -- 4. How Can China Overcome the "Middle Income Trap" -- 5. Looking Ahead: China Becoming a High-Income Economy.

Intro -- Praise for China: Surpassing the"Middle Income Trap" -- Contents -- List of Figures -- List of Tables -- Chapter 1: What Is the "Middle Income Trap"? -- 1.1 Proposition of the "Middle Income Trap" -- 1.2 Definition of the "Middle Income Trap" -- 1.2.1 Absolute Criteria -- 1.2.2 Relative Criteria -- 1.3 Overcoming the "Middle Income Trap": A Comparison of East Asia and Latin America -- 1.3.1 A Comparative Analysis of Countries and Regions in Asia in Overcoming the "Middle Income Trap" -- 1.3.2 Latin American Countries Ensnared by the "Middle Income Trap" -- 1.3.3 A Comparison of the Two Groups of Countries -- 1.4 Why Does the "Middle Income Trap" Emerge? -- Chapter 2: How Did China Overcome the "Poverty Trap"? -- 2.1 The Analytical Framework of Multidimensional Poverty -- 2.2 Stagnant Development in China's Contemporary History Plunged the Country into Poverty -- 2.3 Achievements in Development During China's Planned Economy Era -- 2.4 Economic Development and Poverty Reduction -- 2.4.1 Rural Economic Reform and Poverty Reduction -- 2.4.2 SOE Reform and Development of Private Sector Economy -- 2.5 Poverty Alleviation and Development Serve as a Powerful Tool for Overcoming the "Poverty Trap" -- 2.5.1 Poverty Alleviation Policies During Different Development Stages -- 2.5.2 Performance Evaluation of China's Poverty Alleviation Efforts -- 2.6 The Global Effect of China's Poverty Alleviation Efforts -- Chapter 3: Will China Fall into the "Middle Income Trap"? -- 3.1 Development Challenges During the Middle-Income Stage -- 3.1.1 The Challenge in the Transformation of the Economic Growth Model -- 3.1.2 The Environmental Resource Challenge -- 3.1.3 Challenge of an Aging Population -- 3.1.4 The Income Gap Challenge -- 3.1.5 The Social Stability Challenge -- 3.1.6 Political Development and Political Stability.

AbstractThis study conducts a long‐run analysis on the trends and components of Chinese saving rates from 1953 to 2012. We identify two structural changes in aggregate saving rates around 1978 and 2001, and examine them through a decomposition analysis of the income distribution and sector‐specific saving rates. The following key findings are obtained. First, the major trends and compositions of Chinese saving rates changed markedly over the period considered, which explains the changes of aggregate saving rates with the dramatic economic transition from a planned economy to a market‐oriented economy. Second, we investigate the surge in aggregate saving rates from 2001 to 2012 based on a series of institutional factors, such as the evolving labour market, domestic economic policy adjustments and changes in external economic conditions caused by China's accession to the World Trade Organization in 2001 and the 2008 global financial crisis. Finally, we present the future prospects for the high aggregate saving rates in China based on several evolving economic, demographic and policy trends. We argue that Chinese saving rates have peaked in recent years and that a declining trend is expected, which will contribute to the economic rebalancing of the country.

Analysis of the Characteristics and Significance of Chinese-style Modernization Road -- How China can build a moderately prosperous society in a comprehensive way: System Evaluation and Important Implications -- Year of Finishing Moderately Prosperous Society Construction in All Respects in 2020: Evaluation of China's Economic and Social Development -- China and the World Have Undergone Major Changes Unseen in a Century: Basic Trends and Future Trends -- A New National System: Background, Basic Features and Applicable Fields.

AbstractIntensive land use and land marketization is an important engine for promoting regional integration, especially on the background of China's fragmented land market. It might be difficult to establish an integrated national land market in the short run. As a compromise, the establishment of regional land markets consisting of a few neighboring provinces could be an option. Particularly, the Yangtze River Delta Region (YRDR), could be an ideal place for such a policy trial. This study uses the data of Shanghai, Jiangsu, Zhejiang, and Anhui in YRDR from 1999 to 2017 to quantitatively calibrate possible economic benefits when the land misallocation is corrected with an integrated land market. We find that, if an integrated construction land market was established in YRDR, and Anhui could transfer some of its construction land quota to Shanghai, the transaction between Anhui and Shanghai in 2017 could bring an improved income of 289.8 billion yuan in YRDR, ceteris paribus, about 1.73% of the regional gross domestic product. The integration of regional land markets has brought about significant efficiency improvements. This study provides insights into sustainable economic growth in future China and the regional development strategy of other developing countries.

In this paper, we define The Chinese Saving Puzzle as the persistently high national saving rate at 34-53 percent of gross domestic product (GDP) in the past three decades and a surge in the saving rate by 11 percentage points from 2000-2008. Using data from the Flow of Funds Accounts (FFA) and Urban Household Surveys (UHS) supplemented by the findings from existing studies, we analyze the sources and causes of China's high and rising saving rates in the government, corporate, and household sectors. Although the causes of China's high saving are complex, we suggest that the evolving economic, demographic, and policy trends in the internal and external environments of the Chinese economy will likely lead to a decline in national saving in the foreseeable future.