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Economic Transformation: Definitions, Main Features, Experience and Enlightenments(No.188, 2017)


By Zhang Liping, Research Team on “Risk Prevention and Countermeasures in the Economic Transformation Period”, DRC

Research report No.188, 2017 (Total 5263)

Abstract: In view of related research papers, explicit definitions on economic transformation are yet to be found. Studies relating to economic transformation generally focus on specific fields such as the reconstruction and transformation of economic mechanisms, economic restructuring and the transformation of development modes. Based on the demand of observing economic transformation and risk prevention, this paper defines the transformation as a turn when the economic rules, mechanisms, structures and development modes in a country or a region are changed to sustain the economic growth amid changing development environment and conditions. Economic transformation is a dynamic and long-term process in which various transformations, irrespective of pros and cons, are hard to be separated from each other and they bring with them many uncertainties or economic risks. As a result, different economies should seize appropriate opportunities, choose suitable roadmaps, augment their economic power and create a favorable external environment to prevent risks in an effective manner.

Key words: economic transformation, risk prevention, sustainable development of the economy