Reform and Opening Up and the Development of Special Economic Zones

Abstract

The special economic zones decided to be established at the initial stage of reform and opening up fully embodies the scientific concept of development. This powerful institutional arrangement not only breaks the general equilibrium under the traditional system, but also makes the unbalanced social transformation the best choice for China's institutional changes. In the 40 years of reform and opening up, China has developed from the establishment of the original traditional special economic zones to the establishment of state-level high-tech zones, development zones, economic cooperation zones, free trade zones and other multi-level and multi-functional areas. The choice of path provides reference and experimentation, which plays a key role in the overall rapid development of China's economy. This paper will review the development path and experience by reviewing the establishment and development of special economic zones since the reform and opening up.