ABSTRACT
In the initial stage of reform and opening up, China’s economic restructuring mainly refers to the transition of economic system, i.e. the transition from the planned economy to the socialist market economy. In 1995, the CPC Central Committee officially employed the phrase “change the pattern of economic growth” for the first time in the Party’s document and proposed to “implement two fundamental changes”. According to the document, while transforming the economic system, we should promote the transition from an extensive pattern of economic growth to the intensive one, and China’s economic restructuring began to exhibit the characteristics of “double transition”, namely, institutional transition and development transition.
