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China has achieved rapid economic growth because of its economic structure readjustment and successful transformation from a planned economy to a market economy. Though in the 1990s many other developing countries also undertook economic restructuring like China， many failed. So what are the real reasons for China’s economic success？
In the 1950s， China began implementing an industrial development policy involving many capital-intensive industries. From the 1980s， it adjusted its industrial strategy to make use of its own advantages， by developing labor-intensive industries.
After shifting to its new development strategy， the Chinese Government continued to protect and cultivate enterprises that lacked competitiveness and comparative advantages. It also cut back on market access restrictions for private businesses and foreign investment into those with comparative advantages.
Meanwhile， China has established industrial parks， improving infrastructure and the business environment to reduce transaction costs in them. In this process， a gradual capital accumulation and industry upgrade has bolstered the industries’ international competitiveness， and China has started to benefit from its comparative advantages.
China’s experience teaches us that the source of economic growth is to develop one’s own industries with comparative advantages and accumulate capital for the development of a higher level of industrial restructuring. It is very important to ensure the proper use of administrative intervention in the improvement of infrastructures that require substantial resources. In the context of limited resources， developing countries should first develop their industries with comparative advantages in pilot industrial parks， and then across the country.
Currently， Africa’s economy is based on agriculture and mining， while the manu- facturing industry’s share in the GDP is declining. African countries have generally recognized the importance of economic restructuring， but steering the economy away from agriculture toward industry is easier said than done.
Industrial policy guidance plays a critical role in the process of economic restructuring in African countries， of which there are several aspects to economic restructuring.
First， Africa needs to find industries in advanced countries with similar resources structure. With the accumulation of capital， industries in the more advanced countries that have lost their comparative advantages could be taken over.
In the 1950s， China began implementing an industrial development policy involving many capital-intensive industries. From the 1980s， it adjusted its industrial strategy to make use of its own advantages， by developing labor-intensive industries.
After shifting to its new development strategy， the Chinese Government continued to protect and cultivate enterprises that lacked competitiveness and comparative advantages. It also cut back on market access restrictions for private businesses and foreign investment into those with comparative advantages.
Meanwhile， China has established industrial parks， improving infrastructure and the business environment to reduce transaction costs in them. In this process， a gradual capital accumulation and industry upgrade has bolstered the industries’ international competitiveness， and China has started to benefit from its comparative advantages.
China’s experience teaches us that the source of economic growth is to develop one’s own industries with comparative advantages and accumulate capital for the development of a higher level of industrial restructuring. It is very important to ensure the proper use of administrative intervention in the improvement of infrastructures that require substantial resources. In the context of limited resources， developing countries should first develop their industries with comparative advantages in pilot industrial parks， and then across the country.
Currently， Africa’s economy is based on agriculture and mining， while the manu- facturing industry’s share in the GDP is declining. African countries have generally recognized the importance of economic restructuring， but steering the economy away from agriculture toward industry is easier said than done.
Industrial policy guidance plays a critical role in the process of economic restructuring in African countries， of which there are several aspects to economic restructuring.
First， Africa needs to find industries in advanced countries with similar resources structure. With the accumulation of capital， industries in the more advanced countries that have lost their comparative advantages could be taken over.