Lee Pei May is Assistant Professor at the Department of Political Science at the International Islamic University of Malaysia. Her research focuses on China’s political economy, US‑China geopolitical competition, and Malaysia‑China relations. Her published work includes US‑China relations: trade war and the quest for global hegemony.

Lee considers four competing development theories and examines China’s economic development using the competing explanations. She provides insight into the dynamic nature of the international division of labor through development theories. Lee cautions “peripheral countries” about opening up their economies because of potential exploitation and dependency. […] It is an interesting read for those interested in development and Chinese economy. Suitable as an undergraduate textbook.- D. Li, University of Texas at Dallas, Choice Review, January 2025

• TABLE OF CONTENTSList of Tables and FiguresAcknowledgementsList of Abbreviations1. KEY DEBATES ON CHINA’S DEVELOPMENT1.1 Historical Background of China1.2 Unsettled Debates of China’s Development1.3 Concept of Development1.4 Scientific Contributions1.5 Research Methodology 1.5.1 Document Analysis1.6 The structure of the book2. THEORETICAL FRAMEWORKS2.1 Introduction2.2 On the Idea of Catch-up2.2.1 Modernisation Theory2.2.2 Dependency Theory2.2.3 Theory of Uneven and Combined Development2.3 Expectations of China’s developmental outcomes2.4 China’s Developmental Model2.4.1 Modernisation Theory2.4.2 Developmental State Theory2.5 Expectations of Chinese development model2.6 Conclusion3. CHINA’S INTEGRATION INTO THE GLOBAL ECONOMY: PROGRESS OR UNDERDEVELOPMENT? 3.1 Introduction3.2 Dependency Theory on Underdevelopment of China3.2.1 Foreign economic relations3.2.2 Technology Development3.2.3 Summary3.3 Modernisation Theory on China’s Attaining Economic Development3.3.1 Social Overhead Capital3.3.2 Foreign economic relations3.3.3 Agricultural technology3.3.4 Summary3.4 Conclusion4. IS DEVELOPMENT CATCH-UP POSSIBLE?4.1 Introduction4.2 Modernisation Theory on China’s Developmental Catch-up4.2.1 Income Level4.2.2 Comparison of Chinese development with other countries4.2.3 Technology Gap4.2.4 Summary4.3 The Theory of Uneven and Combined Development: China could not catch-up4.3.1 “Combination” form of Chinese Development?4.3.2 Unevenness between China and developed economies4.3.3 Unevenness between regions within China4.3.4 Sectoral Unevenness within China4.3.5 Urban-rural gap4.3.5.1 Income equality in China4.3.6 Summary4.4 Conclusion5. UNDERSTANDING CHINESE POLITICAL ECONOMY5.1 Introduction5.2 Chinese Official Narrative of “Socialism with Chinese Characteristics”5.3 Analysis of “Socialism with Chinese Characteristics”5.4 Scholarly debate on the nature of the Chinese political economy5.5 Conclusion6. CHINA’S VARIETY OF CAPITALISM6.1 Introduction6.2 Modernisation Theory’s Expectations of the Chinese Development Model6.2.1 China Model: Free-market Development Model?6.3 Developmental State Theory’s Expectations of the Chinese Development Model6.3.1 China Model: State-led Development Model?6.4 Conclusion7. POTENTIAL CHALLENGES TO CHINA’S CATCH-UP TO THE WEST7.1 Introduction7.2 Internal challenges7.2.1 Slowing economic growth7.2.2 Declining innovation and investment7.2.3 Housing market crisis7.2.4 Growing dissatisfaction and protest within China7.3 External challenges7.3.1 Decoupling to De-risking from the Chinese Economy7.3.2 The US-China Trade War7.3.3 From Trade War to Tech War 7.3.4 Wide-ranging competition and potential confrontation with the US7.4 Conclusion8. CONCLUSION8.1 Introduction8.2 Developmental Catch-up in China8.3 China Development Model8.4 Potential Challenges to China’s Catch-Up8.5 ConclusionNotesReferencesIndex

Lee Pei May is Assistant Professor at the Department of Political Science at the International Islamic University of Malaysia. Her research focuses on China’s political economy, US‑China geopolitical competition, and Malaysia‑China relations. Her published work includes US‑China relations: trade war and the quest for global hegemony.

Lee considers four competing development theories and examines China’s economic development using the competing explanations. She provides insight into the dynamic nature of the international division of labor through development theories. Lee cautions “peripheral countries” about opening up their economies because of potential exploitation and dependency. […] It is an interesting read for those interested in development and Chinese economy. Suitable as an undergraduate textbook.- D. Li, University of Texas at Dallas, Choice Review, January 2025

• TABLE OF CONTENTSList of Tables and FiguresAcknowledgementsList of Abbreviations1. KEY DEBATES ON CHINA’S DEVELOPMENT1.1 Historical Background of China1.2 Unsettled Debates of China’s Development1.3 Concept of Development1.4 Scientific Contributions1.5 Research Methodology 1.5.1 Document Analysis1.6 The structure of the book2. THEORETICAL FRAMEWORKS2.1 Introduction2.2 On the Idea of Catch-up2.2.1 Modernisation Theory2.2.2 Dependency Theory2.2.3 Theory of Uneven and Combined Development2.3 Expectations of China’s developmental outcomes2.4 China’s Developmental Model2.4.1 Modernisation Theory2.4.2 Developmental State Theory2.5 Expectations of Chinese development model2.6 Conclusion3. CHINA’S INTEGRATION INTO THE GLOBAL ECONOMY: PROGRESS OR UNDERDEVELOPMENT? 3.1 Introduction3.2 Dependency Theory on Underdevelopment of China3.2.1 Foreign economic relations3.2.2 Technology Development3.2.3 Summary3.3 Modernisation Theory on China’s Attaining Economic Development3.3.1 Social Overhead Capital3.3.2 Foreign economic relations3.3.3 Agricultural technology3.3.4 Summary3.4 Conclusion4. IS DEVELOPMENT CATCH-UP POSSIBLE?4.1 Introduction4.2 Modernisation Theory on China’s Developmental Catch-up4.2.1 Income Level4.2.2 Comparison of Chinese development with other countries4.2.3 Technology Gap4.2.4 Summary4.3 The Theory of Uneven and Combined Development: China could not catch-up4.3.1 “Combination” form of Chinese Development?4.3.2 Unevenness between China and developed economies4.3.3 Unevenness between regions within China4.3.4 Sectoral Unevenness within China4.3.5 Urban-rural gap4.3.5.1 Income equality in China4.3.6 Summary4.4 Conclusion5. UNDERSTANDING CHINESE POLITICAL ECONOMY5.1 Introduction5.2 Chinese Official Narrative of “Socialism with Chinese Characteristics”5.3 Analysis of “Socialism with Chinese Characteristics”5.4 Scholarly debate on the nature of the Chinese political economy5.5 Conclusion6. CHINA’S VARIETY OF CAPITALISM6.1 Introduction6.2 Modernisation Theory’s Expectations of the Chinese Development Model6.2.1 China Model: Free-market Development Model?6.3 Developmental State Theory’s Expectations of the Chinese Development Model6.3.1 China Model: State-led Development Model?6.4 Conclusion7. POTENTIAL CHALLENGES TO CHINA’S CATCH-UP TO THE WEST7.1 Introduction7.2 Internal challenges7.2.1 Slowing economic growth7.2.2 Declining innovation and investment7.2.3 Housing market crisis7.2.4 Growing dissatisfaction and protest within China7.3 External challenges7.3.1 Decoupling to De-risking from the Chinese Economy7.3.2 The US-China Trade War7.3.3 From Trade War to Tech War 7.3.4 Wide-ranging competition and potential confrontation with the US7.4 Conclusion8. CONCLUSION8.1 Introduction8.2 Developmental Catch-up in China8.3 China Development Model8.4 Potential Challenges to China’s Catch-Up8.5 ConclusionNotesReferencesIndex

Lee Pei May is Assistant Professor at the Department of Political Science at the International Islamic University of Malaysia. Her research focuses on China’s political economy, US‑China geopolitical competition, and Malaysia‑China relations. Her published work includes US‑China relations: trade war and the quest for global hegemony.

Lee considers four competing development theories and examines China’s economic development using the competing explanations. She provides insight into the dynamic nature of the international division of labor through development theories. Lee cautions “peripheral countries” about opening up their economies because of potential exploitation and dependency. […] It is an interesting read for those interested in development and Chinese economy. Suitable as an undergraduate textbook.- D. Li, University of Texas at Dallas, Choice Review, January 2025

• TABLE OF CONTENTSList of Tables and FiguresAcknowledgementsList of Abbreviations1. KEY DEBATES ON CHINA’S DEVELOPMENT1.1 Historical Background of China1.2 Unsettled Debates of China’s Development1.3 Concept of Development1.4 Scientific Contributions1.5 Research Methodology 1.5.1 Document Analysis1.6 The structure of the book2. THEORETICAL FRAMEWORKS2.1 Introduction2.2 On the Idea of Catch-up2.2.1 Modernisation Theory2.2.2 Dependency Theory2.2.3 Theory of Uneven and Combined Development2.3 Expectations of China’s developmental outcomes2.4 China’s Developmental Model2.4.1 Modernisation Theory2.4.2 Developmental State Theory2.5 Expectations of Chinese development model2.6 Conclusion3. CHINA’S INTEGRATION INTO THE GLOBAL ECONOMY: PROGRESS OR UNDERDEVELOPMENT? 3.1 Introduction3.2 Dependency Theory on Underdevelopment of China3.2.1 Foreign economic relations3.2.2 Technology Development3.2.3 Summary3.3 Modernisation Theory on China’s Attaining Economic Development3.3.1 Social Overhead Capital3.3.2 Foreign economic relations3.3.3 Agricultural technology3.3.4 Summary3.4 Conclusion4. IS DEVELOPMENT CATCH-UP POSSIBLE?4.1 Introduction4.2 Modernisation Theory on China’s Developmental Catch-up4.2.1 Income Level4.2.2 Comparison of Chinese development with other countries4.2.3 Technology Gap4.2.4 Summary4.3 The Theory of Uneven and Combined Development: China could not catch-up4.3.1 “Combination” form of Chinese Development?4.3.2 Unevenness between China and developed economies4.3.3 Unevenness between regions within China4.3.4 Sectoral Unevenness within China4.3.5 Urban-rural gap4.3.5.1 Income equality in China4.3.6 Summary4.4 Conclusion5. UNDERSTANDING CHINESE POLITICAL ECONOMY5.1 Introduction5.2 Chinese Official Narrative of “Socialism with Chinese Characteristics”5.3 Analysis of “Socialism with Chinese Characteristics”5.4 Scholarly debate on the nature of the Chinese political economy5.5 Conclusion6. CHINA’S VARIETY OF CAPITALISM6.1 Introduction6.2 Modernisation Theory’s Expectations of the Chinese Development Model6.2.1 China Model: Free-market Development Model?6.3 Developmental State Theory’s Expectations of the Chinese Development Model6.3.1 China Model: State-led Development Model?6.4 Conclusion7. POTENTIAL CHALLENGES TO CHINA’S CATCH-UP TO THE WEST7.1 Introduction7.2 Internal challenges7.2.1 Slowing economic growth7.2.2 Declining innovation and investment7.2.3 Housing market crisis7.2.4 Growing dissatisfaction and protest within China7.3 External challenges7.3.1 Decoupling to De-risking from the Chinese Economy7.3.2 The US-China Trade War7.3.3 From Trade War to Tech War 7.3.4 Wide-ranging competition and potential confrontation with the US7.4 Conclusion8. CONCLUSION8.1 Introduction8.2 Developmental Catch-up in China8.3 China Development Model8.4 Potential Challenges to China’s Catch-Up8.5 ConclusionNotesReferencesIndex