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China faces the challenge of a serious double transition: a transition from a central planned economy to a market economy, as well as a transition from a low income developing country to a middle income emerging county. Both transitions started decades ago but are not completed yet. In terms of assessing economic policy, Deng Xiaoping once said development is the only hard truth but he left it to the audience to define what development really is. This book studies the impact of industrial policy - as a centrepiece of Chinese economic policy - on development. Taking a holistic perspective, it assesses the impact of industrial policy based on the five factors of: income, inequality, health, education and the environment.

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Markus Richter studied Economics, Philosophy and Political Sciences at Zeppelin University, University of Goettingen and Georgia College and State University. Main areas of research interest: public economics, welfare economics, history of economic thought and political philosophy.

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