This Chinese political-economy bestseller—which has sold over 1.5 million copies—offers the first systematic explanation of how the PRC’s economy functions. The author uses accessible language to unravel the complex interconnections between macroeconomic trends, central-local government relations, land and real estate markets, public finance, the bureaucracy, social inequality, the stock market, industrial development, and foreign trade imbalances. Through case studies spanning various industries and companies, the book illustrates how the state mobilizes capital and invests in development without relying solely on the "invisible hand" of market forces. It identifies the fundamental causes of the Chinese economy's serious structural problems, examines their impact on the global economy, and proposes potential solutions. Grounded in the latest research, this book will appeal to anyone interested in modern China, economic development models, and international trade, as well as professionals working directly with Chinese partners.