"The fast economic development of China has resulted from the gradual introduction of markets and replacing position-based rights with property-based rights. Thus, China’s miracle has no fundamental difference from the economic developments in Western developed countries." #QotD

"[T]he fast economic development of China has resulted from the gradual introduction of markets and replacing position-based rights with property-based rights. [Thus] China’s miracle has no fundamental difference from the economic developments in Western developed countries, such as Great Britain during the industrial revolution, and the United States in the late nineteenth and early twentieth centuries.”

~ Zhang Weiying, head of economics at Peking University’s National School of Development, quoted in the post: 'Austrian-Style Entrepreneurship Explains Much of China's Growth'.