Does China follow ‘the East Asian development model

[Abstract: The Chinese way of development shares many characteristics with the East Asian developmental state model. Key elements of this shared development model include state control over fmance, direct support for state owned enterprises by the government, import substitution industrialisation in heavy industry, a high dependence on export markets and a high rate of domestic savings. Even the reform of corporate governance is not likely to change the basic features of the East Asian model in China. Among East Asian countries, China shares more similar characteristics with Taiwan rather than with Japan or Korea since China, like Taiwan, also has an economy of dual structure that divides the public and non-public sectors.] As China has been pursuing capitalist-oriented reforms since the 1980s, she becomes one of the most rapidly changing states in the East Asian economy. Few analyses, however, compare the Chinese development strategy with the "East Asian development model " even though China shares many characteristics with it and becomes an important growth centre in this region. Some critics of "China shocK " (an argument that China will rise as a new world economic centre) only focus on China's potentiality, not on the comparative analysis of China's development strategy within this region