Introduction to the Special Issue - 40 Years of China's Reform

China's reform policies since the Third Plenum of the 11th Chinese Communist Party (CCP) Congress have created a ''new China'' characterized by a more stable trajectory of development. The past 40 years have seen the accumulation of numerous lessons for Chinese decision makers in consolidating the party-state. For some perspectives, the trial-and-error process of ''feeling the stones'' has led China to cross the river with controllable costs. On the other hand, dilemmas of reform have created greater uncertainties, as China will become the world's numberone economy in the near future. Given its unique size and political-economic system, China's future path of development will no doubt cause anxieties around the globe.