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The experience of China’s reform and opening up in the 40 years since it was put forward in 1978 can be summarized as a transformation “from unbalanced strategy to rebalancing strategy.” At the beginning of the reform, China implemented the unbalanced regional development strategy that the eastern coastal region led in development. It is aimed at attracting foreign investment and undertaking industrial transfer to create a growth pole and launch the second wave of industrialization with the theme of opening to the West. However, the problems and risks caused by unbalanced development strategy began to appear at the end of the 20th century. In order to deal with these problems and risks, especially the East Asian financial crisis and the crisis of overproduction, China has initiated a large-scale infrastructure construction that mainly focuses on national investment and the strategy of rebalancing regional development, laying the foundation for the development of the central and western regions. Since the financial crisis in 2008, the speed of development of the central and western regions has been significantly superior to that of the eastern region, becoming a new engine for China’s economic growth. The issue of excessively wide east-west gaps has been reversed. Furthermore, the “Belt and Road” strategy has also provided a precious historical opportunity for the rebalancing of regional development.

Historical Experience of China's Regional Economic Development ---A transformation from Unbalanced Strategy to Rebalancing Strategy