The presentation reviews the experience of Chinese economic growth during the past forty years from the perspectives of the neoclassical growth model, the endogenous growth model, and institutional approaches. It discusses the key drivers for rapid growth in the past, analyses the slower growth of the present, and presents a possible trajectory for future growth. It also explores how the sources and mechanisms change over time in responding to changes in those key drivers of growth, which are in turn determined by progress with reform and transformation, as well as demographic change. It then revisits the theme of entrepreneurship in relation to the role of institutions and public policy. It concludes by pointing out the importance of linking ‘adaptive efficiency’ with basic market functions and discussing related policy implications for economic transition.