China is caught in the rapids of the largest policy crackdown in history. The ferocity of this far-reaching crackdown, dispersed across every market sector, has cast into scrutiny a newly emerging era of development and raised new questions about what it means for the future of Chinese governance and development. Has China abandoned its modern commitment to market-oriented reforms? Is this a reversion to the bygone days of Maoist Communism? The ongoing crackdown, this book argues, is not a break from but a continuation of the legacy of development initiated 50 years ago under Deng Xiaoping. Drawing on rich economic and developmental data, the book recasts old ideas about Chinese governance with cutting-edge insights into the economic machinery and policy regime that drive modern China. As it shows, the seemingly unconnected parts of the ongoing crackdown across China – the shadow banking network, real estate, Internet technology, entertainment, housing, private education – can all be understood in terms of a consistent, continuous economic model. It explores the social structure of this economic model, from an ideological foundation that is not political but cultural in nature, to its institutional arrangements and macroeconomic and fiscal policies. The book discusses the policy interventions and development goals motivated by these social structures, offering a major new contribution to understanding the social and economic challenges that face China today – and its next 50 years. The book will appeal to a broad academic audience, especially given the growing prominence of Chinese development in the context of development in the Asia-Pacific at large.