China has experienced over a quarter century of rapid economic growth, which has a phenomenal impact on the global economy. Entering into the 21st century implies that China has begun a new phase of economic and social development. Vast improvement in people's living standards, however, has been coupled with two critical problems: inequality and poverty. The key question is not that people should be pessimistic about China's future growth and prosperity, but that people should consider which direction that China will go. Is it going to become one of the most un-egalitarian countries like Brazil and Mexico, or one of the most dynamic and relatively egalitarian economies like South Korea and Taiwan. This book reviews the economic development history of contemporary China from 1949 up to today, paying special attention to the interface among growth, inequality and poverty reduction. A real China economic miracle should have two important features: high income growth and a fair distribution system so that povertycan be eradicated.