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It is only about a decade since the study of the Chinese economy was officially proposed and taken as a dedicated research object. While the achievements are still inadequate, they are commendable given the short time frame. Objectively speaking, the progress of this research has benefited from two key factors: the urgent demands of practice, and the clear picture of global social development history provided by the modern world. In fact, this latter factor—the general trend of world development—has tended to drive the former, both directly and indirectly. Based on these core factors, Chinese economic research can be divided into three stages: the first covers the years around the Mukden Incident (September 18, 1931); the second spans the period before the Lugouqiao Incident (July 7, 1937); and the third began with the Chinese People’s War of Resistance against Japanese Aggression(1937–1945) and continues to the present—it’s the current phase of Chinese economic research. Let me share my observations on the characteristics and dynamics of each stage. The first stage roughly covers the years around the Mukden Incident in September 1931. Why are these years significant for Chinese economic research? Well, it all ties back to the social and political upheaval of the era. Before the Northern Expedition(1926– 1927), there were occasional discussions about the Chinese economy in academic circles, but the research was fragmented and scattered. Admittedly, the Manifesto of the First National Congress of the Kuomintang was the first document to outline the general characteristics of the Chinese economy. However, its theoretical basis— the Principle of People’s Livelihood—focused more on positive aspirations and barely delved into the realistic economic foundations that this principle had to rely on. Major changes occurred after the National Revolutionary Army (founded in August 1925 through the cooperation of the Kuomintang and the Communist Party to overthrow the reactionary rule of the Northern Warlords backed by capitalist powers) reached Wuhan and Nanjing. These changes demanded a theoretical re-examination of the direction of practice. Thanks to the ideological emancipation of the May fourth Movement(1919) and the limited but valuable knowledge of new social sciences gained in the early years of the Northern Expedition, these demands became increasingly clear. Thus, questions about the nature of Chinese society and the study of the Chinese economy were formally raised. Many papers on the topic were published collectively in journals like New Thought and Reading Magazine. Examples include Wang Xuewen’s Position of Capitalism in Chinese Economy—Its Development and Prospect, Pan Dongzhou’s Nature of the Chinese Economy, Yan Lingfeng’s Research on Chinese Economic Issues (mainly critiquing Wang and Pan’s viewpoints), Ren Shu’s Introduction to Chinese Economic Research, Liu Mengyun’s Research on the Nature of the Chinese Economy (commenting on Yan and Ren’s positions), Bo Hu’s Nature of the Chinese Economy, and Liu Jingyuan’s Reviews of Two Works on the Chinese Economy and Analysis of the Chinese Economy and Prediction of the Future. Nearly all these papers came out between 1929 and 1932, with their core focus on exploring the nature of the Chinese economy.