Abstract
It is often said that China's economic transition is successful due to its gradualist approach. But by looking at its total process from much wider perspectives we can see how it is successful and unique vis-à-vis other transition economies. We first surveyed previous methodologies of classifying transition processes, then tried a cluster analysis of 27 transition economies on the basis of seven indicators: 1) approaches employed, 2) ownership and privatization patterns, 3) openness to external economies, 4) political freedom, 5) institutional development, 6) inflation, and 7) growth rate. Our main findings are: (1) transition economies can be classified into three groups, i.e. Central Europe and Baltic countries, Eastern Europe and CIS nations, and East Asia, or China and Vietnam, (2) these groups are corresponding to their geographical locations, (3) they are also corresponding to their growth performance.
