What is economic transformation

Economic transition, or economic turnaround, is the shift from one state of economic operation to another. This transformation involves four key elements: the transformation target mode, the transformation initial conditions, the transformation process mode and the transformation ultimate conditions. Specifically, economic transformation is the renewal of the economic system, the change in the mode of economic growth, the upgrading of the economic structure, the replacement of pillar industries, and a process of quantitative to qualitative change in the system and structure of the national economy. Economic transformation is not only a phenomenon unique to socialist societies, but also a problem faced by any country in the process of modernization.