>Under an analytical framework of the Lewis model revised in accordance with Chinese experience，this chapter narrates a stylized fact of the dualistic economic development with Chinese characteristics.It reveals several major growth effects accomplished in the course of the economic reform and opening-up：gain from the demographic dividend，realization of comparative advantage，improvement of total factor productivity，and participation of economic globalization.By exploring the current labor market developments and predicting the long-term relationship between demand for and supply of labor force，the chapter dopes an approaching turning point in China’s economic development and names a host of challenges facing the sustained growth in China.