2545 
1984Since the reform and opening up, China’s economic development has continuously suffered external shocks, and natural disasters have also occurred frequently. Shocks, large or small, internal or external, will have some impact on China’s economy, but after each shock China’s economy will quickly get back on track or even not deviate from its original development trajectory, and recover from the risks before other countries. What is the root cause of China’s economy maintaining high and steady growth? Why does China’s economy remain so resilient? This paper argues that China’s economic resilience is determined by the efficiency of institutional adaptability with Chinese characteristics—the efficiency of centralized institutional adaptability.
This paper analyzes the institutional root of China’s strong resilience when it suffers adverse shocks under the framework of “adverse shocks—efficiency of centralized institutional adaptability—economic resilience”. The study finds that: (1) The negative impact of earthquake on economic resilience is 5.830 percentage points, and the hedging effect of the efficiency of centralized institutional adaptability is 6.452 percentage points. (2) The hedging effect of the efficiency of centralized institutional adaptability in the south is 12.423 percentage points, while that in the north is 5.500 percentage points. (3) The hedging effect of the efficiency of government department adaptability is 2.381 percentage points, that of banking sector adaptability is 3.746 percentage points, and that of enterprise sector adaptability is 2.218 percentage points. (4) The hedging effect of the three sectors in the southern region is higher than that in the northern region, and the hedging effect of the banking sector in the north and south is the highest, followed by the government department, and the enterprise sector is the lowest.
The main contributions of this paper are as follows: First, on the basis of the efficiency of North’s institutional adaptability, the efficiency of centralized institutional adaptability is proposed and measured. Second, according to the economic resilience theory and the measurement theory, combined with the objective background of the new development pattern, a multi-dimensional and multi-level evaluation of China’s economic resilience is carried out to form a statistical measure of economic resilience with Chinese characteristics. Third, the efficiency of centralized institutional adaptability is incorporated into the Chinese economic resilience model, the root cause of China’s strong economic resilience is revealed from the institutional perspective, and an analytical framework for adverse shocks, centralized institutional adaptability efficiency and economic resilience is proposed.
