Haijun Bao*, Huixiong Chen, Shuli Jiang and Yanhong Ma
China has experienced unprecedented economic growth for three decades since the implementation of economic reform. This paper argued that the capitalization of environment and resources fuel the economic growth. It was documented through a case of Zhejiang Province based on long periods of ecological footprint analysis. It concluded that: (1) ecological footprint per capita and ecological deficit from 1990 to 2006 in Zhejiang Province is increasing year by year; (2) ecological footprint per 10000 GDP tends to decline and the economic capability grows in the past 17 years; (3) however, the economic capability growth mainly depends on the expands of ecological footprint per capita, while diversity index tends to decline. Furthermore, it is demonstrated that the rapid economic growth of Zhejiang Province relies on the capitalization of environment and resources. The Janus-faced nature of industrial development indicated that ecological civilization should be given priority over industrial civilization in China and other developing countries.
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