If the latecomer’s advantage implied by the income gap between the four NIEs and the US enabled the NIEs to realize average annual GDP growth rates of 7.6%-9.2% for 20 years, China’s annual growth potential should be a similar 8% for the 2008-2028 period. To realize its potential growth as a latecomer, China needs, above all, to deepen its market-oriented reforms, address various structural problems, and develop its economy according to its comparative advantages.