Based on Adam Smith’s theory of economic development, Arrighi interprets the transfer of the global political and economic center from North America to East Asia, examines the three shifts/alternations of capitalist world hegemony, and then reconstructs the transfer process of the modern world system and the “American New Century Plan”. In particular, it discusses the ups and downs as well as the rejuvenation of East Asia in the three periods coordinates, and analyzes China’s“natural development”path in the context of East Asia’s rejuvenation, highlighting the uniqueness of East Asia’s economic development model; Convinced that China has its own sound market economy tradition, it refutes the practice of treating China’s economic miracle as a neo-liberal “achievement”.