The study looked at how China's real economy has changed since the Reform and Opening-up policy. They found that the real economy has grown quickly and become more efficient, but its share of the GDP is decreasing. The virtual economy is growing fast due to market reforms. The main factors driving the real economy's changes are policy reforms, technological progress, education improvements, and financial system advancements. The virtual economy helps the real economy but also has some negative effects. It's important to focus on developing the real economy and balance it with the virtual economy for stable economic growth.