As countries that have developed later than the early developers, late-developing countries possess their unique “late-developer advantages,” as well as their unique “late-developer disadvantages.” This duality has complex and profound effects on the modernization process of late-developing countries. For a large late-developing country like China, which is the largest of its kind, this is especially true. As some scholars have stated, “The advantages and disadvantages of late development are akin to the two sides of a coin, like the relationship between benefits and costs. To gain the benefits of late-developer advantages, one must also bear the costs associated with late-developer disadvantages; this is an inevitable dilemma.” A comprehensive understanding of the advantages and disadvantages that late-developing countries possess is essential. Focusing solely on one aspect while neglecting the other can have a noticeably negative impact on the modernization process of late-developing countries.