Abstract: In the current context of building a model zone of common prosperity in Zhejiang, exploring how the Wenzhou model achieves re-transformation is an important insight for understanding the evolution of the Wenzhou regional economic development model and its role in leading common prosperity. This paper introduces the theory of institutional adaptability and examines the role of institutional adaptability of the local economic governance system in the evolution of the regional economic development model and its impact on regional economic development, taking the Wenzhou model as an example. It is found that the institutional adaptability of the local economic governance system determines the evolution of the regional economic development model and its development effectiveness through path-dependent or path-creating mechanisms. The strong institutional adaptability in the early stage created the brilliance of the Wenzhou model, but the lack of institutional adaptability in the middle and late stages constrained industrial transformation and upgrading and regional high-quality development. The core of the re-transformation of the Wenzhou model lies in enhancing the adaptability of the local economic governance system, expanding and strengthening the urban economy, accelerating the construction of the urban economic circle, strengthening regional economic cooperation and cross-regional governance capacity, strengthening the innovation of the government management system and functions, and realizing the transformation from a relational governance system to a rule-based governance system.

Key words: local economic governance system, institutional adaptability, wenzhou model, regional economic development, common prosperity