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Unformatted text preview: China China’s transformation into a dynamic private sector led economy and its integration into the global economy have been among the most dramatic economic developments of recent decades. China’s exports and imports have grown at an average rate of 15 percent each year since 1979, compared with a 7 percent annual expansion of world trade over the same period 1 . Chinas increasing openness to the outside world can be seen in the rapid growth of its foreign trade. The market oriented reforms and opened up policy have produced high economic growth and a dramatic economic transformation. Since the start of reforms in 1978, real GDP growth has averaged 9 ½ %, raising per capita income. China Gross Domestic Product is worth 4909 billion dollars or 7.92% of the world economy, according to the World Bank. From 1989 until 2010, China's average annual GDP Growth was 9.30 percent reaching an historical high of 14.20 percent in December of 1992 and a record low of 3.80 percent in December of 1990 2 . The government had set a ceiling for inflation levels at the start of 2010 at 3%, and had predicted that inflation would fall well below that figure during the second half of the year....
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This note was uploaded on 03/14/2011 for the course MGMT 505 taught by Professor Huagtex during the Spring '11 term at University of Iowa.
- Spring '11