Demystifying the Chinese Economy
Some may think that the performance of a country as unique as China, with more than 1.3 billion people, cannot be replicated. But every developing country can sustain rapid growth for several decades and reduce poverty dramatically if it exploits the benefits of backwardness, imports technology, and upgrades its industries.
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WASHINGTON, DC – China had an advanced and prosperous civilization for millennia until the eighteenth century, but then degenerated into a very poor country for 150 years. Now it has resurged to become the world’s most dynamic economy since launching its transition to a market economy in 1979. What drove these fateful changes?