China's Economic Conditions

Abstract

Since the initiation of economic reforms in 1979, China has become one of the world's fastest-growing economies. From 1979 to 2007 China s real gross domestic product (GDP) grew at an average annual rate of 9.8%. Real GDP grew 11.4% in 2007 (the fastest annual growth since 1994). While China is expected to continue to enjoy rapid economic growth in the years ahead and could become the world s largest economy within a decade or so, it faces a number of challenges, including widespread government corruption, an inefficient banking system, over-dependence on exports and fixed investment for growth, pollution, widening income disparities, and growing inflationary pressures, to name a few. The Chinese government has indicated that it intends, over the coming years, to create a harmonious society that would promote more balanced economic growth and address a number of economic and social issues.

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Document Details

Document Type
Technical Report
Publication Date
Aug 07, 2008
Accession Number
ADA486038

Entities

People

  • Wayne M. Morrison

Organizations

  • Library of Congress

Tags

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  • Commerce
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Fields of Study

  • Business
  • Economics

Readers

  • Asian Economic Studies
  • Economics