EWAnalysis

Since market reforms first started in 1978, China has shifted from a centrally planned economy to a market-based economy, experiencing rapid economic and social development. At more than $12 T, China’s economy is the world’s second largest. The country has witnessed substantial GDP growth over the past several decades. Since 2000, China’s GDP has surged from approximately $1.2 T to more than $12 T, according to the International Monetary Fund (IMF) and the World Bank (Fig. 1). Fig. 1. Growth in China’s GDP, in billions of US dollars. Source: IMF and World Bank.  The country witnessed its largest GDP growth from 2003–2008. During this time frame, China’s GDP increased