china’s economy over the last ten years

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1、China’sEconomyovertheLastTenYearsCHINAisapproachingitsonce-in-a-decadechangeinpresidentandgovernment.It’sagoodtimetopauseandreflectonthelast10yearsofChina’seconomicperformance.Thedatafor2012isstillbeingproduced,soourdecadehastobe2001-2011.Thisdoesn’tgiveusapreciseoverlapwiththecountry

2、’spolitics–2001wasthefinalyearofthepreviousadministration,butthatisastatisticalquibble;ninetenthsoftheperiodwasunderthepresentgovernment.Somestatisticsoverthe10-yearperiodarewellknown.Chinabecametheworld’ssecondlargesteconomyandtheworld’slargestgoodsexporter.Thesefeatsareundoubtedlyim

3、pressive,butinactualfacttheyunderestimatethescaleofChina’strueeconomicachievements.Thelastdecadecanbesummedupbytwoimpressivefactsthatputallothereconomicdataincontext:·InthelastdecadeChinaexperiencedthefastestgrowthinGDPpercapitaofanymajor7economyinhumanhistory.·Translatingthisgrowthin

4、toameasureoflivingstandards,inthelast10yearsChinahasexperiencedbyfarthefastestgrowthinconsumptionofanymajoreconomy.Thesearereallyquiteoutstandingachievements,andsoit’sworthlookingatthedataindetail.China’sannualaverageGDPgrowthoverthelastdecadewas9.9percent,andthetotalincreaseinGDPperc

5、apitawas158percent.ExaminingWorldBankdata,andAngusMaddison’sstandardreferenceworkWorldPopulation,GDPandGDPPerCapita,1-2006ADforearliertimeframes,thismakesChina’sthefastestgrowtheverrecordedbyamajoreconomy.Thisfigureisallthemoreextraordinarywhenwetakeintoaccountthattheperiodincludes200

6、8-2011,whichsawthemostseriousinternationaleconomiccrisisfor80years.Intermsofcontemporaryeconomiccomparisons,noothermajoreconomyremotelyapproachesthescaleofChina’seconomicgrowthduringthis10-yearperiod.ThedataforthelargestG7economies,the7BRICScountriesandSouthKoreaaresetoutinTable1.Chin

7、a’s158percentincreaseinGDPpercapitaovertheperiodisalmosttwiceasmuchasthenextbestperformingmajoreconomy,India.China’sgrowthwastwoandahalftimesRussia’s,overthreetimesSouthKorea’s,seventimesGermany’sand20timestheU.S.’s.Themuch-peddledmythinsomemediaisthatChina’seconomicgrowthhasn’ttransl

8、atedi