The meteoric rise of China

Taimur Rahman Political Archive

Published in The Post 28/05/2006

Taimur Rahman

Completely contrary to the current image of a dynamic and driven economy, China at the beginning of the 20th century was a backward, rural, poverty-stricken, feudal society torn apart by warlords and imperial interests. How then did this transformation from “a dinosaur that had survived into the wrong age” to the “fastest growing economy in the world” occur? China’s GDP has risen from Renminbi (Rmb) 362.4 billion in 1978 to Rmb 13.7 trillion in 2004 (both figures at current prices). That implies that the economy is 37 times larger than it was two and a half decades ago. Recently China built the largest hydroelectric dam in the entire world. The Three Gorges Dam not only has the ability to control floods, it can generate the power of 17 nuclear power-plants. Today there are more than eight million industrial enterprises in China. State-owned enterprises…

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