China's Remarkable Growth
China has become the driver of global economic growth for many years now. As a communist country following a Market Socialism philosophy, China continues to grow despite the slowdown in developed economies and other emerging markets.
The following is brief overview of few of the statistics on Chinas incredible growth. From a recent OECD report:
Ten years ago, on the eve of the 2001 slowdown, the world economy was expanding at a rate of close to 5% and China accounted for just over one tenth of that growth. Last year, as the world bounced back from the worst recession since the Great Depression, and growth was once again close to 5%, China contributed almost one third of global growth. In the meantime, it had become the worlds second-largest economy.
Ten years ago, Chinas current account surplus stood at less than 2% of GDP, and its foreign exchange reserves at $166
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