A Country of Two Tales
Confucius Institute director addresses global impact of China’s economy
China’s economy has undergone astounding growth during the past 60 years, with its gross domestic product (GDP) climbing from just under $18 billion in 1949 to almost $6 trillion in 2011. Most of that growth has occurred since 1980, when the country’s economic reform began.
The result? China has emerged from being known as “the world’s most populous country” to the “growth engine for the world’s economy.”
But the double-digit growth that China witnessed every year from 2003 to 2011 has slowed, leading to much debate about the seriousness of the downturn and how it will reverberate across the globe. (more…)