When the Communist came to power in 1949 much change in the economic conditions of the people and the country was inevitable, for the old China could not have been worse off. The cessation of war, the setting up of a stable government and redistribution of the fat of the past regimes could only improve China for the better. And by 1960s, China had laid a solid industrial foundation for economic development. Then it encountered a frustrated setback and puzzle Dom during from Great Leap to Cultural Revolution. Until 1979, Den Xiaoping's policy of reform and opening up to the world was put into practice, China economy started to stand on the right track of rapid growth. Now China economy has achieved a great success and its rapid growth has contributed a lots to the world.
China's gross domestic product (GDP) totalled nearly 20.95 trillion yuan (US$2.7 trillion) in 2006, 10.7 percent more than in 2005, according to figures provided by the National Bureau of Statistics (NBS) on January 25, 2007. This was the largest growth spurt since 1995, when the economy expanded by 10.9 percent.
(Over the Preceding Year (%))
|GDP(亿元)||World Ranking||Foreign Exchange Deposit|
The official Chinese press readily describes China as a developing nation – it still has enormous difficulties to overcome before it catches up wit countries like Japan, United States or West Germany.