1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web97-932 EOctober 10, 1997Chinas Economic Development: An Overview(name redacted)Specialist in International Trade and FinanceEconomics DivisionSummarySince the initiation of economic and trade ref
2、orms in 1978, China has been oneof the worlds fastest growing economies. According to Chinese data, real GDP grewat an average annual rate of 10% between 1979 and 1996, increasing the real size of theChinese economy by five times its 1978 level and substantially raising Chinese livingstandards. Much
3、 of Chinas recent economic growth has been driven by a high rate ofcapital accumulation and large productivity gains, both largely the result of economicreforms. Foreign investment and trade have played a major role in Chinas economicgrowth. U.S.-China commercial relations have sharply expanded; Chi
4、na is now the 4thlargest U.S. trading partner. Many analysts predict that Chinas economy will likelycontinue to experience rapid growth in the near future, especially if economic reformsare expanded and deepened. As a result, the importance of China as a U.S. tradingpartner could be greatly enhanced
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