Thanks to this remarkable economic growth, China no longer belongs to the group of low-income developing countries in the world and, since the end of the 1970s, some 400 million people have been lifted out of poverty.
I personally received a strong impression of economic expansion during my visits to the coastal cities of China, where trade and industry seem to be thriving at every turn. This impression is reinforced by the sound work ethos displayed by the Chinese people.
Chinese Economic Reform
Three transformations underpin China's recent economic development: the transformation from a centrally-planned to a market-oriented economy; the transformation from an agriculturally-based to a manufacturing- and services-based economy; and the transformation from a closed to an open economy.
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International Monetary Fund
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