Unprecedented growth

In the 70 years since the founding of the People's Republic of China, the country has become the world's largest exporter of goods, the second-largest source of outbound direct investment and home to the world's second-largest economy. The benefits have spread beyond its borders as it is now the largest contributor to global economic growth, accounting for about 30 percent of the total each year.

The launch of reform and opening-up in the late 1970s gave Chinese farmers an incentive to increase agricultural output, gradually liberalized the State sector, encouraged the growth of private enterprises and opened the door to foreign investment, enabling the country to post a GDP growth rate averaging 9.4 percent from 1978 to 2018. To reduce opposition to reform while ensuring high rates of market-driven growth, the government retains a role in resource allocation in a mixed system suited to the country's needs.